< 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

Put your own stamp on your new home

Just moved house? Here are some tips on how to decorate and put your own stamp on it. Whether you’ve just bought, or you’re renting and limited to what you can do to a property, these are great ways to add little personal touches and freshen up your home Moving into your new home is …

Read more...

Wimbledon 2019

Tennis fans are getting excited as Wimbledon, the legendary tournament, returns to SW19 in July, with what promises to be a highly competitive two weeks of tennis! Last year’s winners Novak Djokovic and Angelique Kerber will both be returning to the famous All England Club to defend their 2018 titles. Novak Djokovic has already defeated …

Read more...

The hidden history of Toy Story!

With the third sequel out this Friday, let’s look back at the history of the ground-breaking first film, which was released 24 years ago! The film, which first introduced us to Woody, Buzz and the gang, was the highest grossing film of 1995. And, because of its success, we have the likes of Despicable Me, …

Read more...

England qualify for the last 16

  England’s Women’s Football team beat Argentina on Friday to qualify for the last 16 with one game to spare After their win over Scotland earlier in the tournament, Phil Neville’s side knew that a win over Argentina would seal their place in the next round and give them the chance to finish top of …

Read more...

Smart home ideas

Ten years ago, controlling your home appliances with a smartphone was science fiction, but today it is a reality New technology for the home is coming out every week. You can control your lighting, heating and appliances all with an app on your smartphone or your voice assistant. Keep ahead of the curve and up …

Read more...