#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
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LEAD IMAGE | Let agreed by Cavendish Residential | 2 bed | 2 bath | City Centre Apartment | NG1 2BH | Β£1,395 per month πΈ
Rental prices rise to new record despite boost in supply π
πΉ The average advertised rent of homes outside of London has risen to a new record this quarter of Β£1,349 per calendar month (pcm), however it is the smallest increase in rents at this time of year since 2020
πΉ This quarterβs increase in rents comes despite a boost in new supply into the rental market
πΉ The number of new properties coming into the market in March was 11% ahead of the same period last year, and the overall number of rental homes now available is 18% ahead of last year
πΉ The number of prospective tenants looking to move is 7% lower than March last year
πΉ An increase in first-time buyer activity at the start of this year is likely taking some demand away from the rental market
πΉ The average number of enquiries per rental property this quarter is 12, cooling from 16 at this time last year, but still over double the five in Q1 2019. However, there are regional variations in supply and demand:
πΉ A typical rental home in London sees eight enquiries, compared with 18 in the North West
πΉ A quarter of rental properties are seeing a reduction in the advertised price, the most at this time of year since 2018, a sign of a less frenetic market
πΉ There are still no major signs of the upcoming Rentersβ Rights Bill affecting market activity, however there are set to be wider implications for both tenants and landlords
For the full HP Report from Rightmove, click here for a
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Wouldn't it be good to know the value of your home in today's market? Contact Lisa (lisa.dahl@cavendishproperty.co.uk) for an up-to-date valuation (or complete the form opposite β‘οΈ).
πΈ Lisa Dahl-Parsisson, Head Valuer and Asset Manager at Cavendish Residential πΈ
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π Instant online valuation (immediate response, 60-70% accurate)... Click
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