Highlights for October:
· More properties are coming on to the market as residents start to feel more confident to move homes.
· Taking slightly longer to find residents with properties over £1,200.
· Although October’s figures are showing the highest year on year figures to date, there is an indication that we may have reached the height. In particularly CB24 which is showing the first reduction for some time.
The rental market remains very buoyant. The supply / demand ratio has not changed in October and it continues to be hard for people to find a rental home. However, we have seen a slight slow down with properties over £1,200 per month.
In October we marketed an average of 18 properties per week and received on average 232 enquires per week from people looking to rent a new home. For those properties checking in in October it took an average of 15 days to find a new resident on an average rental of £1,000
For those properties have been let in October and had rental over £1,200 the average to find a resident took 19 days.
To say it is really difficult for someone looking to rent is an understatement.
Rental comparison’s PE27, PE28, PE29, CB23 and CB24
The reason for keeping detailed data is for one reason only: it means we are best placed to give you the right guidance when looking at rental reviews and also when you are considering extending your portfolio.
These average figures come from our records – therefore are a mixture of rent reviews that have been put in place over the last year, plus the rentals achieved at the point of remarketing and are split by the number of bedrooms.
Which areas have the highest year on year increase by number of bedrooms?
What we all know is that higher rents can be achieved the nearer you are to Cambridge. This may be why this is the first place to show a reduction in year on year increases for larger properties as they were so high, and affordability has now reached its peak.
From the statistics we are receiving from our referencing provider, people seem to be a bit cautious when taking a rental property. For example, we want to make sure that no more than 30% of the household income is spent on rental. Our referencing provider is telling us that people are keeping to an average of 26%.
What yield should I expect?
That is very much down to when you bought the property.
New ( non-leasehold ) properties are still achieving anything from 5 – 5.75%.
If you want to hear about other figures in Cambridgeshire just ask – we have tons of data!
Download our October data
If you are looking to extend your portfolio, perhaps our investment service is something you need.