The Lettings market can be currently described as two-fold – one market for houses, and another for apartments/flats. And that gap in most cases is growing. Parks, gardens, and open spaces are more important than ever too.
The demand for people to rent two-, three-, four- and five-bedroom houses is remarkably high currently – there are a lot of people currently relocating from London to Reading and the surrounding areas. Rural properties are letting very well as people can move anywhere currently so long as they have a solid broadband connection. It seems that WFH will play a bigger part for foreseeable future. Rental prices for these types of properties are rising steadily.
Studio flat’s are seeing decent demand from couples or single keyworkers perhaps. Studios with bills included are doing particularly well.
One-bedroom flats and Two-bedroom flats are still in demand, however are taking longer to let than normal – because of the lockdowns, offices being closed, less job relocations currently. Add to that the fact that a lot of people now find it more important to have outside spaces/balconies than ever before.
City centre flats have been struggling to let – landlords should work with an agent who will react quick to any interest from tenants and landlords should take experienced advice when valuing their properties correctly to avoid excessive void periods. Rental prices for these types of properties are stable and in some cases there is downward pressure on prices from increased competition of city centre apartments available to rent.
The fact remains that properties values are derived from things like location, plot size, privacy, square footage, local employers in all sectors, parking attributes, proximity to motorways, train stations, amenities, and good schools.
There seems to be a big appetite for tenants wanting furnished properties we have noticed more recently too – in some cases paying a higher rental price for landlords to let their properties furnished.
The number of rental properties being listed on the market is incredibly low and not keeping up with tenant demand. Supply and demand are very imbalanced. Tenancy lengths are at an all-time high – once you find the right tenant, they can and in many cases will stay put for many years. The skill is in matching those two up perfectly to get the most out of the tenancy.
With the stamp duty deadline approaching once more; some sellers will start to consider letting their property. This would mean that they can move, save on stamp duty on their purchase and build a rental portfolio in the process.
This enables them to still make their move, take advantage of the savings and then also earn themselves an extra income through rent.
If you have a property to let, get in touch using the form below – we would love to help.