Rental Market Update July 2009

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Rental Market Commentary for July 2009
Skip to Headline Statistics or Useful Resources

The rental market continues to steady in most areas, apart from those that are still suffering from a high supply of 'accidental landlords' in areas where homes are still tough to sell.

The type of property for rent is playing a major part in rental prices as houses are going up month on month, reaching an average price of £863 per month. Flats however are still suffering rental declines with average rents down to £748 from £752 per month. Interestingly the flat 'flat' rental prices may also be because the supply of new build flats coming onto the market is still up year on year and many of these could be investor bought properties which landlords are desperate to rent, keeping prices 6% down year on year.

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 while negotiating rents downwards is on the increase!

Headline Statistics from Belvoir Lettings and FindaProperty
Belvoir monthly rental income July 09 versus July 08 is down only by 3%, while the last three months average rental income according to FindaProperty has almost stabilised.  

From Belvoir's perspective many of their 140+ offices are now seeing a slowdown in stock from accidental landlords so rents are expected to stablise nationally by Autumn and in areas where demand increase versus supply, prices may even start to rise
.


FindaProperty

Rental Index Highlights

Key statisticsFeb 09Mar 09Apr 09May 09Jun 09Jul 09
Average Rental Per Month 

£830

£827

£819

£819£823£825
Average Rental Yield

4.63%

4.65%

4.6%

4.56%4.56%4.55%

Regional Performance:
FindaProperty Index shows top performing areas include the North East England which shows smll 1% rent rises both year on year and month on month and the East Midlands which shows the top month on month growth of 1.4%.

Areas which are still suffering are London (excess stock from people who are renting their homes rather than selling) show rents down by nearly 6% year on year and 1% month on month. Scotland is also not doing well rent wise, with prices down by 5% year on year and just down by 0.1% month on month.

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 while negotiating rents downwards is on the increase!


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

NALS Conference Chair 2016

Kate's Consumer Portal

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