New rental figures from Belvoir could represent early signs of recovery

Figures produced by Belvoir, one of the UK’s largest independent specialist lettings agencies, show that national average rents across Belvoir offices are almost identical to one year ago.

Mike Goddard, CEO and founder of Belvoir, says: “Our statistics reveal that in March 2008, the average national rent that Belvoir properties were being marketed for was £690.30. Over the next 12 months there was a degree of fluctuation and then a gentle decline in rental income.

The reasons for this are now well known and include the collapse of the residential sales market, an influx of properties to the market by reluctant landlords and also an uncertain financial climate which slowed the entire economy and caused many migrant workers who were renting to return to their home countries. However, figures from the most recent Belvoir Lettings rental index are very interesting and show that average national rents in March 2009 are now almost back to exactly the same level as they were one year ago.”

Mike believes that the new figures could represent the early signs of a market recovery. “I think the market is beginning to settle down again and we are seeing more tenants appearing,” he says. “People are deciding they would prefer to rent rather than buy and this is resulting in an increase in tenants, which is beginning to drive rents up.

“Belvoir has over 140 offices throughout the UK, including Scotland, Wales and Ireland, so our figures give a broad representation of what is happening across the country and shows the strength of Belvoir’s position in the market.”