Rental market update: rental prices rise to new record despite boost in supply 🚀
#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
📸 LEAD IMAGE | Let agreed by Cavendish Residential | 2 bed | 2 bath | City Centre Apartment | NG1 2BH | £1,395 per month 📸
Latest Rental Market news and stats from Rightmove's House Price Index 🔢:
Rental prices rise to new record despite boost in supply 🚀
🔹 The average advertised rent of homes outside of London has risen to a new record this quarter of £1,349 per calendar month (pcm), however it is the smallest increase in rents at this time of year since 2020
🔹 This quarter’s increase in rents comes despite a boost in new supply into the rental market
🔹 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
🔹 The number of prospective tenants looking to move is 7% lower than March last year
🔹 An increase in first-time buyer activity at the start of this year is likely taking some demand away from the rental market
🔹 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:
🔹 A typical rental home in London sees eight enquiries, compared with 18 in the North West
🔹 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
🔹 There are still no major signs of the upcoming Renters’ 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 PDF download 📩
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 ➡️).
📸 Lisa Dahl-Parsisson, Head Valuer and Asset Manager at Cavendish Residential 📸
☎📧🗨
🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
🌟 Remote consultant valuation (24-hour response, 80-90% accurate)... Click here 🌟
🌟 Face-to-face visit (time to suit you, 100% accurate)... Email expert valuer lisa.dahl-parsisson@cavendishproperty.co.uk to get started 🌟
For our Daily Property News | Like, Comment and Share | Click here
For properties for sale in Nottingham from Cavendish Residential click here
For properties for rent in Nottingham from Cavendish Residential click here
Latest from the BEST ESTATE AGENT in Nottingham 🏆
Latest from the BEST LETTING AGENT in Nottingham 🏆