Spring has definitely arrived, and the lettings market in Cornwall, just like the local bees, is buzzing.
The King’s Coronation has led to the addition of another Bank Holiday to the calendar this month, giving potential tenants even more time to look for their perfect rental home. With this in mind, we expect this month to be even busier than the last, so if you are considering letting your property, don’t miss out on this royal opportunity.
Let’s have a brief look at what’s been happening over the last month in the lettings market in Cornwall.
There are currently 275 properties available to rent in the area. The month prior, there were 308; in February, there were 365; in January, there were 476; and in December, there were 446. The Spring Rush is gripping the local lettings market, resulting in a high demand for rental properties.
There is a steady number of properties coming onto the rental market each month. In December, there were 152; in January, 375; in February, 132; in March, 121; and in April, 105. The spike in January was likely due to the Student properties that generally go on the market in the New Year. We should now see a return to normal levels.
The average property rent in Cornwall is currently £1,077pcm, up from £1,058pcm last month.
Let’s take a closer look at the local lettings market in Penryn and the local area.
There are currently 109 properties available to rent in the area. This is 26.7% more than were available at the same time last year. This is great news for tenants as it means they have more choice.
In March, there were 122 properties available to rent in the area; in February, there were 186; in January, there were 116; and in December, there were 51. As we approach summer, we expect the rental market in the local area to become increasingly busy. If you are considering letting a property in Penryn or the surrounding area, now is an ideal time to do it.
In Penryn and the local area, the average property rent is £1,125pcm and the median rent is £925pcm.
There is a steady flow of properties becoming available. In December, 22 new properties became available to rent in the area. In January, 95 new properties became available; in February, 62 properties became available; in March, 50 properties became available; and in April, 57 properties became available. An influx of student lets, combined with the Spring Rush, always means that a higher-than-normal level of rental properties become available around this time of the year.
In April, 45 lets were agreed in Penryn and the local area; in March, 50 were agreed; in February, 80 were agreed; in January, 14 were agreed; and in December, 21 were agreed. There is a lot of demand for rental properties in our local area.
In December, each rental property in Penryn and the surrounding area had an average of 70.1 daily views on Rightmove per property. In January, the average daily views on Rightmove rose to 95, and in February settled back down to 89.6. In March, likely as a result of the Spring Rush, the average daily views on Rightmove soared to 96.2 and kept on rising in April, reaching a six-month high of 112.5. This is great news if you are considering letting your property, as it demonstrates that the local lettings market is very active. We expect this to increase, or at the very least maintain its current busy levels, as we head towards summer.
If you’re looking for further information about the Cornish property market, please feel free to contact us. If you’re thinking of letting or renting a property in this area, please don’t hesitate to get in touch. You can call 01326 331812 or email hello@llcoproperty.com.
