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17/02/2010 |
Residential Rental Market Resurgence |
“As the early signs of recovery in the U.K. economy begin to emerge, so to does the growth in residential rental prices. Historically linked with inflation and the retail price index there is now marginal growth to be seen and an ideal opportunity for residential landlords to conduct overdue rent reviews,” says Richard Girdwood of George. F. White.
Rental prices have stagnated in recent times as landlords have been wary of scaring off tenants and being left with an empty property and the possibility of incurring the associated costs. However with the rental market proving resurgent landlords appear to be more aware of the possibility of rental growth and increased income.
The RPI has grown by 3.8 percent in the year January to December and continued growth is expected in the coming months. As a basic example this represents an increase of £20 per calendar month on a £500 per month property although it is advised to cap the rental increase in order to minimise concerns for existing tenants.
Current average rents in Alnwick and its surrounding areas continue to increase with the town’s Allerburn Lea development achieving an average of £700 per month for a 4 bedroom property, Fairfields achieving £620 per month and Tyelaw Meadows in Shilbottle achieving a similar figure.
Villages such as Warkworth and Felton have an average rental price of between £800 and £850 per month for four bedroom properties, with the increase predominantly based on the larger space afforded in these villages.
For further information on letting property including rental reviews, please contact Richard Girdwood at the Alnwick office of George F. White on Tel. 01665 603231.
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