The wettest July on record followed the hottest June on record, according to the Met Office. The weather may be all over the place, but the rental market has remained busy.
The average rent in the UK in July was £1,367 pcm per property, which was 19% higher than the June average. It was also 9.4% higher than the previous record of £1,148 pcm set in September 2022. The average month-on-month increase in rent during 2023 so far has been 1.3%.
July is always a particularly busy month for the student-let market, which may have influenced the leap in rental prices as many tenancy agreements for the next academic year are signed in July. There is no expectation that the market will quieten down in August, as many tenants are eager to move in time 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 306 properties available to rent in the area. Last month, there were 293; in May there were 311; in April, there were 275; in March, there were 308; and in February, there were 365.
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; in June, 109; and in July, 129. We expect this steady flow of properties onto the market to continue as we head towards autumn.
The average property rent in Cornwall is currently £1,174 pcm, which is a 1.9% rise since last month when it was £1,151 pcm and a 10.9% increase 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 98 properties available to rent in the area. In June, there were 109, 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.
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; in June, 60 properties became available; and in July, 55 properties became available. There is always a lot of demand for rental properties in Penryn and the local area, and summer is always an especially busy time, so if you are considering letting a property in Penryn or the surrounding area, now is the ideal time to do it.
In July, 32 lets were agreed in Penryn and the local area; in June, there were 45; in May, 39; in April, 45; in March, 50; and in February, 80 were agreed.
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 were 112.5; in May they remained high at 105.8; in June they settled at 85.9; and in July they soared to a six month high of 114.3. 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 128.4 in July, which was 12.3% 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.
