Honourable and personal residential letting experts

20Aug

Huntingdon & St Ives and North Cambridge: Lettings Market Update

Maxine Lester letting market update for landlords

With the unrelenting swirl of uncertainty brought upon us by recent times, sometimes it’s good to take a little step back and have a look at the numbers. All of the figures are taken from our very own up-to-date July data – you couldn’t get much fresher or a more accurate local insight if you tried (even though we say so ourselves).

What’s going on with rental increases?

For July, we have seen a year-on-year rental increase of 2.4% in St Ives – that’s on an average rental of £888. In Cambridge it’s 1.6% on an average rental of £1277.

If that doesn’t mean much to you and you like comparisons, Zoopla are reporting that outside of London the average increase is 2.2%, so our numbers are tracking with the national figures.

Is there much difference between different types of properties?

Interestingly, in St Ives we’ve seen a rental increase of 6.6% for 4 bed homes, which are now achieving an average of £1721 PCM. In Cambridge however, the highest growth is 3% on 2 bed properties which are achieving on average £1174 PCM.

But aren’t there fewer properties being let? What’s happening isn’t the lettings market collapsing?

Hold fire and don’t panic. One of the figures that immediately stands out to us, is the change in the number of properties available. The following is a Rightmove stat: this time last year, there were 987 properties available, this year in July there were only 475.

Although that’s one to get the blood pumping, the more useful statistic to look at to evaluate desperate changes, is the number of new instructions coming to market which are about the same as usual. The reason for the scary-sounding numbers above, is likely that everyone started to move due to the tenant fee ban so there was lots of changeover.

How busy is the Cambridge lettings market really?

Interestingly we had about the same number of people looking as this time last year but if you compare available properties twice as many as this time last year – this means there is less choice for people which makes it the ideal time if you’re thinking of letting out a property in the local area.

Please do get in touch if you’re thinking of letting a property in the local area and we can help put your mind at ease with hot-off-the-press local data.