The recent private sector report from ARLA Propertymark further confirms the activity within the lettings market that is seen throughout the region. Their report confirmed that August was a record-breaking month with the number of new prospective tenants continuing to rise, resulting in exceptionally strong demand across all rental sectors.
The latest figures reveal that the rental market still isn’t showing any signs of slowing down, with the continuing record-breaking levels of tenant demand all pointing towards a positive picture for the future of the private rented sector.
Andrew Luxton MRICS FARLA, Partner of Stags Residential Lettings confirms that the ARLA report marries the position that Stags Lettings Departments are seeing throughout the region with demand outstripping supply and generally following the launch of a rental property, a good number of viewings are generated quickly often resulting in multiple applications.
In addition, as a result of the demand, rents are increasing at all rental levels with the top end of the market being driven by those relocating to the South West region often from London and the Home Counties. The demand is being fuelled by low stocks of available property coming to the rental market. It is hoped that over the forthcoming weeks the supply of rental property may increase partly as a result of those properties that are currently on the market for sale looking for alternatives as we enter the winter period. Also, unsurprisingly as a result of the Covid-19 crisis average tenancy length is increasing with the UK average being 21 months slightly less than the Stags average of 24 months.
Our lettings team have been responsible for the let of range of properties, having recently let a modern, 2-bedroom, end of terrace house close to Honiton Town Centre for £695 pcm to a 4-bedroom detached house with views towards the Quantock Hills for £1,950 pcm
In summary, further rental properties are urgently required and if you wish to discuss any aspect of the letting, management and rental value of your property then do not hesitate to contact one of our specialist lettings offices.
