Wednesday, 1 July 2009

Rents in Manchester fall by 1.3%

PRESS RELEASE
01.07.09

Average rents in Manchester fell by 1.3% over the year to £520 per month

Manchester buy-to-let rents fall but only by 1.3% over the year.

Residential rents in Manchester have held up well despite the economic slump in the last year according to website the Rentindex. The average rent in Manchester is now £520 compared to £527 in 2008.

This compares to the national average rent which is currently £590. This puts the average residential rents in Manchester at 88% of the national average.

Rentindex analyses nearly 5000 residential tenancies created over a three month period to produce the daily updated Rentindex. Nationally rents have risen 1.9% over the last 3 months but fallen 0.6% over the year.

Average rents for a 1 bed property in Manchester is currently £402 whilst a 2 bed property rents for £550.

Chris Horne from the Rentindex comments: “Manchester like many regional centres has been suffering from an over supply of rental accommodation, especially in the city centre. This has helped to keep down rents as landlords compete to fill vacant property.”

The Rentindex provides the only real time measurement of UK residential rents and aims to provide a barometer of the state of the rental market in the same way that the stock market measures the health of the economy.

ENDS

EDITORS NOTES

The Rent Index gives a dynamic 'snapshop' of average rents in the private residential sector.

The Rent Index is owned and produced by Welland Media Ltd.Welland Media Ltd was established in 2008 and owns one of the UK's leading Landlord website Property Hawk.To find out more about the Rent Index and Property Hawk together with more comment on letting and renting property contact Chris Horne at Welland Media Ltd on 08458684070 or contact@propertyhawk.co.uk.


Bookmark and Share

No comments:

Post a Comment