Honourable and personal residential letting experts

9Apr March Rental Highlights

March Rental Highlights

Main Highlights

* PE27, 28, 29 area has seen a year on year increase in rental of 1.8%. For the first time in several months we have seen an increase in the  CB 1- 5 area of 0.9%

* The number of properties on the rental market saw a year on year decrease of 10%

* The number of people looking to rent has seen a year on year increase of 15%

*The length of the average tenancy remains at 22 months.

* There are now more landlords entering the market than leaving.

Overall

We have found that rents have continues to show an average increase of 1.8% when compared to March 2017 outside CB area’s ie PE 27 , 28, 29 . This increase has been driven by the fact that there are more people looking for fewer properties.

March has seen the first increase in the CB1 – 5 areas for some time. Which could be a reflection of being outside ‘the Student’ time.

The number of properties coming on to the market for rental saw a year on year decrease of 10%. From our point of view this was due to more new investor Landlords joining the market. However this did not water the market down as this was matched by an increase in people searching for properties of 12% .

We are happy to report that we are still beating the local average on days to find a tenant – Rightmove reports the average at 29 days. We achieved 19 days in February.

Rightmove has also reported that there were 66 lets in our area for February month from 17 agents of which are in position 1. We held 15.2% of the market taking the largest share and increasing this from last month.

Interestingly this figures show that 13% less deals were agreed in comparison to February 2017. This bears out the feeling that tenants are choosing to stay in properties longer. Our average tenancy now stands at 21 months.