publication date: Apr 28, 2014
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Belvoir's Quarterly Rental Index
What’s happening to rents in your region and county?
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:-
- Across England, the average rent for Q1 2014 is £685 per month for offices which have traded consistently over the last five years and is a year on year decrease.
- The average rent recorded in the UK for all offices, including new ones, for Q1 2014 is £717 per month, being a slight year on year rise.
- Average rents in Scotland for Q1 2014 were £577, which for the majority of offices is either a small fall all static, bar Stirling.
- Across Wales, the average rent for Q1 2014 is £648, a slight 1.5% increase year on year.
- Demand in Northern Ireland remained strong during Q1 2014 with good stock coming to the market.
- In Q1 2014, the areas yet to recover to 2008 heights include the North East, East Midlands, East Anglia and North West.
- The area recovering to 2008 heights in Q1 2014 is Yorkshire.
- Areas where rents exceed the 2008 heights in Q1 2014 are the South East, South West, West Midlands and London.
- There are 14 counties where Belvoir has been trading since 2008 that show average rents are yet to recover to the heights of 2008, including Lincolnshire, Norfolk and Dorset.
- 15 counties have seen rent rises versus heights recorded in 2008, including Warwickshire, Staffordshire and Wiltshire. Rents in two counties, Essex and North Yorkshire, are on a par with the 2008 level.
For more detailed analysis and commentary by lettings' experts - DOWNLOAD THE FULL REPORT
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