Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Grainger experiences 'strong' YTD rental growth

(Sharecast News) - Residential property business Grainger said on Wednesday that it had seen "strong rental growth" in the four months ended 31 January. Total like-for-like rental growth was up 8.3% so far in the company's trading year, ahead of the 6.1% growth seen at the same time a year earlier, while PRS rental growth was up 8.4%, and regulated tenancy rental growth was 7.6%.

Occupancy in the group's PRS portfolio also remained high at 97.2%, down slightly from the 98.7% figure seen at the same time in January 2023.

Grainger also noted that it continued to see "strong pricing", achieving average sales prices 2.6% ahead of valuations, and that it had benefitted from "good levels of liquidity" in the residential sales market.

Looking forward, Grainger said the "strong, compelling fundamentals" of the UK residential rental market continue to underpin its investment case, with demand for renting, and its product specifically, remaining "exceptionally high".

"We continue to achieve record levels of rental growth, and should wage growth ameliorate later this year, we expect rental growth to continue be higher than historic averages, driven by our market-leading operational platform. With local and national elections later this year, we are comfortable that political and regulatory risk for our business is low and that our responsible approach to delivering high-quality rental homes for the mid-market is very much aligned to the main political parties' priorities," said Grainger.

As of 0815 GMT, Grainger shares were down 1.00% at 258.40p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.