Residential transactions continue strong and steady

Throughout the property ‘mini boom’ we have seen a continual rise in property prices and an increased demand across both lettings and sales, starting in July when the nation saw a 2.4% rise in the average asking price compared to March. This was mainly attributable to the pent-up demand built up over the ‘property freeze’. This was expected to be short lived however, student demand has meant a slow and steady decrease, providing continual demand for the sector rather than a sudden drop as originally expected.

As you know, this pent-up demand translated into PRS too. While it has been reported that the average void period has increased by two days across the UK, overall, August rents were up by 2%. As mentioned, the UK as a whole is experiencing a significant decrease in the average monthly rental price; however, the North West, North East and East Midlands have all seen a rise. The North West sits at the top of this chart with a rise in monthly rental prices of 1.3% since March (lockdown).

The sector endured its busiest month in 10 years in August, providing another great boost following the freeze. The continuation of price rises in the North West fills us with a lot of excitement for the coming months and future of buy-to-let.