July's rental market update - is it worth investing in Nottingham property right now? 💰
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
🔑 Key findings from Rightmove's quarterly rental report:
🔹 Average asking rents for new tenants reach another new record this quarter of £1,231 per calendar month (PCM), almost identical to the average First-time Buyer mortgage repayment of £1,256 per month.
At these levels yes it's fair to say, the cost of living is astronomical 🚀
🔹 Clear to see the rapid increase in new asking rents as tenant demand continues to increase whilst number of properties available to rent have steadily been squeezed since the pandemic
🔹 Despite rising prices, rental homes are continuing to let at speed and many landlords are still being
met with multiple applicants wanting to view and rent their property
🔹 The current average time to find a tenant for a home to rent is 17 days, its quickest since November 2022
Tenant demand continues to exceed even last year’s frenetic levels and is currently 3% higher than at this
time in 2022 and 42% higher than June 2019
🔹 The gap between supply and demand has slightly narrowed compared to last year, with available
properties to rent up by 7% compared with June 2022, though this figure remains 42% below 2019
🔸 Meanwhile, landlords are currently facing challenges from multiple directions. Government sentiment
towards the industry (47%), rising taxation (41%) and increasing compliance requirements (33%) topped
the list of landlords’ concerns in a recent study by Rightmove
🔸 The data suggests landlords are particularly concerned about their properties with a lower EPC rating,
ahead of proposed changes to EPC requirements from the government.
🔸 A third (33%) of landlords who own lower EPC rated properties plan to sell them rather than make
improvements to their EPC rating, compared with 20% who planned to sell last year.
🔸 A quarter (25%) are also concerned about the rising cost of Buy-to-Let mortgages (BTLs)
🔸 16% of properties currently for sale were previously available on the rental market, a figure which is up from 13% in January 2019
❗ However, despite these challenges, landlords value having a good tenant in their home and are determined to keep good tenants for longer ❗
📩 Download Rightmove's full report here 📩
So, is it worth investing in Nottingham property right now? 🤔 Yes!
💬 Comment from Emma Travers, Property Sourcing, Conveyancing and Acquisitions at Cavendish Residential:
"The average rent on our portfolio has increased for the last 2 years in a row... Whether it's individual Landlords, or Build-to-rent investors... We are seeing more homes available for rent in Nottingham, and yet there's still plenty of demand which is driving up prices further".
If you are interested in the returns that a property could provide you, email emma.travers@cavendishproperty.co.uk for a discussion about your requirements.
📸 Emma Travers, Property Sourcing, Conveyancing and Acquisitions at Cavendish Residential 📸
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