As autumn leaves begin to fall, the local rental market in the Cornwall continues to evolve. In this report, we will provide you with a comprehensive overview of the local lettings market during the month of October.
With a keen eye on data, we aim to offer valuable insights to landlords, tenants, and industry professionals, helping you make informed decisions in an ever-changing rental market.
Let’s have a brief look at what’s been happening over the last month in the lettings market in Cornwall.
There are currently 412 properties available to rent in our area, which is great news for tenants as it gives them more choice. Last month, there were 377; in August, there were 124; in July, there were 293; and in May, there were 311.
There are a steady number of properties coming onto the rental market each month. In May, there were 106; in June, there were 109; in July, there were 129; in August, there were 76; in September, there were 166; and in October, there were 199. This is great news for tenants, as it means that they have plenty of choice.
The average property rent in Cornwall is currently £1,330pcm, which is another month-on-month increase from £1,239pcm last month, £1,174pcm in August, and £1,151pcm in July. It is a 25.7% increase from £1,058pcm in March.
Let’s take a closer look at the local lettings market in Penryn and the local area.
There are currently 89 properties available to rent in the area; in September, there were 107. In August, there were 25; in July, there were 98; in June, there were 109; in May, there were 113 properties available to rent in the area; and in April, there were 109.
There is a steady flow of properties becoming available. In May, 66 properties became available; in June, 60 properties became available; in July, 55 properties became available; in August, 18 properties became available; in September, 58 properties became available; and in October, 67 properties were available. A steady flow of properties can help prevent significant price fluctuations. When there are enough properties available, it’s less likely for rental prices to significantly fluctuate due to supply and demand imbalances. This can make the rental market more predictable for both tenants and landlords.
In October, 37 lets were agreed in Penryn and the local area; in September, there were 36; in August, there were 11; in July, there were 32; in June, there were 45; and in May, 39 were agreed. There is always a lot of demand for rental properties in Penryn and the local area, and the months leading up to Christmas are always especially busy, so if you are considering letting a property in Penryn or the surrounding area, now is the great time to do it.
In May, the average daily views on Rightmove in our local area were 105.8; in June, they settled down to 85.9; and in July, they rose to 114.3. In August, they soared to a six month high of 117.8. This is likely to be due to the presence of lots of tourists during the months of July and August who were enjoying browsing local properties on Rightmove. In September, the number of average daily views on Rightmove returned to a more normal level of 91.7; and in October, they stayed steady at 94.5. This is great news if you are considering letting your property, as it demonstrates that the local lettings market is very active.
Average daily views per property on Rightmove for properties listed by Lang Llewellyn & Co were 113 in October, which was 19.6% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your letting agent can make when it comes to attracting the right tenant to your property.
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 property in this area, please don’t hesitate to get in touch. You can call 01326 331812 or email hello@llcoproperty.com.
