Rents Fall In February
If you are a landlord then you may be interested in reading that, according to the Countywide Lettings Index for February 2017, there has been a modest drop in rental income last month on new let residential properties. This is the first reduction that has been seen since going back to November 2010 – more than 6 years ago.
Over the last 12 months, up to February 2017, rental charged in Great Britain has fallen by an average of £5 per month with this equating to a drop of 0.6%. The average amount being charged in rent was £921 a month.
It is the change in the amount being charged by landlords in London and the South East that has resulted in the average rental income dropping last month. In London rental income fell by 4.7% on a property that has been newly let out and in the South East the same sort of rental property has seen a fall in rental income of 2.6%.
In all other parts of Great Britain rental income has risen in the twelve months to February of this year. In fact, the average increase in rent outside London was 0.8% for that period.
Whilst there has been an increase in the number of homes available to rent throughout Great Britain in the 12 months to February 2017 there has been a big rise in the number of homes available to rent in London (18%) and the South East (15%). There has also been a drop in the number of registered tenants in these two regions of 3% and 5% respectively whereas elsewhere there has been an increase in the number of registered tenants.
The average amount being paid in rent on new lets in Greater London in February 2017 was £1,246 per month, in Central London it was £2,359 per month, in the South East it was £1,152 per month. The cheapest region to rent a residential new let property was in the Midlands at £649 per month followed by the North at £667 per month and then in Scotland at £668 per month. In Wales the average amount was £670 per month. The average rent payable throughout Great Britain but excluding London was £815 per month with this being an increase of 0.8% when compared to February 2016.
More data is available on the website of Countrywide.co.uk so landlords may want to visit that website to look at the other information that they may find useful.