The Private Rented Market in Cheshire West and Chester An evidence base June 2013 Main contact: Helen Brzozowski arc4 Ltd Mob: 07721 011 276 email: [email protected] web: www.arc4.co.uk ©2013 Arc4 Limited (Company No. 06205180) Table of Contents 1. Introduction ................................................................................................................................................................................................................................................................................................ 5 2. The Evidence Base..................................................................................................................................................................................................................................................................................... 6 The size of the sector ................................................................................................................................................................................................................................................................................... 6 The growth in the sector ............................................................................................................................................................................................................................................................................... 7 New properties coming onto the market ...................................................................................................................................................................................................................................................... 10 Property type and bed size ......................................................................................................................................................................................................................................................................... 13 Rent levels ................................................................................................................................................................................................................................................................................................. 15 Affordability ................................................................................................................................................................................................................................................................................................ 18 Properties let .............................................................................................................................................................................................................................................................................................. 20 Rent differentials ........................................................................................................................................................................................................................................................................................ 21 Time to let property .................................................................................................................................................................................................................................................................................... 22 Rental yields .............................................................................................................................................................................................................................................................................................. 24 3. In summary and conclusion .................................................................................................................................................................................................................................................................... 25 Total stock ................................................................................................................................................................................................................................................................................................. 25 Properties on the market ............................................................................................................................................................................................................................................................................ 25 Rent levels ................................................................................................................................................................................................................................................................................................. 26 Affordability ................................................................................................................................................................................................................................................................................................ 26 Time to let a property ................................................................................................................................................................................................................................................................................. 26 Rental yields .............................................................................................................................................................................................................................................................................................. 27 The emerging markets................................................................................................................................................................................................................................................................................ 27 List of Tables Table 1: Private Rented Sector by Spacial Area .............................................................................................................................................................................................................................................. 6 Table 2: Growth in PRS 2001-11 by Spatial Area**.......................................................................................................................................................................................................................................... 7 Table 3: Average Property Price by Spatial Area ............................................................................................................................................................................................................................................. 9 Table 4: Number of Properties coming to Market 2009-12 ............................................................................................................................................................................................................................. 10 Table 5: Number of properties coming to market as percentage of PRS ......................................................................................................................................................................................................... 11 Table 6: Size of property on market 2009-12 ................................................................................................................................................................................................................................................. 13 Table 7: Number of properties coming to market 2009-12 by property size .................................................................................................................................................................................................... 13 Table 8: The percentage of properties coming onto the market by bed size 2009-2012 .................................................................................................................................................................................. 14 Table 9: Average rent levels ......................................................................................................................................................................................................................................................................... 15 Table 10: Average rent change by type and size 2009-12................................................................................................................................................................................................................................ 16 Table 11: Rent levels by property type in Spatial Areas ................................................................................................................................................................................................................................... 17 Table 12: Affordability by property size...........................................................................................................................................................................................................................................................