April Letting Market Round Up

Hi there,

April out the way and into May! Time is flying and so is the Lettings market for Landlords and Investors.

Demand's strong, record rental prices being set and interest rates coming down on buy to let mortgages. Things are looking good at the moment.

Below is my quick market update for the South East as well as the best buy to let mortgages and best Avocado investment properties so read on for more details and if you have any comments then hit reply and if you need help with anything lettings then make sure you get in contact with me.

Record rents in the South East

Tracking rental prices in the South East is throwing up some big numbers and its all good news for Landlords and Investors in this region. Average asking rents are now at £1646.00 per calendar month which is a record level and we have a year on year change of 9.2%.

Top four rental hotspots in the South East

Four areas in the South East make up the Top 10 rental hotspots across the UK.

Landlord yields

The average Landlord yield in the South East is around 5.3% which is an increase of 0.1% from this time last year.

Demand

The number of Tenants enquiring about properties is 4% higher than this time last year and is 48% higher than pre-pandemic levels. Terraced houses are the most in demand property type with more than four times as many tenants enquiring as there are properties of this type available to rent. Apartments are finding a Tenant the quickest.

Supply

Supply is still significantly lower than demand but there are signs that this has improved slightly this year. The number of available properties to rent is 6% higher than last year and across the first four months of the year has improved by 8% compared to the same period last year but we are still 46% below 2019’s level.

Best buy to let mortgages as of 3^rd May 2023

Throughout April, the buy to let market saw the highest number of interest rate reductions since the mini-budget. Although The Mortgage Works still hold the top spot in the table below, there are now several other lenders getting tantalisingly close with products that have lower fees attached!

oan to value

5 Year Fixed

Avocado Investment Properties of the week

A 2 bedroom apartment close to Bracknell Town Centre for £260,000. Lease has recently been extended and has 124 years remaining. Ground rent and service charge less than £1100.00pa. Currently tenanted (tenants want to stay) and is currently achieving £1200pcm. Gross rental yield of around 5.3%. Click here for more details and contact our Avocado Partners, Ellen and Sanjay.

A 2 bedroom apartment located in Swindon for £160,000. Close to local shops, allocated parking and in great condition. Could achieve a rental price of £850pcm. Gross rental yield of around 6.4%. Click here for more details and contact our Avocado Partners, Ben and Thomas.

Again, If you need any help with anything Lettings, Investments or Developments then get in contact with me and I will be more than happy to help.

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Avocado Lettings Director

Tel: 07585 913 564