North West Lettings Update
The rental market in the North West of England has seen its fair share of ups and downs in recent years. After a period of rapid rental growth, things are starting to settle into a more stable rhythm. While rental prices aren’t soaring like they once were, there's still a lot of good news for landlords in the region.
In the past year, rental growth across the North West has slowed down, particularly in some of the more active markets. Where we were once seeing growth rates in double figures, we’re now looking at more moderate increases. For example, rents in the region have dropped from the high growth of 9.0% last year to a much steadier 1.7%. So, what’s going on? A key factor is affordability. When rent eats up more than 32% of a household’s income, future growth can only go so far without causing strain. This has caused a natural slowdown, particularly in areas where rents were once climbing fastest.
But don’t let that fool you into thinking the market is slowing to a halt—quite the opposite! The rental market is still healthy and thriving, especially in the North West. Demand levels have started to return to more normal levels, after a few years of intense competition. The Royal Institution of Chartered Surveyors (RICS) has highlighted that things are returning to a more balanced state, which is great news for both tenants and landlords.
Looking ahead, the forecast for rental growth in the North West is a steady 3.4% annually over the next five years—still growth, just more typical compared to the heady days of the past few years. So, even though things have slowed down a bit, it’s still a market worth being in.
Now, if you're a landlord in the North West, you might be wondering how to make the most of these more stable conditions. That’s where Pendle Hill Properties comes in. Our team of local experts knows exactly how to help you achieve the best possible rents in your area. We understand the nuances of the market, and we’re committed to finding you the highest quality tenants who will take care of your property and provide you with steady, reliable returns.
With the market shifting, it’s crucial to have a knowledgeable partner who can navigate these changes and secure the best deals for you. Pendle Hill Properties will ensure your property stands out in this competitive landscape, while also attracting tenants who are looking for a place they can call home.
In summary, while rental growth in the North West has slowed, it’s by no means a negative shift. It’s a return to a more balanced market, and with the right approach, landlords can still make the most of it. Partnering with Pendle Hill Properties gives you the edge you need to achieve the best rents locally and attract the best tenants.
Source: Dataloft by PriceHubble, RICS, Consensus Forecast, February 2025
