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Categories: property market | house prices

The government has released a free online tool that allows landlords to see property and rental data their local borough, to help with setting market rents.

The tool is free to use, and is provided for by the Office of National Statistics (ONS). It gives landlords insights into average house prices, average rental prices, and provides insights into how much rents have increased historically.

What does the online tool tell landlords?

The key metrics that the online tool allows landlords to easily access are:

  • House prices – allowing a quick way for landlords to get a ball park figure for how much they should expect to pay for a property (provided it does not have value-adding features).
  • Monthly rent – allowing landlords a yard-stick figure for how much they should charge for rent.
  • First-time buyer price – Providing the cost of an average home in the borough for first-time buyers.
  • Mortgage buyer price – Providing data for the cost of an average home for buyers through a mortgage in the borough
  • Annual change in house prices – The tool also provides historic data showing the annual change in house prices.
  • Annual changes in house prices by type of property – Using data provided for by the UK House Price Index and HM Land Registry, the tool allows landlords to see how different property types changed in the borough they chose (types included are: Detached, Semi-detached, terraced, flat).
  • Annual changes in rent - The tool also provides landlords with historic data showing how rents have changed annually in the locality.

Data for HMO landlords

The tool also provides historic data on the variance in house prices for properties by number of bedrooms. This allows landlords investing in houses of multiple occupation (HMO) a gauge for how much they can expect their assets to appreciate in value over time.

Commercial Trust is a specialist mortgage brokerage

Commercial Trust is a premium specialist mortgage broker that provides access to a broad array of buy to let lenders.

Our team includes professional mortgage advisors dedicated to pairing you with the most efficient and economical solution. Additionally, our account management team is committed to expediting your application process to ensure timely completion.

Follow the link to use the free tool.