< 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

Get packing!

If you’re heading off on your travels this summer, take a peek at these fun and funky travel cases! Myleene Klass 4-Wheel Hawaiian Leaf Suitcase – Large Give your travel a taste of the tropics with this 4-Wheel Hawaiian Leaf Large Suitcase by Myleene Klass. Strong yet lightweight, its polycarbonate case keeps your valuables well protected. …

Read more...

Make your garden a haven for wildlife

Your garden, when at its best, is a natural wonder to behold and, if the right preparations are made, a natural home for wildlife Look after the birds – all year round Agricultural changes to the environment have meant that the number of wild birds in our beautiful world is diminishing, a fact which highlights …

Read more...

A record-breaking weekend of sport!

On a typically overcast, English summers’ day, England won their first-ever Cricket World Cup; the finals at Wimbledon threw up some surprises and a record-breaking win at Silverstone capped it all off England beat New Zealand in a thrilling match at Lord’s yesterday to win their first-ever Cricket World Cup. In a match that will …

Read more...

England stroll into Cricket World Cup final!

England hammer Australia to reach their first World Cup final since 1992 Eoin Morgan’s England humiliated Australia with a sensational display of batting prowess and exceptional bowling. Jason Roy made it look like an exhibition match with a laid back 85 from 65 deliveries, while Chris Woakes, who received the man of the match award, …

Read more...

Festival season

If you have failed miserably, yet again, to secure Glastonbury tickets for another year and need some alternative options, then look no further. Here we’ve compiled a few of our favourites which take place throughout July and August  Reading & Leeds If you are after a bit of variety then Reading & Leeds will be …

Read more...