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Rental Market Update for February 2011

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For many tenants who would probably prefer to be buying a property if they could, the rental market is starting to make life quite difficult. Huge rises in the number of people looking to rent due to buyers' lack of confidence and inability to secure mortgages, means lots of competition when hunting for a rental property.

The FindaProperty Rental Index for Q4 suggested a massive rise in rents, particularly in London where Ealing recorded the highest rises - a staggering 18% to nearly £2,000 a month. As a tenant, make sure you have all your paperwork and deposit ready, but be warned, don't let this highly competitive market make you 'jump' at the first opportunity.

Never rent a home without:-

1. Seeing the Energy Performance Certificate (this is the cost of your utitlity bills). Any landlord NOT showing you an EPC when marketing a property is breaking the law. This is likely to mean they are a rogue landlord and you'll have problems during your tenancy.

2. Asking which Deposit Protection Scheme your deposit will be protected in. Any landlord offering to take 'two month's rent' instead, is likely to be breaking the law.

3. Ask to see certificates for the gas and electrics. If you don't want to get blown up and electricuted in a home by a lack of care from a dodgy landlord, then make sure these are up to date.


Kate Faulkner's Rental Advice!

If you are a tenant: Rent something very soon this year or you WILL struggle to find a rental property.
If you are a landlord: Enjoy the extra cash, make sure your portfolio is geared at 75% or less and maintain your property!
If you are a letting agent: Beware! Keep an eye on the competition and market yourself like mad to secure any new instructions.

Headline Statistics from Belvoir Lettings and FindaProperty
Latest December 2010 rental figures from Belvoir who have over 140+ offices across the UK show that in most areas, rents are static or rising, whereas in London and the South East, rents are going up anything between 5-10%.

READ MORE - Rental Market Quarterly Regional Statistics - Q4 2010

Belvoir Lettings' Rental Index February 2011

Key statistics

Feb 11

Average Rental Per Month 

£685


Key statistics

Jun 10

Jul 10

Aug 10

Sep 10

Oct 10

Nov 10

Dec 10

Jan 11

Average Rental Per Month 

£683

£682

£695

£700

£703

£676

£694

£685


Key statistics

Oct 09

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Average Rental Per Month 

£691

£684

£680

£685

£680

£680

£681

£682


FindaProperty - Rental Index Highlights

Key statistics

Q3 10

Q4 10

Average Rental Per Month

£851

£859

Average Rental Yield

4.69%

4.8%

Key statistics

Oct 09

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10**

Average Rental Per Month 

£830

£831

£820

£804

£814

£820

£826

£839

Average Rental Yield

4.53%

4.56%

4.52%

4.45%

4.5%

4.5%

4.54%

4.57%


** Note: This Index moved from a monthly to a quarterly index

Key statistics

Feb 09

Mar 09

Apr 09

May 09

Jun 09

Jul 09

Aug 09

Sep 09

Average Rental Per Month

£830

£827

£819

£819

£823

£825

£829

£829

Average Rental Yield

4.63%

4.65%

4.60%

4.56%

4.56%

4.55%

4.57%

4.56%



For more indepth rental market views, download Savills' Spotlight on Student Housing and the latest survey from the RICS and ARLA.

Links to useful Renting and Letting Reports

ARLA    RICS    RLA    NLA   

For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US, see Kate on video and for media appearances, contact:

Sylvia Tidy-Harris
STH Management                    
Tel  +44 (0) 1530 263221
Mob  +44 (0) 7970 646872
Fax: +44 (0) 1530 264018

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