Build-to-rent operators looking to let space in a week or less should focus their schemes on the cross-country belt between Coventry and Leeds, according to exclusive data from EG.
EG’s new specialist BTR data capability shows disposal times of three to seven days in eight locations, all of which are based around the Midlands and North. Operators in Stalybridge, Greater Manchester, were quickest to let their homes, taking three days on average. Telford was the next fastest location for BTR lettings, at five days, with the remaining six locations taking seven days. Those locations include Crewe, Coventry, Heywood, Oldham, St Helen’s and Wednesbury.
On average, the flats in those locations were being marketed at just over £873 per calendar month.
Across the UK as a whole, EG data shows the average number of days a BTR home remains on the market is 28, with the average asking rent sitting at £1,786.
Of the 41 towns covered by EG’s data, 10 underperformed when it came to disposal rates, with operators in Sutton, Bristol and Slough taking around two-and-a-half months to shift.
Operators looking for the best return on investment would do well to target towns where rents are among the highest and where disposal rates outperform the national average. According to EG’s data, Cambridge is proving the best place for BTR, with average asking rents of £2,050 and an average time on the market of 26 days.
Only London and Edinburgh have higher asking rents than Cambridge, at £2,240 pcm and £2,207 respectively. However, flats in both cities take more than 30 days to let.
The rental tone and below-average time on the market in Cambridge reflects the supply and demand dynamics in the university city. Demand for housing in Cambridge continues to grow as the city solidifies its position as a leader in the life sciences and technology sector.
Looking just at the major UK cities, EG’s data shows the quickest leasing activity in Birmingham and Liverpool, with the average amount of time on the market being 21 days. Average rents in the cities are £1,352 and £1,251 pcm respectively.
Take a deep dive into EG’s BTR data by contacting EG’s Premier Data team on 020 7911 1766 or e-mailing enquiries@eg.co.uk
To send feedback, e-mail newsdesk@eg.co.uk or tweet @EGPropertyNews
