LETTING & ESTATE AGENT

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Norwich Lettings Market - November Catch Up

Norwich Lettings Market - November Catch Up

Not really much of an update from what was happening in the lettings market in October except, as you would expect at this time of year, there has been a definite slow down.

The recently published Homelet Rental Index for October shows rents in East Anglia for the month between Sept - Oct down some 5.4% but still up, on the annual comparison. The average rent across the portfolio of properties we manage continues to hold steady at £705 pcm. Homelet's figures show that if you strip London rents, the national average is £708. They also show in the three months to October 2014, average tenant incomes were 6.3% higher than in 2013 which is good news.

There has been a lot of fall out following the Chancellor's Autumn Statement with the doomsayers predicting eternal doom and gloom. However, with the reduction in Stamp Duty (see our separate article) combining with increasing wage levels and continuing food & fuel cost deflation, we don't think things are looking so bad for the landlord or would be landlord. I know we have banged on about this before but our view is the wrong sort of Government interference is likely to be the biggest impediment to steady sensible growth in the lettings & investor market.

The other week a couple of MPs were able to effectively block an amendment to a bill going through the commons which would have had far reaching consequences on a landlord's ability to use the much loved Section 21 method of seeking a tenant to vacate. However, no sooner did they head that off at the pass than it pops up again in the House of Lords. at the time of writing, we await the outcome.

Mike White

Martin & Co Norwich

01603 766860