Rental Market Commentary June 2010
There is lots of 'good and bad' news in the lettings market - depending on which side of the fence you are sitting! Landlords can relax a little as in the main, the rents are nudging upwards slowly as places to rent subside. If you are a renter, that's not so good as you can't 'bag a bargain' and if new to the rental market, may have to pay higher prices or compete for a property.
You would also think this is all good news for letting agents, but alas, it's not fab for them either. There are few new landlords coming on board, properties to rent are running out as are landlords to recruit and tenants aren't moving in or out much. On top of this, competition for a lettings only business has increased by around 20% with estate agents trying to muscle in on their market.
Regional Differences
To help you know what's happening in your area, please find below a summary of the latest FindaProperty Index and Belvoir Lettings Statistics.
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:-Belvoir Region | Jan 10
to Mar 10 | Apr 10
to Jun 10 |
London | -5.51% | -1.92% |
South East | -0.77% | +0.80% |
South West | -0.46% | +0.14% |
West Midlands | -0.57% | +0.34% |
East Midlands | -1.75% | +0.30% |
East Anglia | +0.14% | -0.02% |
Yorkshire | +0.06% | +1.05% |
North West | +3.36% | -7.27% |
North East | +0.73% | +0.51% |
Scotland | +0.32% | +0.32% |
Wales | -1.25% | +0.12% |
Whole of UK | -0.98% | +1.80% |
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% |
| Area | Average Rent | Annual Rental % Change |
| London | £1,730 | 6.4% |
| South East | £1,090 | 0.8% |
| South West | £817 | 3.5% |
| Wales | £614 | 1.1% |
| West Midlands | £639 | 2.1% |
| East Midlands | £614 | 2.8% |
| East England | £788 | 3.7% |
| Yorkshire/The Humber | £553 | -0.7% |
| North West | £621 | -2.5% |
| North East | £591 | -3.7% |
| Scotland | £710 | 4% |
