Newly agreed rents shoot up – and time to let a property is the quickest yet

Newly agreed rents have leapt up across England in the wake of landlords exiting the market and the tenancy fees ban, while the average time it now takes to let a property has fallen to just 20 days – a record.

In Wales, where the ban is to be implemented on September 1, new rents have also jumped.

There has also been a rise in new rents in Scotland, where a fees ban has been in place for some time.

According to referencing firm HomeLet, the only English region where newly agreed rents have gone down is the north-east. However, the fall is just £1 – from £530 in June to £529 in July.

The biggest monthly jump in newly agreed rents in July was in Greater London, where there was a 3.4% rise to £1,665.

The biggest annual rise in new rents was the south-west, with an increase of 4.5%.

In the UK, excluding London, average new rents went up 1.7% in July compared with June. The average newly agreed rent is now £959.

Different data from Countrywide shows that in the first seven months of this year, the average time between instruction and acceptance of offer fell to just 20 days.

This was three days quicker than in the same period last year and the shortest time since Countrywide began its records.

Every region recorded a fall in the time it took to let a property.

Countrywide, which issues its monthly rental index through Hamptons said: “Falling stock levels (down 5% in the year to date) combined with increasing applicant demand (up 5.6%) have caused the fall.”

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2 Comments

  1. LetItGo

    This is not really news, we all new it was going to happen, the only ones in denial will be Shelter and the government. Instead of paying fees up front tenants now pay more but spread it over the term of the tenancy. I for one have no sympathy for tenants, the seesaw of fairness is and will remain on their side, its about time they dipped out.

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  2. Gromit

    Couldn’t see that coming (unless you’re a politician)!!

    With ~4,000 Landlords exiting the PRS every month, it’s hardly surprising that there’s a growing shortage of rental properties, and when a property becomes available it gets snapped up quickly.

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