While many people enjoy their summer holidays, Waterfords Lettings are gearing up for a very busy few weeks.
The rental market is about to enter its busiest time of the year. Analysis from Dataloft Rental Market Analytics reveals that over the last three years 22% of each year’s tenancies have begun during August and September on average.
We estimate that this equates to just under 200,000 new tenancies which are set to begin over the coming weeks!
The flurry of activity at this time of year is a combination of students seeking accommodation before term starts, new graduates beginning new jobs and families looking to settle into new homes before the next academic year.
At the same time, there is also a surge in existing tenancies coming up for renewal around this time of year which further boosts competition for rental properties, should occupiers seek to move.
This makes August an ideal time to book a free, no obligation Lettings Market Appraisal of your property.
Try out our Instant Online Valuation Tool which will give you an estimate of your property’s value to sell and to let within seconds. Alternatively you can book a more detailed and accurate valuation online.
Investment and lettings market overview
Average rents paid by UK private tenants grew by 1.3% in the year to June 2019. West Midlands and East Midlands were the only two regions to experience an increase in rental price growth in June.
According to the RICS, tenant demand rose in May for the fifth month in a row. At the same time, new instructions to let properties declined further (as has been the trend for the past three years) which continues to support rental growth.
There were just 5,000 new buy-to-let mortgages issued in March, down 9.1% on a year ago according to UK finance. Higher property taxation, loss of interest tax relief and a slowdown in house price growth continue to hit the investor market.
Waterfords Lettings are here to advise on your letting and property management needs. Whether you are thinking of investing in property or currently have a portfolio, click here to see what Waterfords Lettings can do to help.