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Claire Pile MARLA, Associate Partner, and our Lettings Training and Development Manager, gives an overview of the current market for lettings properties.
In the blink of an eye we find ourselves into the spring months and well into the second quarter of the year. With the hope of drier weather on the horizon, Claire Pile reports on what continues to be a positive marketplace.
“We are continuing to see stability and confidence remaining in the lettings market as again, available stock increases alongside continued strong demand with some homeowners continue to look at alternatives, with letting providing a good short to medium term option” says Claire. The same can be seen in the holiday let/Airbnb sector, where owners who may be affected by the recent announcement outlining changes in tax relief, coupled with experiencing greater void periods explore other options which could provide a regular, hassle-free income for less time and work.
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 at the start of 2024, properties between £700pcm - £1,300pcm remain the most sought after and, in a wide range of cases, are seeing multiple applicants within the first few days of marketing, providing the landlord with greater choice and a swift letting.
This continues to be evidenced by the fact that over 80% of new applicants, registered with Stags since February, 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 reduction, continue to be seen.
Meanwhile, we also continue to await further updates on the Tenant Reform Bill with the amendments and finer details yet to be confirmed but our knowledgeable lettings department will continue to keep you updated via stags.co.uk, our newsletter and social media as soon as we learn more.
If you are considering letting your property or are simply curious about the rental value of your property, contact your local Stags branch who will be happy to help.
