Welwyn Garden City named one of five most in-demand rental areas
PUBLISHED: 11:21 10 July 2017
Welwyn Garden City is one of the five most in-demand areas outside Greater London, according to the Rightmove Rental Trends Tracker.
Top of the list was Oldham, Greater Manchester, followed by Stirling, Stirlingshire, Folkestone, Kent and Stockport, Cheshire.
The Hertfordshire town had an average asking rent per month for a two bed property of £1,015 during the second quarter of 2017.
Throughout the East of England – which includes Hertfordshire – the average price of a two-bed property during the second quarter of this year was £920pcm.
This was up 2.7 per cent on the first quarter, when it stood at £895pcm, and 2.3 per-cent year-on-year, from £899pcm.
Nationally, rents rose 2.8 per cent outside London in the second quarter of 2017, which is in line with the 2.7 per cent average seen in the past five years.
The amount of choice has improved however, with 7 per cent more properties on the market outside London than there were a year ago.
Properties outside the capital are taking 11 per cent longer to let than they were a year ago, however.
Rightmove’s Head of Lettings Sam Mitchell said: “Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere, but clearly this isn’t happening yet.
“Perhaps landlords are remortgaging their buy-to-let properties instead, as they still feel it’s a better investment than looking to other industries. It could spell good news for tenants coming to the end of their lease as they might find there is slightly more choice than last year.
“Anyone hoping for a drop in prices due to the extra choice will be disappointed though as rents are following a very similar trend to previous years.”