ARLA Members Survey: 3Q 2008
The fresh ARLA members survey of private residential lettings sector in UK was conducted during August, with 453 letting offices responding. A few excerpts:
- Last 3 months have seen a rise of almost 20% in new tenancies;
- Rental returns rose from 4.8% to 4.9% throughout the country for both houses and flats;
- Values of houses to rent in prime central London rose by 8.3%;
- Values of flats to rent rose by 13.7% in prime central London.
Note that as more expensive properties are being released onto the rental market have had an effect on the responses to the survey.
- Time rental properties are empty an average of 4 weeks or less per year;
- Tenants continue to stay in properties for longer periods – on average, tenancies are lasting well over 18 months in London;
- Rent prices ranged from £799 a week for houses in central London and £532 for flats;
- Average rise in rents of 3% for houses and 7% for flats, largely driven by the London increases. Across all regions, the average rent of a house is at least half as much again as the rent for a flat;
- All areas report that there are properties, mainly houses, coming on to the rental market because they cannot be sold.
- 84% of respondents think that immigrants from new EU countries have had an effect on the private rental market in 2008;
- 63% do not believe that the majority of landlords are aware of their need to obtain Energy
Performance Certificates;
- 74% say that they think landlords are tending to wait until the 1st October deadline before obtaining their Energy Performance Certificates.
ARLA Members Survey of the Private Rented Sector – Quarter 3, 2008 (*pdf)
See also: ARLA Members Survey: 2Q 2008
