As we all know, the high interest rate continues to affect our day to day lives and this includes buying or renting a property. Due to the increase in mortgage rates, there has been a significant drop in the demand for purchasing. As a result of this, more and more people are looking towards the rental market as they wait for the interest rate to drop.
In the 12 months to February 2024, average monthly rents increased to £1,276 (8.8%) in England, £723 (9.0%) in Wales and £944 (10.9%) in Scotland.
In short, this means if you are looking to rent a property you are likely paying more than you would have been in previous years. If interest rates are high, landlords are more inclined to increase rents to cover the higher payments required.
How can easylet help landlords and tenants in the current market?
TENANTS
If you are someone who is looking to rent a property, contact the office and get yourself registered. We can take all your requirements, maximum budget and see if there is something we can help you with.
LANDLORDS
Allow easylet to look after your property, this includes keeping up to date with current rules and regulations and making sure you are achieving optimum rents in your area.
