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TODAY'S OTHER NEWS

Halstead in Essex named rental hotspot

Landlords in the East of England are reaping the rewards of strong rental and house price growth in the region over the past year, according to the latest Rightmove Rental Trends Tracker.

Halstead, Borehamwood and Brentwood make up the top three investor hotspots outside London, all seeing a total return on investment of more than 25%.

Rightmove’s new total returns calculation takes into account the area’s capital price growth over the past year and the average rent a landlord would have collected in that time. This identifies the locations where buy-to-let investors have seen the highest overall return on their investment.

Places in Essex and Hertfordshire make up seven of the top 10 investor hotspots, with Cottingham in Yorkshire being the sole appearance from the north.

East of England’s annual rental growth racing ahead of the other regions has helped contribute to this strong total return on investment, up 6.4% on last year compared to 4.5% nationally outside of London. In the past three months rents have risen by 2% in the East of England, with only the East Midlands reporting a higher increase at 2.1%.

Sam Mitchell, head of lettings at Rightmove, said: “We’ve been reporting high tenant demand for rental property in Essex for a while now, so it makes sense that it should feature strongly in our new total return on investment league table. Investors and tenants who’ve been priced out of London and the South East have looked for better value areas in the East, and it seems they’ve both found a winning formula. For example, if you look at the top 10, six of the areas have average asking prices below the national average, making it affordable for buy-to-let investors. From a tenant affordability perspective, the East of England’s average rent for a two bed is less than £900 a month, compared to over £2,000 in London.”

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