Twinkling lights are appearing everywhere and there is a chill in the air. Christmas is definitely on its way! We expect there to be a flurry of activity in the coming months as New Year’s resolutions lead to many people moving home.
In this market report, we aim to offer valuable insights into our local lettings market to help landlords, tenants, and industry professionals make informed decisions concerning our ever-evolving local rental market.
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The average property rent in Cornwall is currently £1,202pcm. This is a slight drop from £1,330pcm last month but is still a 13.6% increase since March. In September the average property rent in Cornwall was £1,239pcm; and in August it was £1,174pcm.
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.
There are currently 122 properties available to rent in our area. This is an increase of 23% since September when there were 99. This is great news for tenants as the increased amount of choice means that it is easier for them to find properties that match their preferences, budget, and specific requirements. In October, there were 116.
There are a steady number of properties coming onto the rental market each month. In September, there were 59; and in both October and November, there were 73. 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 November, 58 lets were agreed in Penryn and the local area. In October, 43 were agreed; and in September, there were 42 lets agreed. There is always a lot of demand for rental properties in Penryn and the local area. The start of a new year is always especially busy, so if you are considering letting a property in Penryn or the surrounding area, now is a great time to do it.
The average property rent in Penryn and the local area is £1,296 pcm which is 7.8% higher than the average rent for a property in Cornwall.
In September, there were on average 99 daily views on Rightmove in our local area; in October, they settled down to 91.3; and in November, they rose to 109.8. This is great news if you are considering letting your property, as it demonstrates that the local lettings market is very active.
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.
