Rental Market Update for March 2010
Skip to Headline Statistics or Useful Resources
Over the last six months average rental prices have been going up month then down the next. At last though it appears that the market has started to 'settle down' in most areas and as a result year on year, rents have stayed the same, while the volume of properties for rent is slowly falling.
Some areas, but they are few and far between, are being able to nudge rents upwards, but in most areas even £25 could make the difference between renting straightaway and sitting on the market for weeks! READ MORE.
Headline Statistics from Belvoir Lettings and FindaProperty
From Belvoir's perspective many of their 140+ offices saw rents fairly static, although around a third were able to show rent rises. READ MORE
Regional Performance:
FindaProperty Index shows a switch for the first time to the South West as a top performing area with average rents up by 2.3% annually and static month on month. East of England is up by 2% but month on month down by 1.7%. Scotland however is one of the few regions to continue to grow annually (up 1.5%) and month on month (1.3%). London is slightly up year on year (0.7%) and 2.1% up month on month.
The worst areas are North East England, down 2.3% YoY and -2.6% month on month. Yorkshire and Humber rents continue to fall month on month by nearly 10% although year on year have stabilised so far.
FindaProperty
Rental Index Highlights
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% |
Key statistics | Oct 09 | Nov 09 | Dec 09 | Jan 10 | Feb 10 | Mar 10 |
Average Rental Per Month | £830 | £831 | £820 | £804 | £814 | £820 |
Average Rental Yield | 4.53% | 4.56% | 4.52% | 4.45% | 4.5% | 4.5% |
Regional Performance:
FindaProperty Index shows a switch from the North East to the North West as a top performing area with average rents up by 3.9% annually and 2.3% month on month. Closely behind is Scotland rising by 0.6% annualy and 2.5% month on month. London continues to do well with prices rising slightly both year on year and month on month.
The worst areas continue to be Yorkshire and Humber rents declining in contrast by 10% year on year although month on month rents show a small 1% growth.
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
