More lenders, including Nationwide, Leeds, TSB, Virgin, and Clydesdale, have been reducing their rates on some of their mortgage products. This is despite the predicted rise coming the next time the base rates are reviewed.
Hopefully, this is showing some confidence by lenders in the stability of the market and encouraging those who are sitting on the fence about moving home or investing in property at the moment.
This stability can be seen in the national data when looking at the residential sales market. 42% of properties were sold (subject to contract) within 30 days of first being listed in July, compared to 43% in June and 57% in July 2022*.
The lettings market nationally, and locally, is in the same sort of situation we’ve seen all year. Demand is extremely high and supply is simply not keeping up. The figures for August are particularly clear.
Looking at the Cornwall lettings market we can see only 124 properties currently available to rent in the area. Last month, there were 306; in June, there were 293; in May there were 311.
This low number of properties available to rent is due to the smaller number that became available throughout August. In May, 106 new properties came to the market; in June, 109; July, 129; but August only 76.
Let’s take a closer look at the local lettings market in Penryn and the local area.
There are currently 25, representative of the broader lettings market in August with limited supply being the situation across the county. This is quite the dip compared with July when there were 98 properties available to rent in the area and in June, there were 109.
In August, only 18 properties came to the Penryn lettings market. This is a marked difference from the steady flow of new available properties we had been seeing across the rest of the year:
February – 62
March – 50
April – 57
May – 66
June – 60
July – 55
In August, 11 lets were agreed in Penryn and the local area; in July, 32; in June, there were 45; in May, 39; in April, 45; in March, 50; and in February, 80 were agreed.
In August, the daily views per property in the Penryn area averaged 117.8. This is a new high for 2023.
February – 89.6
March -96.2
April – 112.5
May – 105.8
June – 85.9
July – 114.3
Average daily views per property on Rightmove for properties listed by Lang Llewellyn & Co were 127.4 in August, which was 8% 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.
*Data via Opening The Gates
