March Rental Index

25-Mar-2009
FindaProperty.com's March Rental Index has just been published …

The FindaProperty.com Rental Index for March 2009 was published today. 

Here are the key points:

  
  • The rate at which asking rents are falling and the volume of stock is rising has slowed over the past three months, signalling that the UK rental market may be reaching the bottom of the cycle.
  • Average rents in March 2009 were £827 pcm compared with £830 pcm in February 2009 and £873 pcm in March 2008. (A £46pcm or 5.3% fall year-on-year).
  • Continued tenant activity has reduced the average time a property is on the market by five days over the month to 65 days, but time on the market remains up by 17 days year-on-year.
  • The UK is becoming a tale of two markets: house rentals have seen supply levels stabilise and start to fall (-1.3% month-on-month decrease in March 2009), whilst the supply of rental flats continues to rise (3.9% month-on-month increase in March 2009).
  • Rents in London continue to fall, but again at a slower rate, with asking rents falling by 1.1% month-on-month and by 6.9% year-on-year.

 

Read the full FindaProperty.com Rental Index: March 2009 

Related Story:

Soaring Supply Hits Rental Values
Soaring Supply Hits Rental Values
 (26 Feb 2009)
Rents continue to fall thanks to a surge in the supply of property on the market, says FindaProperty.com's new Rental Index… ...More

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