Landlord report – June 2015

. by James Laurence Estate Agents

Reading time: 2 Minutes

Rental demand for Birmingham City Centre continues to rise
Following on from April’s increase in rental prices, May has seen demand for rental property in Birmingham City Centre increase further, an 18% increase to be precise in those properties currently being snapped up.

The rental market in the city centre is very strong, with the average let agreed price now at £873.37pcm which is an increase of £279.25 from last month, clearly the upper end of the market showing better performance. The reasons for this? Potentially an influx of more mid to high management job opportunities within the areas, recent news of HSBC, Deutsche Bank and similar companies increasing local presence would testify to that.
With the buy to let market even more competitive, this is driving up rental prices, a key example being an apartment in Watermarque we let for £875pcm.

 

 

 

 

 

 

Similar trends of demand outside the city centre

 

Demand for rental property in Harborne has also increased following a quitter first quarter. The B17 area saw an increase of 15% properties under offer, 1 in every 4 of three bedroom property advertised is now let. Families being out priced in the sales market???
In the predominantly high end, owner occupied neighbouring Edgbaston location, average rental prices and number of let properties are down from last month, partly fuelled by a lack of supply.

 

 

Is now a good time to buy?
Post election, we have seen a return in potential return in confidence in the market, indeed the Nationwide building society have just reported UK house prices in May were 4.6% higher than a year ago, a slight slowdown aside. They also reported almost 4 in 10 properties in the first quarter of 2015 were sold to cash buyers! Landlords and potential landlords will also be encouraged that they wont be passed on tenant fees by agents and no mandatory changes to tenancy lengths which other political parties may have introduced.

 

At James Laurence we are keen to answer your investment queries, discuss your potential acquisitions and look after your existing portfolio needs. Contact us to discuss your investment requirements on 0121 604 4060 or contact the lettings manager Andy McHugo on [email protected].

 

 

 

 

 

 

 

*Stats are correct as of June 2nd 2015, Source: Zoopla

 

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