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While the housing market for owner-occupiers may be in the midst
of a slowdown, the buy to let market is still showing a good performance,
especially in the north of the country.
Rental incomes have seen reasonable increases countrywide, the
northwest and in particular Yorkshire have benefited from substantial
increases as demand for rental property has seen continued growth.
Yorkshire’s strong rental increases can be attributed to
a growing student population thanks to the proximity of a number
of popular universities.
Average yearly rental incomes in Yorkshire have risen to in excess
of ten thousand pounds during July, up from around nine and a
half thousand in the previous month. Similar increases have been
seen across much of the rest of the northwest, while the rest
of the country has seen increases around the twelve to thirteen
percent mark during the past twelve months – compare that
to the 38.6 for Yorkshire and you can see just how strong the
market is here.
An increase in rental yields is typically accompanied by a rise
in the property prices, and this has been the case for those areas
with strong rental growth, bucking the general trend in the UK
market at the moment of lowering house prices.
It is not just the northwest that is seeing benefits from the
rental market, generally rental properties have continued to see
a rise in their value, along with growth in the amount of rent
that they can command.
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