It has been 12 weeks since the Brexit vote and the buy to let market has many reasons to be optimistic.
Recent figures from Rightmove show that the average asking price of a property coming to market has started to recover from the dip that followed June's Brexit vote. The portal reports that in the last month, the average asking price of new listings has increased by 0.7%, equivalent to £2,277 and the average asking price for a property coming to market in September so far is £306,499.
The number of new rental properties placed on the prime property market in central London May-July increased by almost 40%, although rents fell by 4.1%, according to the latest index from Knight Frank. The number of new prospective tenants also increased, up by 7.2%, while the number of tenancies agreed increased by a fifth and average gross prime yields were flat at 3.1%.
Furthermore, rents across the UK continued to rise during August, according to the August HomeLet Rental Index. Tenants signing up to a new tenancy last month, agreed to pay an average rent of £913 a month, a 3.1% increase on the same month of 2015. The rise recorded in August is comparable to annual increases of 3.5-3.8% recorded over the previous four months. By contrast, annual rental inflation was running at close to 6% this time last year.
