Rents across the UK rose on average by 0.3 pc in June although they fell 11 pc from their high in August last year, states a new Your Move report.
But Norwich-based lettings agent Mike White of Martin & Co had this to say: “The good news for the East of England according to their data is that rents only fell by 1.4 pc year on year in our part of the world. The problem I have with accepting this information relative to what we’ve actually experienced in the Norwich area is that their (the report’s) definition of the East of England is just too wide for us to draw any meaningful comparisons.
“For example, they’ve mixed data for the Essex towns with data collected from Bury St Edmunds. Interestingly, as they don’t have a lettings presence in Norwich their report can’t by definition
include the marketplace here. So what’s the real story for us? Well, I would agree, broadly with year on year, average rents have dropped 7.6pc. Whether its 7.6 pc or 8pc is irrelevant, all I can say, is if you were letting your property last year for £600pcm, you’re going to get £550 for it this time round.
“Has tenant demand gone up? Yes most definitely. We have seen a bigger pick up than the 18 pc registration figure mentioned and more importantly, we are seeing more and more tenants being willing to commit. It is definitely a tenant’s market though and not surprisingly they are viewing more properties before making a commitment and being more discerning in making their final choice.
“ Sure there’s still lots of doom and gloom out there but like most recessions no matter how fierce, most people keep their jobs and everyone needs somewhere to live. So what we’ve seen during the last 18 months is some nervousness in the beginning when people were worried about the longevity of their employment through to the realization of “I’ve still got my job and things are looking all right. Yes let’s move.
“So is it a good time to be a landlord? That depends; if you’ve got a good quality property, in a good area and you’ve got your cost/income ratio properly secured, then yes it really is. Conversely, if you’re in the opposite camp, either spend the money on bringing it up to the standard now demanded (and achieved) or sell it!”
*Mike’s at Martin & Co on 01603 766860 or at 13 St Giles Street Norwich.