publication date: Apr 3, 2014
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Belvoir Rental Index
What’s happening to rents in your local region?
The Belvoir Lettings Index is a really good guide to what’s happening in your local area for rents. On a monthly basis, rents are analysed by region, but quarterly, they are analysed at county level – one of the few indices to go down to this level.
Better still, the report isn’t just on rental statistics, it includes some great expert commentary from agents who are running their lettings business on a day to day basis, so really know what’s happened and what’s happening now. The index covers Scotland, Northern Ireland, Wales and England and in summary shows:-
For more detailed analysis and commentary by lettings' experts - DOWNLOAD THE FULL REPORT
- In February, average rents were £686, which is £4 less than in February 2013 for all offices in England which have traded consistently for the last five years.
- In Scotland, average rents for February were £580 per month, a 5.5% increase on February 2013. Rents varied from £482 in Falkirk, £528 in Paisley, £596 in Glasgow and £712 in Stirling.
- Average rents in Wales for February were £653 per month, 2% more than in February 2013, and varied across the region from £561 in Wrexham through to £762 in Cardiff.
- In Northern Ireland, rents increased slightly in February, with continuing good levels of tenant and landlord demand.
- The East Midlands, East Anglia, North East and the North West are the regions still recovering to the 2008 rental heights.
- In February, rents in Yorkshire remain level at 1% above the height of 2008.
- The West Midlands, South East, South West and London are the areas where rents have risen and continue to remain above the 2008 heights.
- In London, the average rent in February 2014 was £1,350 per month, 12% above the high of 2008.
- In East Anglia, the average rent in February was £683 per month, -4% below the height of 2008.
- For the whole Belvoir group, including all new offices, the average monthly rent for February 2014 was £715, 1% more than February 2013.
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