Rental Market Update for August 2010
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Kate Faulkner's rental growth predictions from last year are proving accurate with rents starting to rise rapidly in London and the South East while other areas have pretty much stopped falling.
The rental market is starting to be starved of stock again, so tenants are either choosing to stay where they are, particularly as many landlords are keeping rents the same, and with little new stock coming onto the market, the number of properties available to rent is starting to fall rapidly.
Zoopla figures show that the number of properties available on their site to rent a few weeks ago was 130,000, today (8th September 2010) it's only 100,000: that's a 21% drop in rental properties available in just a matter of weeks.
Headline Statistics from Belvoir Lettings and FindaProperty
Latest August 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%.
Belvoir Lettings' Rental Index August 2010
Key statistics | Jun 10 | Jul 10 | Aug 10 |
Average Rental Per Month | £683 | £682 | £695 |
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 |
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
