Aaron Dodd, Office Manager / Valuer, provides an update on the lettings market across the region.
“Due to the buoyancy in the sales market, we have seen a number of Landlords exit the market and cash in on their investments while the market has been strong. For the rental market, this has resulted in rental price growth by 10.6%* as demand grows stronger and supply diminishes, making it an incredibly competitive and fast-moving market for prospective tenants. For those considering the opportunity to become or Landlord, the North East and Yorkshire are two of the regions that are offering the highest rental yields in the UK, making it in an attractive investment prospect, with Newcastle Upon Tyne offering an average yield of 10.10%, in comparison to just 2.3% in London.
As activity in the sales market returns to a more stabilised level, experienced pre-covid, those struggling to sell may wish to consider renting their properties, whether this be for a short or long term investment, and particularly with the rising running costs associated with vacant properties. We have an active mailing list of applicants searching for rental properties throughout the region, with demand for properties in rural settings being at an all time high as a result of the covid exodus from more urban areas.
For a free, no obligation market appraisal on your property, contact your regional office today to discuss your requirements.
*Statistics provided by the Guild of Property Professionals.