Rental Market Update for March 2011
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For many tenants who would probably prefer to be buying a property if they could, the rental market is starting to make life quite difficult. Huge rises in the number of people looking to rent due to buyers' lack of confidence and inability to secure mortgages, means lots of competition when hunting for a rental property.
The FindaProperty Rental Index for Q4 suggested a massive rise in rents, particularly in London where Ealing recorded the highest rises - a staggering 18% to nearly £2,000 a month. As a tenant, make sure you have all your paperwork and deposit ready, but be warned, don't let this highly competitive market make you 'jump' at the first opportunity.
Never rent a home without:-
1. Seeing the Energy Performance Certificate (this is the cost of your utility bills). Any landlord NOT showing you an EPC when marketing a property is breaking the law. This is likely to mean they are a rogue landlord and you'll have problems during your tenancy.
2. Asking which Deposit Protection Scheme your deposit will be protected in. Any landlord offering to take 'two month's rent' instead, is likely to be breaking the law.
3. Ask to see certificates for the gas and electrics. If you don't want to get blown up and electricuted in a home by a lack of care from a dodgy landlord, then make sure these are up to date.
Kate Faulkner's Rental Advice!
If you are a tenant: Rent something very soon this year or you WILL struggle to find a rental property.
If you are a landlord: Enjoy the extra cash, make sure your portfolio is geared at 75% or less and maintain your property!
If you are a letting agent: Beware! Keep an eye on the competition and market yourself like mad to secure any new instructions.
Headline Statistics from Belvoir Lettings and FindaProperty
Latest December 2010 rental figures from Belvoir who have over 140+ offices across the UK show that in most areas, rents are static or rising, whereas in London and the South East, rents are going up anything between 5-10%.
READ MORE - Rental Market Quarterly Regional Statistics - Q1 2011
Belvoir Lettings' Rental Index March 2011
Key statistics | Feb 11 | Mar 11 |
Average Rental Per Month | £685 | £xxx |
Key statistics | Jun 10 | Jul 10 | Aug 10 | Sep 10 | Oct 10 | Nov 10 | Dec 10 | Jan 11 |
Average Rental Per Month | £683 | £682 | £695 | £700 | £703 | £676 | £694 | £685 |
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 | Q4 10 |
Average Rental Per Month | £851 | £859 |
Average Rental Yield | 4.69% | 4.8% |
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, download
Savills' Spotlight on Student Housing and the latest survey from the
RICS and
ARLA.
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
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