Findaproperty.com Rental Index
“Rental market strengthens further as stock levels plummet by 10%”
Some interesting news from Findaproperty.com again this month on the state of the rental market. Being found in sought after areas such as West Hampstead and Maida Vale, Greene and Co’s rental threshhold has held itself steady, but with properties flooding to the market more and more Landlords have had to accept lower rental offers. So, although the rental market remained fairly stable, prices dropped substantially just to secure a good tenant.
Director of Findaproperty.com Michael O Flynn comments: “The national rental market is looking much more healthy than it did six months ago. The clear out of stock is continuing in fairly dramatic fashion as the sales market improves and a seasonal surge in demand helps mop up excess supply, particularly at the lower end of the market.
“Consequently, rents are on a clear upward trend and long term buy-to-let landlords in London and the South East in particular have reason to feel optimistic that the market is making a sustained recovery.”
The stock of rental properties on the market dropped sharply in October (-10.2%) - the most significant monthly fall in the history of the index - bringing supply back to the level last seen almost a year ago.
Rents rose marginally (+0.1%) to £830 pcm in October - the sixth consecutive month of stable or rising prices - remaining 3.8% lower than a year ago.
Gross yields dip from 4.56% in October as rising house prices put pressure on rental returns
London and the South East lead the rental market recovery while the majority of regions suffer falling rental values
Could this be the start of some better news for landlords trying to rent their properties?
Rightmove releases new iPhone application
Rightmove make finding your new home even easier! You can simply download their app to your iPhone and start your search from there.
FindaProperty records highest traffic ever!
Just read another interesting piece of news about the market picking up. Findaproperty recieved the highest daily level hits to their website since daily tracking records began in mid-2006.
Read the article and see what you think?
