Lettings Update - what is happening in our rental markets ?
There is no hiding the fact that the last couple of years have been tough on landlords, and this year continues to be challenging, with changes to tax and tenant fees hovering on the horizon. Despite the perception that landlords are abandoning the market, we know that you are working hard to try and provide much needed accommodation for tenants.
With demand for private rental properties continuing to rise, what impact is this having on the rental market? At the end of 2016, there was a marked increase in the number of buy-to-let investments, and the positive consequences of this are still trickling into the lettings market of 2017. Rightmove has reported a 12% surge in the number of rental properties hitting the lettings market; although there has been a surge in properties, this is the slowest annual rate of increase since 2014.
Rightmove’s Head of Lettings, Sam Mitchell states: “The supply boost following last year’s buy-to-let frenzy in the first few months of the year has continued through to 2017, introducing more competition in the market for letting agents trying to secure suitable tenants for their landlords’ properties.”
It is easy to gain an insight to the rental markets nationally, but what is the reality across our branches?
“Properties to let are, as normal, in high demand from professional tenants who are patiently waiting on our books,” said our Director of Lettings Natalie Young. “Now is a great time to invest in a buy to let property and we are so confident about finding you a great tenant that we will even guarantee your rent and also give you legal cover on top.”
Nationally, the time it takes to secure a tenant has increased since this time last year by up to 10% in most regions, according to Rightmove. However, the good news is that in Wales, this process has actually become 5% faster.
“There is always high demand for rental properties in Merthyr, but never enough properties. We urgently require landlords to supply us with fresh stock for us to fill. I am offering £100 off the move-in fee for any landlords that list new properties with the Merthyr Branch this month. Small or large properties, there’s always a tenant to suit,” Sian Quinan.
In Abergavenny the story is the same, “With high demands and fewer rental properties available due to the current financial situation and changes, there has never been a better time to let your property, with many quality tenants waiting,” Leanne Smith, Lettings Manager.
No matter how the market performs or what changes the government makes to the rental sector, we are here to support our landlords and help them to maximise the potential within their portfolios. If you want more advice on your local lettings market within Ross-on-Wye, Lydney, Cinderford, Coleford, Monmouth, Caldicot, Chepstow, Abergavenny, Crickhowell, Brynmawr, Ebbw Vale, Merthyr Tydfil, Pencoed and Aberdare, contact your local branch.