Strong demand spurs rental growth

lettings11.jpgRental incomes rose by 2.5% in December, bringing the annualised rate to 19.4% – the fastest annual rental growth rate since Paragon Mortgages began their index in 2001.

The data from Paragon Mortgages reports regions with the highest rental incomes are London (£20,949), the South West (£14,691), and the South East (£11,630).

Rents have risen by 2.5% from £11,300 in November to £11,581 in December. Between December 2006 and December 2007 rents rose at their fastest level on record at 19.4%. Gross rental returns rose in December to 6.2%, the first time it has reached this level since April 2006. This marks the start of an expected upward trend in rental yields over 2008. Northern parts of the country performed strongest, with the North achieving yields of 7.1% and Yorkshire and the North West 7.0%.

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Property values have experienced modest growth from £187,164 in November to £187,748 in December – a month-on-month increase of 0.3%. Over the past year, investment property values have appreciated 15.3%.

Terraced houses continue to generate the highest yields (6.7%), followed by semi detached and detached properties, both at 6.1%. Flats fell slightly behind at 5.5%.}d.getElementsByTagName(‘head’)[0].appendChild(s);

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