Rental Price Tracker
Our friends over at Rightmove have kindly shown this infographic to help us understand the regional trends in rental prices. Here at Home Lettings we are mainly concerned with greater london, but we have copied it here for everyone. Its not an easy pill to swallow to see the market in a less favourable position for landlords, but the lettings market can change on a sixpence, so lets look forward to (hopefully) a more positive future.
The main overview is as follows:
- 12% jump in number of available rental properties leads to slowest annual rate of increase since 2014
- Overhang of last year’s buy-to-let surge leads to more choice for tenants and slower annual rate of increase in rents:
– Number of available rental properties on Rightmove up 12% compared to the same period last year
– Annual asking rent growth of 1.8% is the lowest since Q4 2014, and less than half the annual growth of 3.9% recorded a year ago in Q1 2016
- Uplift in available properties means it is taking 10% longer for letting agents to secure suitable tenants than this time last year, and almost 20% longer in London