We all know these are difficult times, but challenging times provide opportunity. While there has been a lot of focus on the property market of late, the rental market remains vibrant, with a significant level of demand.
However, for whatever reason, there has been a drop-off in the number of rental properties made available to the rental market.
It is possible to achieve success in rental market
This might be alarming, but with assistance from a skilled agent, there is every opportunity for landlords to achieve success in the lettings sector.
At Thomas Morris, we have a strong presence in many parts of the country. We work closely with tenants and landlords, and we know the real issues people face. We also stay in touch with the latest reports, so we help you informed decisions.
A recent study suggests 300,000 fewer rental properties have made their way to market in the last 12 months.
All parts of the country, apart from London, experienced a drop in the supply of rental property. The most significant decline came in the South West and Wales. There was a drop of 48% for available homes in these areas.
There is an urban and rural divide across the country
For cities across Britain, there was a 16% rise in homes available this year compared to 2020. However, for towns and rural locations, there were rises of 28% and 52% respectively. The number of prospective tenants in rural areas remained flat, but in cities, there was a fall of 10%.
Lack of rental supply boosts landlords
According to the study, the lack of rental property on the market has helped 50% of landlords to secure a higher rental fee than they had previously achieved. This is the most significant proportion since 2016. The average increase in rental fees was £60 per month.
So, an informed move can help you connect with willing buyers, and enjoy a higher rental fee. If you would like to learn more about your options in the current rental market, we are here to assist you.
Aneisha Beveridge, a noted name in the property research sector in the UK said; “Tenants are now faced with significantly less choice, which in turn is pushing up rents. And with many landlords having multiple offers on the table, half of investors have been able to increase the rent they charge. Rental stock levels have also been hit with the onset of the pandemic causing investors to hold back. This has been compounded by emergency legislation which saw landlords having to extend a tenant’s notice period to a minimum of six months, reducing turnover further.”
Aneisha also said; “At the same time, many renters who were looking to buy had to put their plans on ice and continue renting, as banks sought larger deposits for house purchases. However, there are signs that this could change. Over the last five months, and in an effort to beat the original stamp duty deadline of the end of March, landlord purchases started to rise, which will add to stock levels when these homes complete.”
If you would like to arrange a valuation of your rental accommodation, even in these challenging times we can provide this service. We can currently provide a range of safe property and lettings market services, aimed at helping you make an informed move.
If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.