Rental Market Update for June 2010
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As expected, rents are really starting to show that prices are stabilising across most areas within the UK. The expectation of seeing big rent rises by this summer hasn't appeared in average rents yet as so many tenants are deciding to stay put at the same rental level. Few landlords are forcing rent rises through either because they don't need to or they'd prefer to have a good, paying tenant in their home, so forego the extra income.
Renters who are looking to come into the market need to be sure they tie rents down for a year so that when the rental stock shortages really kick in (and they already have in London and some parts of the UK) they can keep rents down.
Many agents however, are rapidly running out of landlords to service and rental properties to let. With almost every agent in the high street now becoming a letting agent and the huge lack of stock thanks to the credit crunch and tough terms on landlords, it looks like agents are going to have to fight harder for landlords' business.
Be warned though, says Kate "running a letting agency requires a lot of experience and administrative skills - not things that come naturally to an estate agent who is typically a great sales man (or woman!)". Kate also points out that you shouldn't work with any letting agents that aren't part of the NALS scheme or ARLA scheme and therefore part of the Property Ombudsman Scheme. "Always ensure that you have proper insurance in place and don't ever go with a letting agent that can't prove they have 'client bonded accounts'" says Kate.
For regional rental reports READ MORE
Headline Statistics from Belvoir Lettings and FindaProperty
From Belvoir's perspective many of their 140+ offices rents remain fairly static, across all regions, bar the North West. READ MORE
Regional Performances:
Belvoir Lettings' Rental Index
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, read
Belvoir Lettings' 'Regional Rental Report';
Savills' Spotlight on Student Housing and the latest survey from
RICS.
ARLA also have latest data suggesting an increase in the number of tenants defaulting on payment.
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
Key statistics | Jun 10 |
Average Rental Per Month | £683 |
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 | Aug 10 |
Average Rental Per Month | Published |
Average Rental Yield | Sept 10 |
