Rental Market Commentary April 2010
The rental market is starting to show signs on stability. With the number of properties for rent in most areas matching the number of tenants looking for a new home. More and more areas are starting to push rents upwards - as shown by FindaProperty's index rental yields have moved slightly from 4.45% to 4.54%.
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Regional Differences
'UK averages' don't really reflect what's happening in your area. Read the FindaProperty Index which shows:-
Top Performing Areas
FindaProperty Index shows for the first time London to be one of the best performing area, with rentls up 4.5% year on year and 0.7% month on month. North West shows great performance with prices up 6.5% YoY and nearly 1% growth month on month. Scotland continues to do well with rents up 0.9% YoY, although monthly rents show a slight fall of 0.6%.
The worst area continues to be the North East England, down 3.4% YoY and -1.3% month on month. Yorkshire and Humber is replaced by East of England as the next worst performing rental area with prices down by 2.5% YoY and nearly 1% down month on month.
Belvoir Lettings Regional Lettings Index
Belvoir is one of the top franchised letting agents in the UK and takes pride in ensuring they let quality properties legally and at fair prices. They have over 140 offices across the UK and kindly let us have access to their national and regional lettings index:-
The following figures show that there are real regional differences across the UK, with the South recovering well in the last quarter, only to fall back January to March, while the 'North' seems to be doing quite well. Overall though, the Belvoir Index shows, like FindaProperty that prices are stabilising both year on year and over the last few months.
Belvoir Region | Jan 10
to Mar 10 |
London | -5.51% |
South East | -0.77% |
South West | -0.46% |
West Midlands | -0.57% |
East Midlands | -1.75% |
East Anglia | +0.14% |
Yorkshire | +0.06% |
North West | +3.36% |
North East | +0.73% |
Scotland | +0.32% |
Whole of UK | -0.98% |
Belvoir Region | Jul 08
to Sep 08 | Oct 08
to Dec 09 | Jan 09
to Mar 09 | Apr 09
to Jun 09 | July 09
to Sep 09 | Oct 09
to Dec 09 |
London | -2% | -2.4% | -1.75% | -5.51% | +7.48% | +11.19% |
South East | 6.9% | -2.8% | -4% | +1% | +3.25% | -2.63% |
South West | -1.4% | -1.0% | -3.6% | -1% | +0.57% | -0.58% |
West Midlands | 0.6% | -0.8% | +4% | -2.55% | -2.36% | +0.15% |
East Midlands | 1.6% | -2.6% | -2% | -3.32% | -0.01% | +0.15% |
East Anglia | -1.9% | -1.0% | +2% | -3.98% | -2.29% | 0% |
Yorkshire | 2.9% | 1.9% | +2.9% | -3.57% | -1.20% | -1.31% |
North West | 1% | -0.5% | -2.7% | -3.05% | +0.45% | +0.92% |
North East | 0% | 0% | -0.75% | -1% | -3.89% | +3.71% |
Scotland | 17% | -3.8% | -0.4% | -1.36% | -1.39% | +15.51% |
Whole of UK | 0% | -1.4% | -1.95% | -1.5% | 0% | +0.68% |
