Gumtree.com has today released the results from its latest quarterly Rental Price Index report. Last quarter there were almost 150,000 rental properties listed on the online classified website, which is the only site to embrace listings from all types of property owners including private individuals, professional landlords and major high street real estate agents.
Outside of London, cities such as Oxford, Sheffield and Leeds are leading the rental turn-around, each reporting more than 1 per cent increase in the average rental price over the past quarter. Although overall still in rental price decline, London is seeing a recovery in several boroughs including Kensington and Chelsea and Richmond.
The top 10 cities for landlord letting a property are:
Oxford - 6.0% increase in rental prices
Dublin - 3.7% increase in rental prices
Sheffield - 1.3% increase in rental prices
Leeds - 1.2% increase in rental prices
Manchester - 0.6% increase in rental prices
Reading - 0.6% increase in rental prices
Glasgow - 0.4% increase in rental prices
Cardiff - 0.2% increase in rental prices
Edinburgh - 0.1% increase in rental prices
Birmingham - 0.0% increase in rental prices
Faring less well in the rental stakes are Liverpool, Bournemouth and Leicester which all are yet to see a positive rental price bounce.
Tenants looking for value for money should head north to Derby, Bolton or Sheffield which feature some of the UK’s lowest monthly rents.
Top 10 cities for tenants to rent a property are:
Bristol - 0.6% decrease in rental prices
Newcastle - 0.9% decrease in rental prices
Brighton - 1.2% decrease in rental prices
Coventry - 1.3% decrease in rental prices
Nottingham - 1.7% decrease in rental prices
Belfast - 2.3% decrease in rental prices
Leicester - 2.4% decrease in rental prices
Bournemouth - 3.0% decrease in rental prices
Liverpool - 3.3% decrease in rental prices
Paisley - 3.5% decrease in rental prices
Overall, the average UK rent sits at £604 a month, with London still is the most expensive city to rent in with an average monthly rent of £1,127, close to double the UK average rent.
Speaking about the recovery, TV property expert Phil Spencer explained:
“Regardless of whether you’re trying to buy, sell, rent or let, 2009 has been full of uncertainty in the housing market.
“University towns top Gumtree.com’s report as the best places to own and let a property. Rising rental prices in these areas could be could be attributable to the growing number of school leavers achieving good A-Level grades and higher education becoming an increasingly attractive option in the face of a difficult jobs market.
“Uncertainly is the killer of every market and any tool which helps to give clarity is welcome. Gumtree.com has looked at rental prices in specific regional areas across the UK, which provides a more useful insight than a broader national overview because there are so many variables across this market.”
Katie Kitiri, spokesperson from Gumtree.com, added:
“Gumtree.com has been monitoring rental prices across the UK for almost two years now. With nearly 1.2 million rental properties listed on the website every year from the biggest variety of property owners, we are in a unique position to gauge the size, scope and identify trends in the UK rental property market.
“We’ve been closely watching house price trends across the UK and it’s interesting to match the pattern against rental prices. Although following a similar path the rental market does have its own fluctuations and changes.”
