Rental Market Update for September 2010
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Having predicted that rents will rise this year, this is certainly coming through in areas such as London and the South East where rental prices are pushing upwards of 10%.
It is important to put this rise into context though, as it only means prices are heading back towards the heights of the Summer 2008, prior to lots of accidental landlords flooding the market and reducing rents throughout most of 2009.
The outlook for the future is more rent rises. As landlords start to feel the pinch on mortgage costs (currently some lenders are apparently looking at only offering repayment only mortgages, not interest only) and the effect of inflation, higher taxes etc comes through, they will start increasing their rents and as more tenants flood onto the market as fewer people buy property, they will start to increase rents as much as possible.
If you are a tenant: rent something this side of Xmas if you can!
If you are a landlord: look at putting up your rent if you can to protect your income.
Headline Statistics from Belvoir Lettings and FindaProperty
Latest September 2010 rental figures from Belvoir who have over 140+ offices across the UK show that in most areas, rents are fairly static, whereas in London and the South East, rents are going up anything between 5-10%.
READ MORE - Rental Market Quarterly Regional Statistics - Q3 2010
Belvoir Lettings' Rental Index September 2010
Key statistics | Jun 10 | Jul 10 | Aug 10 | Sep 10 |
Average Rental Per Month | £683 | £682 | £695 | £700 |
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, 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
