Rental income at record high
Strong tenant demand for rented accommodation has pushed the average rental income generated by landlords to a record high, according to Paragon Mortgages’ October Buy-to-Let Index. Average rents hit £11,066 during the month, 10.2% higher than a year ago. Yields have continued to remain steady at 6%, while total annual returns on a property purchased 12 months ago averaged 15.5%, up from 14.2% in September. John Heron, Paragon’s director of mortgages, says: “Much of the recent negative media comment on the buy-to-let sector has confused genuine well-researched buy-to-let investment with property speculation. There is solid and growing demand for decent, affordable rented homes in all parts of the country, but it is essential landlords purchase the type of property that meets tenants’ needs and expectations.”
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