A new study has found that December is the best time of the year to rent a new property, mainly because prices fall due to a temporary market slowdown.
According to a property review from FindaProperty.com, for the last four years rental prices have experienced a temporary deceleration in the last two months of the year, before climbing again in Spring.
Figures from this year show that rental asking prices increased consecutively for the first nine months of this year, peaking in September at £890, which is half the average household’s net earnings per month.
However, monthly rents went down in November, bringing the average asking price per month down to £871. This market behaviour has been repeated since 2008.
“Demand for rental properties has boosted prices this year, forcing many households to spend significant proportions of their income on accommodation,” said Samantha Baden, Property Analyst at FindaProperty.com.
“This temporary dip in asking prices won’t last long, and it’s a great opportunity for potential tenants to agree a rate that’s favourable in comparison to the rest of the year. Over the past couple of years rental prices have picked up very quickly after the December lull, so our advice to potential buyers is to act fast to take advantage of this seasonal dip.”
Rental prospects for 2012
The FindaProperty.com research also published some predictions for the next year. After a 2011 in where asking prices reached new heights of £890, this likely to happen again in 2012 in line with seasonal trends.
Properties in Wales have resisted this slowdown, with prices rising 1.3% in November. Overall, however, UK rental prices fell 1.5% last month, with the East Midlands’ rental market recording the biggest average reduction of -4.8%.
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