Landlord Lettings Report

Stay informed with the latest insights and trends in the rental market

The residential lettings market continued to be robust with a healthy level of newly listed properties so far on in 2024, up by 17.7%. However, in April we saw a 16.1% downturn in this area compared to March. Furthermore, Prospect Estate Agency has recorded an increase in tenant registrations in 2024. These numbers also decreased by 12% compared to March. This is not uncommon for this time of year and what we expect from a Home Counties marketplace.

Some notable highlights from April include:

• The average rent achieved compared to March 2024 was up 5.25% to £1582, and 11% up compared to April 2023.
• A 16.1% month-on-month decrease in new instructions across the marketplace Prospect cover (March vs. April 2024).
• April saw 10 applicants registered for every property we listed.

We are thrilled to share some great news for our landlords. According to a recent report, surveying nearly 8000 landlords from Paragon Bank, buy-to-let yields have soared to their highest levels in six years. In the first quarter of 2024, the average gross rental yield reported by landlords climbed to an impressive 6.1%! (A milestone not reached since the second quarter of 2018). This increase over three consecutive quarters demonstrates the resilience and potential of the rental market. This twinned with Inflation dipping to its lowest point in two and a half years, and with interest rates expected to follow. This should give buy-to-let landlords the green light. Furthermore, sales stock is now at a high, increasing competition amongst sellers, which could pause landlords who were tempted to sell.

To discuss the insights presented within this report, or for personalised advice, please contact Michael Gallagher on 0118 955 9701 or email [email protected]