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With spring in the air and hopefully some dry and brighter weather around the corner, Claire Pile MARLA reviews the current Lettings market and what we may expect to see in the coming months.
Following a record March for Stags Lettings, and as we enter the second quarter of 2023, the market, as anticipated, has seen a return to increased levels of activity when compared to the previous 12-18 months.
Greater confidence in the market has encouraged many tenants who had been in long-term rentals to now move, bringing re-let stock back onto the available registers. However, with a strong demand still being seen, particularly within the £700-£1000 per calendar month range, these properties are not available for long and often have multiple applications for landlords to consider. As a result, the shortage of available property persists.
As predicted, the continued rising cost of living, increased tenant expectation and a greater level of choice is resulting in properties available at the higher end (£1500pcm plus) being far more price sensitive. Consequently, in many cases, these rents have eased back.
As we move into a more challenging property sales market, some homeowners are looking for alternatives, with letting providing a good short- to medium-term option. The same is being seen in the holiday let/Air BnB sector, with owners who have seen the shift in demand and greater void periods now looking for a regular, hassle-free income coupled with someone else looking after the property and gardens for 12 months of the year. In addition, as rents increase, yields are improving as there is renewed interest in the buy-to-let sector.
If you are considering letting as an option or are simply after some advice, contact your local Stags team who will be happy to help.