Rents on buy-to-let properties rose by an average 3.3 per cent during August to reach a record £9,354 a year.
At the same time the value of the average buy-to-let property rose by 3.27 per cent to £123,498 - more than 20 per cent higher than a year ago, according to Paragon Mortgages.
Annual rental yields rose by 0.03 per cent to 7.57 per cent of a property's value, following two months of modest falls, as a result of the jump in average rents.
Rents have been rising steadily since April and are now about 2.7 per cent higher than they were this time last year.
John Heron, managing director of Paragon Mortgages, said: "This month's strong increase in rents achieved provides evidence of sustained demand from tenants, at what is a busy time of the year for landlords."
Tuesday September 16, 2003
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