< Back to blog

Positive outlook for rental market Posted On 21 November 2018

According to Rightmove, a lack of new rental properties coming to the market in London in the second quarter of this year – which is down 3.5% on Q2 2017 – has helped push the annual rate of London asking rents to 3.4%, with rents outside London also rising 2.7% over the quarter

 

This is the highest rate for three years and the first time since Q4 2014 that the capital has been the strongest performing region.

The 2.7% national rise over the quarter is similar to the 2.8% rise in the same quarter 2017. However, the annual rate has fallen back to 0.7%, which has been dragged down by flat annual change in the South West and a negative rate of -0.4% in the South East. Meanwhile, new listings are up 2.4% outside London, offering some more choice to renters.

“Nationally on average it takes a letting agent just over a month (36 days) from the time a rental property goes on Rightmove until it is marked let agreed,” says Rightmove, “which is the same length of time as this time last year.

“Often properties will start being advertised before they are available to help tenants looking for a place in advance, and to help landlords minimise any void periods.”

The national average in masks some of the faster places to let such as Stirling, Bristol and Ashford, which all take 22 days. In London, the time it takes to find a tenant has sped up from 44 days to 40 days, with the quickest areas being Bexleyheath (23 days), Edmonton (25 days) and Blackfen (25 days).

Miles Shipside, Rightmove’s Housing Market Analyst, adds: “After a few years of more plentiful supply in the London market we’ve now reached a point again where competition among tenants for a great rental home can be very high in the most popular rental areas of the capital.

“This reduced choice could be symptomatic of fewer landlords buying and some selling up as rental returns are being diminished by more onerous tax, and little or no growth in capital appreciation, along with increased demand from tenants.

“Outside London there looks to be more choice for tenants, but those looking to rent in the South West and Yorkshire and the Humber should note that properties are moving faster than this time last year so they may need to move more quickly to secure a good quality home.”

< Back to blog

Connect with us

Recent Posts

Ready, steady, cook!

This vegetarian dish is perfect if you’re looking for low calories, but full on taste – and there’s minimal effort required too! Puy lentils bulk out this low-calorie vegetarian bake with mozzarella cheese, tomato and basil sauce and roasted aubergines       Layered aubergine & lentil bake Serves 4 Kcals per serving: 359 Suitable …

Read more...

Keep your kids safe online

  Our children are growing up with technology as the norm and not just a treat, but how can you keep them safe online? In this technological age, where kids are surrounded by tablets, smartphones and YouTube it is hard to know what is safe and what isn’t for your children. Most children already have …

Read more...

Decorating your home on a budget

Upcycle If you’re on a budget or just can’t quite get rid of furniture, simply because you want to create a new look – upcycling could be the answer. You can find so much inspiration on the likes of Pinterest, which show how easy it can be to change a tired and dated piece of …

Read more...

Australia retain the Ashes at Old Trafford

Despite all the heroics and late miracles, Australia yesterday retained the Ashes after winning the fourth test After the joy of the third test, when England won by one wicket at Headingley, there was no such late drama at Old Trafford on Sunday. After a slow first day, where only 44 overs were bowled due …

Read more...

Catch some sun this winter!

With the summer holidays already a distant memory, it’s time to get excited about some winter sun. We look at the best places to go… Fly a little further to get the sunshine you crave in the winter months, and you won’t be disappointed. There are some great destinations to pick from – whether you are looking for a classic beach-style …

Read more...