With the rental market predicted to grow as sales drop, findaproperty.com has made a timely move and released a rigorous Rental Index.
According to a press release from the company, the findaproperty.com Rental Index was created using statistical methodology developed by Calnea , the company who produce the official Land Registry house price index in the UK. The Rental Index gives the portal standing as an authoritative source of rentals data.
Andrew Smith, Head of Research, comments:
“The credit crunch and the downturn in the sales market have led to a very significant increase in activity in the rentals market. This is most dramatically demonstrated by the amount of stock currently available – a trend in part being driven by frustrated vendors listing their properties on the rental market and in part by an increase in turnover as tenants become more willing to move to secure better properties or more affordable rents. As a consequence, supply levels have soared and this has hit rental values, which continue to decline.”
On the findaproperty.com blog, Mike O’Flynn says it is the first comprehensive measure of rental asking prices available, and provides a graph (pictured) that vividly illustrates the relationship between supply and rent prices.
“Over the past six months the number of rental properties advertised on findaproperty.com has almost doubled (up 43% between September 2008 and February 2009). Over the past month stock levels have risen by 8%. Rents, as a consequence, have fallen,” O’Flynn says.
The findaproperty.com Rental Index is an asking prices index and measures:
- Changes in house prices and rental values at UK level, regional level, city level and London borough level
- A gross rental yield figure calculated using average sale and rental values
- Time on the market (number of days a property is listed)
- Supply levels – the number of properties listed
- Demand levels – based on rental enquiries generated by findaproperty.com
findaproperty.com is owned by The Digital Property Group and is currently one of the UK’s “Big 4” portals. It claims to have over 649,119 properties for sale and rent across the UK from 9,718 estate agents, meaning the new Rental Index draws from a large sample. In February 2009, the inaugural findaproperty.com Rental Index canvassed over a total of over 444,000 sale and rental properties.
Related posts:
- New Widget from findaproperty.com
- findaproperty.com Gives Agents Sales via McDonald’s
- findaproperty.com Launches Marketing Campaign
- Prices Wars at findaproperty, primelocation
- propertyindex.com Lures Agents With Legal Index
- Point2?s Real Estate Confidence Index
- Rental Search Data from rentbits.com
- redfin.com Release iPhone App
- New Index Tracks Real Estate Tech
- New Widgets for zoopla.co.uk
Loading ...
