17th Jan 2024 10:20
(Alliance News) - PRS REIT PLC on Wednesday said that its homes remained affordable for the average household in England while its estimated rental value increased.
The Manchester, England-based real estate investment trust said estimated rental value per year stood at GBP60.3 million at December 31, up 19% from GBP50.7 million a year prior and 4.7% higher than GBP57.6 million at September 30.
The number of contracted homes continued to decline however, to 312 as at December 31, down 49% from 613 a year ago and 21% lower than 395 at September 30.
Rent collected improved to 99% at December 31 from 98% both a year ago and at September 30.
"Affordability, which is average rent as a proportion of gross household income, continues to be well within Homes England's upper guidance limit of 35%," PRS Reit highlighted.
It added that the company's homes have an affordability ratio of around 22% of gross household income as at December 31, down from 25% a year ago and unchanged from September 30.
PRS REIT shares fell 0.9% to 83.90 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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