Buy-to-let landlords looking to add to their portfolio should consider buying property in the North East of England where rents are rising at a modest rate, according to My Property Box letting agency.
In the 12 months to October 2019, private rents rose by 0.4% in the North East, according to the government’s Index for Private Housing Rental Prices, ensuring that prices remain relatively affordable for renters, which partly explains why local demand from tenants for homes in the PRS is currently high.
Tenants in the North East can typically expect to pay an average of around £500 per calendar month (pcm).
The region’s highest median rent is in Newcastle where renters can expect to pay about £600pcm on average, whilst the lowest is Middlesbrough where the average rent is £430pcm.
“Property is still an excellent investment and landlords,” said Ben Quaintrell, managing director of My Property Box.
He added: “Here in the North East there is still a good supply and demand for quality rented homes and it’s encouraging that both investors and tenants can benefit from the realistic prices available.”