The latest UK Rental Market Index Report from Hometrack has revealed that UK rental inflation has currently slowed to +7.8%. In good news for tenants there are now a fifth more homes available for rent than a year ago but the current supply is still below the pre-pandemic average. Let’s take a closer look at what is happening in the lettings market in Cornwall during April 2024.
By regularly examining the facts and data, we provide valuable insights to landlords and tenants, helping you make informed decisions in the ever-changing Cornish rental property market.
The average property rent in Cornwall is currently £1,203pcm. There are currently 384 properties available to rent which is similar to last month when there were 388.
In March, the average property rent in Cornwall was £1,314pcm; in February, it was £1,289; in January it was £1,290pcm; in December, it was £1,178pcm, in November, it was £1,202pcm; and in October, it was £1,330pcm.
Let’s have a brief look at what’s been happening over the last month in the lettings market in Penryn and the local area.
The current average property rent in Penryn and the local area is £1,204pcm. In March, it was £1,329pcm; in February, it was £1,114pcm; and in January it was £1,043pcm.
There are currently 93 properties available to rent in Penryn and the local area. In March, there were 114; in February, there were 155; in January, there were 359; in December, there were 158; in November there were 122 properties; and in October, there were 116 available. The spike in the number of properties available to rent in January was in part due to student rental accommodation being advertised (and let). The current large amount of choice is great news for tenants as it means that it is easier for them to find properties that match their preferences, budget, and specific requirements.
In April, 49 new properties came to the rental market in our area; in March, there were 53; in February, there were 63; and in January 217 were added. In December, there were 123; in November and October, 73 came to market. Having a steady number of properties come onto the market each month protects it from severe fluctuations in rental prices thus ensuring greater predictability for everyone.
In April, 46 lets were agreed in Penryn and the local area; in March, there were 59 lets agreed; in February, 74 lets were agreed; in January, 204 lets were agreed; in December, there were 26; and in November, 58 were agreed. The local lettings market always gets busier as we approach the summer so if you are considering letting your property in Penryn and the local area now is an excellent time to do it.
In October, there were on average 91.3 daily views on Rightmove in our local area; in November, they rose to 109.8. December saw 99 average views per property per day; in January it rose slightly to 102; in February it settled at 97.9; remained steady during March at 96.3; and in April soared to 118.8. There’s rarely a shortage of people looking to rent in our area. The key is to choose the right people who you know will look after the property and maintain excellent communication with them. That way, the things that fall under your responsibility as a landlord will be reported quickly and you can deal with them before they develop into a bigger problem.
Average daily views per property on Rightmove for rental properties listed by Lang Llewellyn & Co. were 120.8 in April, which was 1.7% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your choice of 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.
