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The latest Landbay Rental Index has found that average rents for a one-bed property in the UK grew by 0.12% in September, accelerating from 0.09% the month before to bring year on year growth to 1.57%.
According to the report, rents for two and three-bed properties also grew in September, but at slower rates, 0.09% (from 0.12%), and 0.11% (from 0.18%).The figures follow a call from Housing Minister Gavin Barwell, at the Conservative Party Conference1, for lower minimum space requirements for new build properties, to improve affordability for first time buyers. However, with rent payments remaining the main financial pressure for aspiring homeowners, and 1.8 million new households expected to rent rather than buy by 20252, the continued growth in one-bed rents demonstrates how important it is that the buy to let sector is not overlooked in the provision of new affordable housing.Full/source story NEXT UP - Which property type offers the best potential for yield? SEE ALSO - Know your city DON'T MISS - Rental insights tool for landlords NOW WATCH:
Jonathan Clarke. https://www.buytoletmk.com
Flat prices have risen by an average of £1,000 per month since 2009 – faster than any other property type.Average prices have grown by 53 per cent in the last seven years compared with growth of 39 per cent for all property types, according to new research from Halifax.
As a result, the average cost of a flat surged from £159,292 in the fourth quarter of 2009 to £243,936 in Q4 2016.
The UK-wide growth has been boosted by the rapid increase in flat prices in London (65 per cent), where flats represent just under half (48 per cent) of all sales compared with the UK average (excluding London) of 11 per cent.
The average price of a flat in London is now £398,038, meaning that buyers are on average paying £230,894 more than flat buyers in the rest of the UK (£167,144).
Nevertheless, growth has also been strong in the rest of the country, and flats have been the best performing property type since 2009 in five out of the 11 regions: North (31 per cent), North West (37 per cent), Yorkshire and the Humber (30 per cent), South West (33 per cent) and Scotland (21 per cent).Full/source story
Interesting Barwell suggesting smaller property sizes? Haven't they been reducing decade by decade anyway?