The report by Countrywide claims that an influx of over 2,300 BBC staff is the reason behind this premium, with staff members often being willing to pay a high premium for furnished flats near their studios at MediaCityUK.
Constantly aware of such positive market trends, Knight Knox International recently launched X1 Salford Quays Phase III and X1 The Exchange in the city. With these residential blocks providing furnished apartments; the units are set to appreciate at a rapid rate once complete making them an exciting investment opportunity.
On average, furnished properties in Salford are worth £133 a month more in rent compared to non-furnished properties. This large price premium for a furnished property is only bettered in Leeds, where they are worth 36% more in rent every month compared to non-furnished properties.
The report also stated that there is an 8.1% premium for furnished flats and a 2.8% premium for furnished houses throughout the UK when compared to unfurnished properties.
Furnished properties were most widely found in Newham, where they represent 92% of the London district’s rental housing stock, while in more regional cities such as Leeds and Manchester, furnished properties were found to account for over 80% of the areas’ rental properties.
Countrywide think that their findings on this premium reflect the desires of a younger tenant population, who have little or no furniture and are willing to pay for landlords to provide it.
Finally, the monthly lettings index claimed that premiums for furnished properties were lower in rural areas due to families living there, who tend to acquire furnishings over time and hence look for non-furnished properties.