Investors guide to the Monton and Eccles Rental Market
The UK rental market has undergone significant changes in recent years, with fluctuating rental prices driven by supply-demand imbalances. Between 2020 and 2022, the pandemic created unprecedented market conditions that led to steep rent increases as demand exceeded supply. However, a recent shift has been observed, with an increase in the number of rental properties becoming available nationally and regionally, including the North West.
This guide examines these trends and explores how Monton and Eccles have fared, offering insights for you while highlighting the area’s buy-to-let potential.
National and Regional Buy-to-Let Market Trends
During the pandemic, the UK rental market saw a spike in demand as people sought more spacious living conditions. Combined with a slowdown in housing developments, this caused rental prices to soar. As restrictions eased, the market began to stabilise, with a slight uptick in supply.
National Supply Increase: From April 2023 to April 2024, the number of UK rental properties on the market rose by 14.86%, from 87,592 to 100,614 properties.
Regional Trends in the North West: In the North West, rental property supply increased by 10% in the same period, from 7,945 properties in April 2023 to 8,741 properties in April 2024.
This increased supply has helped temper the steep rent increases observed earlier. Nationally, average rents for new properties rose modestly by 8%, from £1,641pcm in April 2023 to £1,772pcm in April 2024. In the North West, the increase was more moderate, with a 4.1% rise from £1,019pcm to £1,061pcm over the same period.
Monton and Eccles Rental Market Analysis
Monton and Eccles experienced a similar trajectory during the pandemic, with rents increasing sharply due to limited supply. To gain deeper insights, we compared data from the first four months of 2023 and 2024 to provide a more accurate overview:
Supply Increase: In the first four months of 2023, 256 rental properties entered the market in Monton and Eccles (M30). This figure increased to 265 properties in the first four months of 2024.
Rent Increases: The average rent in early 2023 was £979pcm, which rose by 8.2% to £1,059pcm in early 2024.
Why Monton and Eccles Remains a Strong Investment
Despite the market adjustments, Monton and Eccles continue to present a compelling opportunity for buy-to-let investors due to the following factors:
Strong Rental Demand: The area benefits from a desirable location with excellent transport links and a high quality of life, ensuring steady demand from tenants.
Affordable Property Prices: Compared to other regions, Monton and Eccles offer relatively affordable property prices, making it an attractive market for investors seeking solid rental yields and long-term growth.
Economic Growth and Development: Ongoing developments in infrastructure and amenities are boosting the attractiveness of Monton and Eccles, enhancing the area’s rental appeal.
Long-Term Investment Potential: The recent market stabilisation suggests a move towards sustainability, offering consistent rental income and capital growth over time.
Addressing Tenant Concerns
While rents in Monton and Eccles have risen, they have generally aligned with medium-term inflation rates since 2016. This means that, in real terms, the cost of renting has not increased disproportionately. Additionally, the slight increase in rental supply provides a glimmer of hope for tenants, who may benefit from more competitive rental prices and a greater choice of housing options.
Landlords should prioritise fair and transparent rental practices to maintain positive relationships with tenants, creating a more balanced and cooperative rental market.
The Future of Buy-to-Let in Monton and Eccles
Looking ahead, Monton and Eccles are well-positioned for continued stability and growth in the buy-to-let market. Current market conditions, including strong demand, affordable property prices, and ongoing economic developments, make it an ideal time for new and existing landlords to consider expanding their portfolios.
Investing in Monton and Eccles offers landlords attractive rental yields and long-term house price growth potential. The national and regional stabilisation of rental prices points towards a maturing and sustainable market, reducing the risks associated with volatility.