Coming into quarter four, we are looking at the rents and trends throughout our region. We are finding that although rents are not dropping, the upward trajectory is certainly easing and this is largely due to the supply finally catching up with the demand and tenants are reaching their ceiling on what they can afford.
This quarter the national average rent increase is only 0.2% which is the smallest rise since 2019. Rightmove still predicts average rents to continue to rise by 5% (outside of London) in 2024, where the average landlord yield is sitting at 6.4% across the UK which is up from last year’s 5.9%.
The rental market is still strong and there is still sufficient demand to secure good quality tenants for properties. Recent statistics show an average of 11 enquiries per property which is still four times higher than the same period in 2019. The average time for a property to let has reduced slightly from 19 days last year to 22 days.
We at George F. White are managing this for our landlord’s by working with them to advertise properties sooner to avoid any unnecessary larger void periods.
If you have a property you would like to discuss please contact our team on 0333 920 2220.
