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The Lettings market in the North East

Home page Bowson Property News Uncategorized The Lettings market in the North East

The rental market in the North East has seen significant growth in the past year, with the average rent for new tenants currently standing at £803 per calendar month. This represents a 1.7% increase compared to the last quarter and a notable 9.7% increase compared to the same period last year. The average yield for landlords is currently 7.9%, making the region an attractive option for property investors looking for a good return on their investment. The figures suggest that the North East rental market is strong and continues to offer potential for both landlords and tenants.

Based on: https://hub.rightmove.co.uk/rental-trends-tracker-q1-2023/?utm_medium=email&utm_campaign=cus-ea-lt-market-update-rental-trends-tracker-q1-2023_28-04-23&utm_source=adobe&branchID=160469&AMid=31943821

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Tenancy information

Before the tenancy starts (payable to Bowson)
Holding Deposit: 1 weeks rent
Tenancy Deposit: 5 weeks rent
Rent: 1 months rent less holding deposit with a standing order set up for the subsequent monthly rent

During the tenancy (payable to Bowson if managed or landlord)
Tenancy agreement change: £50 inc vat
Late payment of rent: Interest charged at 3% above bank of England base rate for each day that the rent payment is outstanding over 14 days
Loss of keys/security devices: £15.00 +key cutting cost/ security device replacement.
Early termination of the tenancy: Payment of any unpaid rent up to the tenancy end date and a proportion of the Landlords tenant find fee (calculated by dividing the landlord tenant find fee by the number of months in the tenancy x the number of months left in the tenancy).

During the tenancy (payable to the provider) if permitted and applicable
Utilities – gas, electricity, water
Communications – telephone and broadband
Installation of cable/satellite
Subscription to cable/satellite supplier
Television licence
Council Tax

Other permitted payments
Any other permitted payments, not included above, under the relevant legislation including contractual damages.

Tenant protection
Bowson is a member of safeagent, which is a client money protection scheme, and also a member of The Property Ombudsman, which is a redress scheme. You can find out more details by contacting us directly.