We have one of the longest-running and most detailed rental indices which are updated each quarter with the latest stats and figures. Our Q2 index reveals that almost 75% of the Belvoir Network reported a shortage of family housing for the rental market.
Our survey of Belvoir franchise owners showed a lack of 3-bed semis, terrace houses and two-bedroom homes alike is being witnessed across the country. Belvoir’s Managing Director, Dorian Gonsalves confirms “Tenant demand for two to three bedroom semi and detached homes remains very high, but our franchise owners are reporting that this type of accommodation is in short supply,”
“This is confirmation of the pressure that the private rental sector is currently under, and we are yet to witness the full repercussions of anti-landlord initiatives that were introduced by former Chancellor George Osborne at the last budget.”
In addition to this, we asked our offices how many landlords had bought property to let in the previous quarter, we found that 45% of offices saw up to three landlords invest in more properties, whilst 32% said four or more landlords had been investing, this suggests that the increased stamp duty had not deterred professional investors.
On rental terms, Dorian said, “Just over half of tenants rented for periods of 13-18 months, while over 40% rented for 19 months or longer, suggesting that when tenants let quality properties from a professional, legally compliant agent, they are actually renting for longer than some reports suggest.” This figure also, therefore, means that when it comes to void periods, 47% of Belvoir offices reported that average void periods were up to a week meanwhile tenant evictions of our 54,000+ strong managed property portfolio remains low with 71.7% of offices reporting that they had not seen an eviction over the last month. Evictions are avoided due to our robust referencing procedures that are carried out at every office, along with a conscious decision by Belvoir to only work with quality landlords.
Average rents were seen to be up 6.75% year on year across England, Scotland and Wales, with average rents up to £760 in Q2 2016 as opposed to £712 in Q2 2015. On the discussion of average rents, Dorian commented: “Our analysis is so detailed that we are able to break down average rents for every county, with extremely interesting results – for example, average rents in Hampshire in Q2 2016 were £886, compared to £887 in 2015 – an annual average fall of just £1.”
Since 2008, our rental index has tracked the market to create an extremely valuable feed of analysis for investment landlords who are welcome to view the free resource every quarter. In addition to this, we would recommend landlords contact their local Belvoir office for free, professional investment advice and the latest information about trends in the area. To view the latest rental index please click here, or click here to contact your local Belvoir property expert.