The lettings market experienced another busy month in August with average rents continuing to rise for the fifth month in a row according to the HomeLet Rental Index. In fact this data shows that the average rent in the UK is now at a record high; up 6.9% on this time last year.
Both in the residential sales and the lettings market the trend for an improved work/life balance is prevalent. Therefore demand for properties with outside space or an area inside that is suitable for home-working is far greater than supply. This is positive for landlords who possess these properties as tenants are increasingly paying a premium for such properties.
In other good news, average void periods have remained low, indicating a strong rental market.
Haslams rental market performance over the past month:
Recent data from Rightmove indicates that it was another record month at Haslams with significantly more properties let than competitor agents. Haslams also continue to out-perform the South East regional average for the number of new tenancies processed according to Goodlord.
- The average rent achieved for all property types with Haslams in August was £1,190pcm
- The average annual salary of a Haslams tenant is £34,283; a figure that has encouragingly increased by 4% since March
- The average age of a Haslams tenant is 31 years old
We have helped many landlords recently who have found their existing agent has not been as proactive in increasing rents to the current market level. If you would like an up-to-date appraisal to ensure you are maximising your investment, please get in touch with Peter or Oliver.
Source: HomeLet, Goodlord and Rightmove.