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Rental Market Commentary March 2010

Rental incomes have been moving up and down over the last months and it has been hard to find a trend in rental prices. However, this month has shown that rents seem to have stabilised versus last year in the main. A few areas are still having to price rents competitively and a few areas are being able to nudge prices upwards. But overall, they are pretty much staying steady.

The number of buy to lets seems to be improving, but it's very slow and way behind previous years. In 2009, investors secured 93,500 versus 223,000 in 2008 and nearly 350,00 in 2007. So we have a long way to go to recover the 'buy to let' lending we used to do. READ MORE

It is likely that 2010 will produce a similar number of buy to let mortgages unless lending suddenly becomes more fluid and the likes of Paragon come back into the market place.

Read all about
the latest leglislative changes that ARE already planned and those that are proposed. If you disagree with them - then ACT NOW! Don't delay or you could get hit with some very heavy regulation that dramatically increases the costs of your BTL business.  

Regional Differences
'UK averages' don't really reflect what's happening in your area. Read the FindaProperty Index which shows:-

Top Performing Areas
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.

Poor Performing Areas
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.
 
Belvoir Lettings Regional Lettings Index
Belvoir is one of the top franchised letting agents in the UK and takes pride in ensuring they let quality properties legally and at fair prices. They have over 140 offices across the UK and kindly let us have access to their national and regional lettings index:-

The following figures show that there are real regional differences across the UK, with the South recovering well in the last quarter, only to fall back January to March, while the 'North' seems to be doing quite well. Overall though, the Belvoir Index shows, like FindaProperty that prices are stabilising both year on year and over the last few months.

Belvoir Region

Jan 10
to Mar 10

London

-5.51% 

South East

 -0.77%

South West

 -0.46%

West Midlands

 -0.57%

East Midlands

-1.75% 

East Anglia

 +0.14%

Yorkshire

 +0.06%

North West

 +3.36%

North East

+0.73% 

Scotland

 +0.32%

Whole of UK

-0.98%

Belvoir Region

Jul 08
to Sep 08

Oct 08
to Dec 09

Jan 09
to Mar 09

Apr 09
to Jun 09

July 09
to Sep 09

Oct 09
to Dec 09

London

-2%

-2.4%

-1.75%

 -5.51%

+7.48%

+11.19%

South East

6.9%

-2.8%

-4%

 +1%

+3.25%

-2.63%

South West

-1.4%

-1.0%

-3.6%

 -1%

+0.57%

-0.58%

West Midlands

0.6%

-0.8%

+4%

 -2.55%

-2.36%

+0.15%

East Midlands

1.6%

-2.6%

-2%

 -3.32%

-0.01%

+0.15%

East Anglia

-1.9%

-1.0%

+2%

 -3.98%

-2.29%

0%

Yorkshire

2.9%

1.9%

+2.9%

 -3.57%

-1.20%

-1.31%

North West

1%

-0.5%

-2.7%

 -3.05%

+0.45%

+0.92%

North East

0%

0%

-0.75%

 -1%

-3.89%

+3.71%

Scotland

17%

-3.8%

-0.4%

 -1.36%

-1.39%

+15.51%

Whole of UK

0%

-1.4%

-1.95%

 -1.5%

 0%

+0.68%

 

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