Encouraged by the slow but steady return of warmer weather, tenants are coming out of hibernation, and the local lettings market is getting increasingly busy. It is something that letting agents fondly refer to as The Spring Rush!
Tenants who wish to be settled in new homes in time for Summer know that they are now in a race against the clock to find a property and give themselves enough time for the necessary references and paperwork to be completed.
Let’s have a brief look at what’s been happening over the last month in the lettings market in Cornwall.
There are currently 308 properties available to rent in the area. The month prior, there were 365; in January there were 476; in December there were 446; in November, there were 559; and in October, there were 419.
There is a steady number of properties coming onto the rental market each month. In October there were 145, in November 189, and in December, 152. January saw a large influx of new properties becoming available, with 375 coming onto the rental market. February and March saw a return to normal levels with 132 new rental properties coming onto the market in February and 121 new rental properties becoming available in March.
The average property rent in Cornwall is currently £1,058pcm
Let’s take a closer look at the local lettings market in Penryn and the local area. There are currently 122 properties available to rent in the area. In February there were 186; in January there were 116; in December there were 51; in November there were 47, and in October there were 32. This is great news for tenants as there is now a lot more choice in our area.
In Penryn and the local area, the average property rent is £1,008pcm and the median rent is £975pcm.
There is a steady flow of properties becoming available. In October, 17 new properties became available to rent in the area. In November, 32 became available; in December, 22 became available; in January, 95 new properties became available; in February, 62 properties became available and in March 50 properties became available to rent in the area. An influx of student lets, which is typical for this time of year, combined with the Spring Rush, always means that a higher-than-normal level of rental properties become available in the first few months of the year.
In March 50 lets were agreed in Penrhyn and the local area. In February 80 were agreed; in January 14; in December, 21; in November, 13; and in October, 9. The local lettings market is very busy and there is a high demand for a rental property in the local area.
In October, each rental property in Penryn and the surrounding area had an average of 89 daily views on Rightmove per property. In November, it rose slightly to 104.2 and in December, dropped again to 70.1. In January, the average daily views on Rightmove rose to 95 and in February settled back down to 89.6. In March, likely as a result of the Spring Rush, the average daily views on Rightmove soared to 96.2. This is great news if you are considering letting your property as it demonstrates that there are high levels of activity in the local lettings market. This is expected to increase, or at the very least, remain strong as we head towards summer.
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 a property in this area, please don’t hesitate to get in touch. You can call 01326 331812 or email hello@llcoproperty.com.
