Rental Market Trends for Property in the North East and West

publication date: Feb 21, 2014
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

North East Rental Average too Erratic


 
The North East rental averages can be quite erratic as property rents can range from around £300 to in excess of £2,000 a month, so recording an ‘average’ and understanding ‘trends’ is tough.
 
LSL recorded a slight increase year on year at 1.4%, Belvoir rents were static at -0.2%, Move with Us a small fall of -2.2% and Homelet a fall of -4.4%.
So, all the reports pretty much suggest rents in the North East are static to falling.
 
If you are a landlord/tenant in the North East, monthly rents vary from £500 up to just over £700 from the Move with Us quarterly index. Average rents can be pretty irrelevant for this area, due to the diverse mix of property types and rental values in the region. So it’s essential, whether you are a landlord or tenant, to find out what’s happening to rents in your area – are they rising, falling or stable?
 
If buying, make sure you read our Steps to Analysing a Buy to Let Property Checklist.

North West rents static to falling

The North West figures vary across the three indices, from very little change in year on year rents with Belvoir showing a small fall of -2.7%, Move with Us a slight fall of -0.6%,  LSL a 0.5% increase and Homelet  are completely on a ‘limb’ versus everyone else, suggesting a large rise of 8.9%.

North West rental reports are recording static to falling values towards the end of 2013.
 
If you are a landlord/tenant in the North West, rents vary from £580 through to £675 from the Homelet index. The surveys recorded a slightly mixed picture in terms of rental increases and falls, ranging from falls of around 3% from Belvoir, through to well above inflation rises of 9% via Homelet.
 

  • Landlords – When rents aren’t keeping up with inflation, you need to try to remain cash flow positive, which may mean minimising your costs. Don’t compromise on a good service from letting agents or stint on maintenance costs. Your highest costs are likely to be your mortgage, so if you can, look to see if there is a better deal.For more help, visit our Maintaining your Property Checklist.

  • Tenants – Make sure you rent from a reputable landlord. Ask to see the EPC, a gas safety certificate and find out which scheme your tenancy deposit will be kept in.  Only then should you choose a property – otherwise you could end up with a rogue landlord or someone who is renting property illegally but doesn’t even know it!To rent from the right people, read our Renting a Property Checklist.

  • Letting Agents – To get the best tenants and landlords, be a member of an Ombudsman Scheme now – don’t wait for the requirements in April 2014. Ensure you are registered with ARLA or NALS. The better service you provide to landlords, the less likely they will leave for cheaper options or not even consider working with you as you don’t currently belong to any redress schemes.
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