Well, the upset in the private rental sector widely predicted for this Summer never actually happened, despite changes to stamp duty, tax relief and of course the EU Referendum. In fact across all the areas that we cover for Lettings (Ash Vale, Farnborough, Fleet, Hartley Wintney and Hook) we saw an increase in demand from prospective tenants.
The demand for rented accommodation is consistently high in our area due to the particularly good schools in addition to the strong road and rail links into London. However, the uncertainty caused by the EU Referendum meant that far more people saw renting property as potentially a preferred option. Rental values still remained ‘price sensitive’ as prospective tenants refused to pay over market rates, but the high demand has meant that successful lets are 20% up on last year.
We are still seeing local people moving out of the area for work reasons wanting to rent out their property, but not in the numbers required to satisfy the demand, and with more people looking to rent than ever before, it is possible that rental prices could rise in the not too distant future.
In a recent survey it was interesting to see that nearly half of all tenants are over 46 and described as ‘Silver Renters’. This proves that the attitude to renting has indeed completely changed since the ‘Thatcher’ years and is set to continue.
Needless to say, with so many choosing to rent, we urgently need more properties to begin to satisfy the demand. If you are thinking of letting out your property please do give us a call and we would be delighted to discuss the likely demand for your property and achievable rents in your area.
For expert advice on letting your property, or on any other aspect of letting, please contact us on 01252 514000 or firstname.lastname@example.org, we look forward to speaking with you.