Apparently 42 per cent of UK landlords want to raise rent this year, with a survey suggesting most of them plan on an inflation-busting rise of over three per cent.
The average UK rent for a double room in shared accommodation with bills rose 4.5 per cent last year to £507 per month according to SpareRoom.co.uk, which initiated the survey. In London, the average room rent increased two per cent in the final quarter of 2013 alone, up to £676 per month.
The survey findings are:
- landlords increasing rent by over three per cent? 26 per cent
- landlords increasing rent by up to three per cent? 16 per cent
- landlords planning no increase in 2014? 53 per cent
- landlords planning on reducing their rent in 2014? five per cent
"The good news is the majority of landlords would rather keep good, reliable tenants than make a few hundred pounds extra profit. Landlords hiking rents by more than three per cent risk attracting tenants who could struggle to pay or, even worse, risk void periods with no tenants and no rental income at all” says Matt Hutchinson, SpareRoom director.