Rental Market Update for January 2011

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Average rents across the UK are edging upwards, but this 'national average' gives a misleading picture. In London rents are up at least by 10% as stock is so tight and tenants are having to compete for properties.

If you are a tenant in London it is vital that you make sure you have prepared all the paperwork such as proof of address, income, any references from employers and have your deposit ready. Don't let the 'rush' push you into making a decision there and then, you still need to get the agreement checked by a legal lettings specialist. Why? there are lots of examples, but one that springs to mind is the chap that thought he was renting a place for three years and only found out after he'd signed that the six month break clause meant they would be homeless a few days before Xmas, six months later!

Outside of London, as with house prices, it's a mixed picture. Some areas, certainly in the Home Counties are hotting up and rents are rising too. Other areas, there are a lot of accidental landlords so rental stock is matching demand. In areas where people are suffering from the government cuts, rents can be slippling backwards.

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 January 2011

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
Average Rental Per Month	£851
Average Rental Yield	4.69%

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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