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Lettings Market Update: Demand remains strong

Lettings Market Update: Demand remains strong

With Christmas celebrations already feeling a distant memory, and as we hurtle towards the end of January, Claire Pile MARLA, Associate Partner reports on a positive start to the New Year.

We are seeing stability and confidence remaining in the lettings market as available stock increases alongside continued strong demand. Although there are signs of improving confidence in the sales market, some homeowners continue to look at alternatives, with letting providing a good short to medium term option. The same can be seen in the holiday let/Airbnb sector, where owners who have experienced greater void periods explore other options which could provide a regular, hassle-free income, plus someone else to look after the property and gardens for 12 months of the year.

There are many for whom renting can provide both a long-term or more flexible short-term option when they have a need to upsize, downsize or relocate. As reported within the second half of 2023, properties between £700pcm - £1,300pcm remain the most sought after and, in a wide range of cases, are seeing multiple applicants providing the landlord with greater choice and a swift letting. This is evidenced by the fact that almost 70% of new applicants, registered with Stags in the last two months, have been searching within this price range. For property at £1,300pcm and above, there is an easing in demand and with the continued pressures on the cost of living, more competitive rents and in some cases, reductions are being seen.

If you are considering letting your property in 2024, or are simply looking to explore your options, contact your local Stags branch to see how we can help.