The Guardian reported last autumn that demand for rental homes UK-wide had leapt by nearly 25% in a year, causing private rents (already at an all-time high) to climb even more sharply for the UK’s 4.4m renting households.
One major property portal has said that hopes of future mortgage rate dips have led many prospective buyers to rent instead. The website added that, in a competitive marketplace, choice for renters can feel limited, with smaller places in particular, including studios and properties with one or two bedrooms, especially sought-after. This was in stark contrast with the sales market, where there was more choice for this type of home.
Additionally, the agents’ trade body Propertymark told Landlord Today that the supply of rental homes cannot keep up with rising demand. On average, 11 potential renters were registering for each available home in January this year.
Chief executive of Propertymark Nathan Emerson commented: “The number of applicants looking for rental property rose sharply in January. We’ve seen a slight increase in the number of properties available per member branch, but nowhere near enough to keep in line with demand.”
Meanwhile, according to Time Out: “Some properties are being snapped up before viewings, and bidding wars now appear to be commonplace.”
In October last year, UK-wide, monthly rents were up 12% from a year previously, according to the Guardian. Another property portal said that rent levels seemed unlikely to come down any time soon. Pressure on first-time buyers and inflation, plus strong demand, will mean rents look set to go up still further this year. The Royal Institute of Chartered Surveyors (RICS), for example, predicts a steep 15% rise.
Oakfield says: Why you still need to market your rental property
So it’s clear that demand for lettings is sky-high, making the market an attractive one for landlords right now. Nonetheless, it’s still really important to market your house or flat properly, to be sure you have the right tenants in place as soon as possible.
Unfortunately, not every lettings agent is prepared to put the hours in to this side of things. At Oakfield, however, we’re different. We take the time we need to get superb photos which showcase a place’s top features. Equally, we’ll create an accurate floorplan giving potential renters a clear idea of available space, meaning they’re less likely to waste your precious time – which could be vital if you’re attracting multiple viewings.
We’re also known for our professional-quality videos, again giving prospective tenants a feel for the property before they book a visit, and ensuring that you only show your let to those who are serious about moving in.
So whether you’re a landlord or a tenant who’s looking for a new home or concerned about rising rents, get in touch. We’ll do all we can to help. With offices in Eastbourne, Bexhill and Hastings, we draw on extensive local area knowledge across Sussex, and more than 25 years’ industry experience.