December 2023 Monthly Lettings Market Report for King's Lynn

Here we are in 2024 already. Hope you had a great time bringing in the new year. Let’s take a look back over the lettings market in King’s Lynn for December 2023 to round out the year.

By regularly examining the facts and data, we provide valuable insights to landlords and tenants, helping you make informed decisions in the ever-changing King’s Lynn rental market. 

There were 171 properties available to rent in the area during December 2023. The year before, there were 190 available, so not a huge change. In November 2023, there were 179 available; in October, there were 186; in September, there were 165; August saw 162; and July there were 162 as well.

There is a steady number of new properties coming onto the local rental market each month. In July there were 65; in August and September, 74; in October 89; November had 74 again, and December, there were 62. The new rental properties that come onto the market are a fairly steady figure when you look across months at a time.

The average property rent in King's Lynn is currently £987pcm. This is a 7.8% increase since July, when the average rent was £897pcm.

Each rental property in King’s Lynn and the surrounding area had an average of 57.5 daily views on Rightmove during November and this was only 54 in December, which fits with the other metrics for the month. In July, the average number of views was at 63.9. During August they soared to 80.2. This can often happen at this time of year due to tourists having a nosey. The number of views settled down again to 64.9 in September; and in October, they were at 60.3. 

In December, there were 36 lets agreed in King’s Lynn and the local area. In November, this figure was 62. December can be quieter for people looking for new tenancies so this isn’t a surprising figure. In October, 58 lets were agreed in King’s Lynn and the local area; in September, there were 45; in August, there were 63; in July, there were 42 lets were agreed. The new year can often lead to changes for people with new jobs or relationship changes. We could well anticipate numbers of lets agreed to rise these early months of 2024.

If you’re looking for further information about the lettings market in King’s Lynn and the surrounding area, please feel free to contact us. If you’re thinking of letting or renting property in this area, please don’t hesitate to get in touch. You can call 01553 670179 or email office@myhouseonline.co.uk.