It was the hottest June since records began in 1884 according to the Met Office. While the country basked in the sunshine, the UK lettings market was heating up too.
Summer is always a busy time for the lettings market, with tenants mindful of the need to start the ball rolling soon in order to be able to move in time to be settled in their new home for Christmas.
Let’s have a brief look at what’s been happening over the last month in the lettings market in Cornwall.
There are currently 293 properties available to rent in the area. The month prior, there were 311; in April, there were 275; in March, there were 308; in February, there were 365; and in January, there were 476.
There is a steady number of properties coming onto the rental market each month. In February, there were 132; in March, 121; in April, 105; in May, 106 and in June, 109. We expect this steady flow of properties onto the market to continue as we enter the summer.
The average property rent in Cornwall is currently £1,151 pcm which is up 8.7% from £1,058 pcm in March,
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 28% more than were available during the same month last year, when there were only 85 properties available. This is good news for tenants, as it means that they now have more choice. Back to this year: in May, there were 113 properties available to rent in the area; in April, there were 109; in March, there were 122; and in February, there were 186. Summer is always a very busy season for the local lettings market. If you are considering letting a property in Penryn or the surrounding area, now is the perfect time to do it.
In Penryn and the local area, the average property rent is currently £1,221 and the median rent is £1,138 pcm, up 23% from £925 pcm in April.
There is a steady flow of properties becoming available. In February, 62 new properties became available to rent in the area; in March, 50 properties became available; in April, 57 properties became available; in May, 66 properties became available; and in June 60 properties became available.
In June, 45 lets were agreed in Penryn and the local area; in May, 39; in April, 45; in March, 50; and in February, 80 were agreed. Rental properties in our area are always in high demand.
In February, each rental property in Penryn and the surrounding area had an average of 89.6 daily views on Rightmove. In March, they rose to 96.2; in April, the average daily views on Rightmove reached a six month high of 112.5; in May they remained high at 105.8; and in June they settled at 85.9. 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 105.2 in June, which was 22.4% 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.
