Scott Picken, CEO of International Property Solutions (IPS) believes a paradigm shift is occurring: 8 years ago, people would only invest in property in their own neighbourhood. Now, investors are starting to seek the best investments globally. IPS was created 5 years ago to facilitate international investments and provide an end-to-end solution to ensure that investors can invest with confidence!

Wednesday, July 15, 2009

UK Rental Index - June 09

© 2009

In June 2009, rents increased for the first time since August 2008, demonstrating further signs of recovery in the UK rental market.

Average asking rents have increased by 0.5% month-on-month to £823 pcm, but are still 5.3% lower than June 2008 when rents stood at £869 pcm.

Supply levels of rental property fell by 0.4% in June 2009.

This is the first time that supply has fallen in 18 months.

The average time a property is on the market now stands at 63 days, which is still 14 days longer than properties were available for in June 2008.

Asking rents in London remain volatile, declining 0.3% in June 2009 after a month-on-month increase of 0.4% in May 2009. The average rent in the Capital now stands at £1,625 pcm.

The majority of regions continue to suffer from both month-on-month and year-on-year declines in asking rents. However, the South East continued to show signs of recovery with asking rents rising by 0.2% in June 2009.

UK rental yield remained stable at 4.56% in June 2009, with average yields now standing at 4.33% for UK houses and 5.24% for UK flats.

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