It is only a few weeks until the daffodils will start appearing and the spring rush will begin. In the meantime the post new year rush is firmly underway with many people actioning their new year’s resolutions to move. If you are considering letting your property in Cornwall then it is currently a great time to do so.
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 £1,160pcm and there are 496 properties available to rent. Last month the average property rent in Cornwall was £1,178pcm, in November, it was £1,202pcm; in October, it was £1,330pcm; and in September the average rent in Cornwall was £1,239pcm.
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 average property rent in Penryn and the local area is £1,043. There are currently 359 properties available in Penryn and the local area. In December, there were 158 properties available to rent across TR10 and TR11; In November there were 122 properties. In October, 116 were available; and in September, there were 99 available. This is great news for those looking for a new rental home as the increased amount of choice means they are more likely to find a property that meets their requirements and budget.
In January 217 new properties came to the rental market in our area, mainly due to the annual listing of student properties for the next academic year. In December, there were 123; in November, we saw 73 come to market; in October, the same, 73; and 59 in September. This steady increase is a positive for both landlords and tenants. It protects the market from severe fluctuations in rental prices so ensuring greater predictability for everyone. It is common for there to be a large influx of properties becoming available in the new year as many people put off moving until the new year due to festive commitments and a desire to avoid any upheaval during the festive season. Also in the Falmouth / Penryn area, this is the time of year that we see the student / sharer properties come to the market.
In December, 26 lets were agreed in Penryn and the local area. In November, 58 were agreed; in October, 43 were agreed; and in September, there were 42 lets agreed. In January the number of lets agreed in our local area jumped up to 204 demonstrating how busy our local lettings market is. The new year often brings changes in people’s circumstances – new jobs, new relationship situations – so we can often see a rise over the next few months of high-quality tenants looking for new places to live. If you are considering letting your property in Penryn and the local area now is an excellent time to do it.
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. December saw 99 average views per property per day and in January it rose slightly to 102. 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.
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.
