We know these are challenging times, but these are also the times where opportunity arises. There is significant demand for rental property, and it appears as though there has been a fall in the volume of property available to let.
There are many reasons why this would be the case.
However, landlords should realise they can enhance their chances of success in the rental market, by pairing up with qualified professionals and experts. At Intercounty, we are letting industry specialists, and we are on hand to help landlords maximise their return in the rental market.
We know the local markets we operate in, and we stay in touch with the latest national news and reports. 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, than in 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.”
We offer a range of letting services to landlords in Essex and Hertfordshire, including tailored options which ensure you receive the best support at all times. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Intercounty today by calling us on 01279 713750 or emailing us at email@example.com.