Latest Rental Market Update
We analyse property market information from a consumer and supplier perspective. Our private rental sector update summarises the latest rental reports and surveys from over the last few months. We then consider what trends are emerging both from studying the statistics but also talking to agents, landlords and tenants and discuss the implications this has for agents, legal companies, landlords, property investors and tenants.
Key headlines this month include:-
Acadametrics/LSL – “Tenant arrears drop by £6 million as rents rise more slowly”
Move with Us – “The average advertised cost of renting a home in Great Britain increased by 0.45% in May to £970 per month”
Belvoir Lettings – “Average rents across the UK for May 2013 were £687, just £3 more than 2012 and £8 less per month than May 2008 rents (for offices which have traded consistently over the last five years)”
Homelet – “Increasing rents leave London tenants with £250 less this month, mainly due to a decrease in average income”
Paragon Mortgages – “Tenant demand remains high as landlords invest in
What’s happening to rents summary: Not much!
Overall monthly averages in rents can hide completely different trends across the region, so we look at the rental data at a regional level.
In the regional indices chart above, we now include average monthly rents from Move with Us and the Valuation Office Agency’s figures for 1st April 12 – 31st March 13 compared to LSL, Homelet and Belvoir May 13 vs May 12.
In summary, May 2013 versus May 2012 rents by region show:-
- In Scotland, the Belvoir figures suggest a rise year on year, however, this is a quirk in the figures due to a change in the mix of advertised properties, in the main, rents appear stable to falling. Homelet registers a small increase in of 0.5% year on year.
- The Welsh data from LSL and Homelet suggests rent rises of 5.2% and 2.9% year on year, with both showing a rental average of £562. However, Belvoir have recorded a fall of -4.2%, year on year.
- Rents in the North East recorded a small increase year on year according to LSL at 3.9%, with Homelet showing a big increase of 9.8% and Belvoir registering only a very slight fall of -0.4%. However, we do find rental averages in the North East quite erratic as properties can rent from £300 to over £2,000 a month.
- LSL recorded no change in year on year rents for the North West, with Belvoir showing only a 0.5% increase and Homelet registering a year on year increase of 6.3%.
- The Yorkshire & The Humber region shows slight increases across all indices of 0.9%, 2.3% and 3.4% by LSL , Homelet and Belvoir respectively. This indicates very little movement in the area year on year.
- East Midlands show slight year on year rises at 3.6%, 1.6% and 3%, from LSL, Homelet and Belvoir.
- This is also the case for the West Midlands, which shows little year on year movement with LSL registering a slight increase of 3.1%, Homelet showing a very slight fall of -1.6% and Belvoir a 1.6% rise.
- Rents in the South West were static at £633 according to LSL, with Homelet and Belvoir showing slight rises of 3.2% and 0.3% respectively.
- East Anglia, according to LSL has experienced a 1.2% rise and Belvoir a 0.1% rise in rents year on year, with Homelet registering a -5.3% decrease.
- Belvoir recorded a percentage fall of -1.7% year on year for the South East, with LSL and Homelet registering similar trends with 2.1% and 3.1% increases respectively.
- In Greater London, the Homelet and Belvoir data suggests similar rises of 3.9%and 2.4% year on year, with LSL showing a higher increase of 7.2%.
Read the full Rental Market Update here, including:-
- What do the Rental Surveys tell Landlords, Tenants and Agents on a Regional Basis?
What to do next? For more help, from Kate and her team, join Property Checklists for free.
- Renting by the Room
- Why join a Landlord Association
- Buy to Let
- Renting a Property
- Selling a Property
For Industry Professionals
If you are you a property professional or journalist who needs up to date, accurate, facts and figures about residential property, subscribe to our Property Information Portal.