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Rental Market Update for May 2010

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Rents in the UK are likely to start showing some decent increases year on year over the coming months. There is of course a lag effect on rents as a property rented today won't be available until next year, so today's price is effectively held from six months to a year in advance. As a result, rents don't appear to be as volatile as property prices.

Tenants would be well advised to lock in their rents as best they can and check what increases (if any) are built into their agreement. Landlords can start to look forward, in the main to good rental gains in the future. These are already hitting short supplied areas such as London and higher rents seem to be spreading out to the home counties, so the rest of the UK is likely to really start seeing the effects between now and 2011.

The biggest issue for tenants will be a lack of properties available, so if you want to rent, best do it sooner rather than later or you might get caught between not being able to buy anything nor being able to find anything to rent!

For regional rental reports READ MORE

Headline Statistics from Belvoir Lettings and FindaProperty
From Belvoir's perspective many of their 140+ offices rents remain fairly static, across all regions, bar the North West.  READ MORE

Regional Performance:
FindaProperty Index for Q2 2010 shows the London to be the best performing area at 6.4% up, with Scotland not far behind at 4% growth in rents. The North West has been showing some great signs of recovery recently, but has slipped back to 2.5% BELOW last year's rents.  Meanwhile the North East England continues downward, by 3.7% YoY and a 2.6% month on month. Yorkshire and Humber is still suffering with rents down slightly year on year (-0.7%) but  down a staggering 9.3% March versus previous quarter. 

FindaProperty

Rental Index Highlights

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%


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%

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

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