Yorkshire and Humberside has seen an increase in Asking Rents of 5.7% on last years asking prices, but the actual yield has fallen by 0.7%.
The yeild is slightly down, this means out of 1,000 rental properties last year, there are now only 993 properties available. With demand being really high, up 6% on last year, that is 1,060 tenants looking for Only 993 properties.
The laws of supply and demand will create the prices to naturally rise. Tenants will over pay for highly desirable properties.
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In the past and still quite common today is "3 year rental reviews". I know the tenant likes to budget and plan their futures, but in this very vibrant market you could be seriously losing out.
I would move to an annual rental reviews/contracts instead of the 3 year contract, which means more work for you with annual contracts and you will have to give them 12 weeks notice of a price increase or decrease (you would like to be fair, if it ever does come down)
This is my rental forecast for this year and my projects for the next 2 years. I do know there are not many rental properties in Haxey and Westwoodside but this is where abouts you should be.
The difference in a 3 year contract and an annual contract is considerable. You have to be fair to yourself as well as your tenants. If you are on a 3 year contract, just think of the price increase your tenants are going to recieve in year 4, they wont see how good to them you have been, just say, "my landlord has put up the rent by £300"
If you would like a rental valuation / assessment or a new EPC (Energy Performance Certificate), i would be happy to do so, but as for rentals, it is not a market which i want to get into at the moment.
Our Quarterly Rental Trends Tracker for Q1 2022 reveals that national asking rents outside of London have hit a new record, rising to £1,088 per calendar month (pcm).
Average asking rents have risen from £982 pcm over the last year, to take annual growth in asking rents outside of London above 10% for the first time (10.8%).
Rents in London also hit a new record of £2,193 pcm, rising by 14.3% in a year from £1,919. This is the largest annual jump of any region that we’ve ever recorded.
The imbalance between high tenant demand and the low numbers of properties available continues to drive growth in asking rents.
Across Great Britain, tenant demand is up by 6% and the number of available rental properties is 50% lower than this time a year ago.
This time last year, the number of available properties in London had risen by 19% compared to 2019, as London temporarily fell out of favour with renters. Now, demand is up by 81% and available rental properties are down by 47% in London compared to the more normal 2019 market.
The result of this ongoing mismatch between tenant demand and the properties available to rent means that tenants looking for a new place to move to are being faced with the most competitive rental market that we’ve ever recorded.
There are more than triple the amount of tenants enquiring as there are rental properties available, meaning a high likelihood of landlords being able to choose between multiple suitable tenants.
Despite the mismatch of tenants enquiring and rental properties available, there are some positive signs of more property choice. The number of new rental properties coming onto the market rose by 5% in March compared to January, and 16% compared to the shorter month of February.
As asking rents increase across Great Britain, with nine regions recording a more than 10% rise in asking rents compared to last year, demand is growing for areas outside of price hotspots that offer the opportunity of lower rents, while still being in commuting distance of the major cities for work or leisure.
Manchester and Liverpool are two of this quarter’s top five rental price hotspots, with asking rents increasing by 19.3% and 17.1% respectively compared to this time last year.
At the same time, demand has increased in areas surrounding Manchester and Liverpool with lower average asking rents – seven of the top ten rental demand hotspots are nearby the cities.
Prenton and Birkenhead, the top two hotspots, have average asking rents of £591 and £551pcm, compared to £876pcm on average for nearby Liverpool.
This maybe a strange question? But I think you may ask 20 people and get 20 different answers, I asked google and I got even more answers. The most basic answer is someone who "Sells, Rents or Manages Property". This statement represents the majority of companies, they do the bare minimum or...
Around 50 residents and families were in competition for just one council house in Doncaster as the waiting list for an affordable property in the borough now exceeds 8,000
The statistics came in a report which outlines just under £500,000 of government money in order to identify brownfield sites for thousands of future council houses.
Abacus Valuations Ltd is a registered company at Orchard House, East Lound, Haxey, Doncaster. South Yorkshire DN9 2LR. Registered company Number is 13387578.
