Landlords boosted by rent increases

Brits with a second property considering whether to sell up or let it out may be interested in recent figures.

Some may decide to improve the home to make it more attractive to tenants, with statistics showing a rise in the average rental price and fall in the number of days residences stay empty.

According to data from LSL Property Service, rents rose 0.5 per cent between June and July, while the percentage of payments outstanding fell by 0.4 percentage points in the same time frame.

It may encourage landlords whose homes have been empty for a while to build a conservatory or kitchen extension in order to take advantage of the upward trend.

Commenting, LettingZone managing director Mark Garner stated the future looks rosy for homeowners with property available.

"Most professional landlords who have been in it for years will be on tracker mortgages, so therefore they will be reaping the full benefit of the lower base rate and their cash flow business will be very healthy at the moment," he stated.