August 2023 - Summer Market Update

In our latest video, Matt and James discuss the local property market's summer performance.

Average rents surged between June and July but balance out by August, reflecting inflationary trends with periodic price dips.

The impact is most noticeable in the two-bedroom market, although one-bedroom and studio prices also rose. The market experiences substantial demand despite limited stock, meaning that properties have been let fast despite the elevated rents.

The house rental market remains relatively stable. Affordability concerns primarily affect families, necessitating reasonable pricing to prevent vacant properties or accepting tenants that may only just about meet referencing requirements. Most people in this market look to settle and seek longer term tenancies.

Renewals are seemingly more frequent, which interestingly coincides with the government's plans to eliminate fixed terms through the Renters Reform Bill— the evidence suggests that tenant preference for such terms, though this may also be to secure a fixed rent rather than being more open to increases. There has also been evidence of Rent Tribunal cases indicating that market rents have been greater than those increases proposed by landlords. For further reading click here!

Lastly, for those landlords who may have been looking to sell, buyers have also seemed to be less forthcoming, which may reflect the interest rates that we have been seeing so perhaps as we come toward the Autumn we will see more stock coming back to the lettings market…..and if it does and you want advice on what to do you know where we are!

For any further information, or a review please call James or Matt on 01202 554470.