Lettings Market Update

Please have a read of our annual summary of the residential lettings market over the last year.

The year was very turbulent due to factors such as Brexit, the announcement of incoming tax changes for landlords, the rush to complete on property purchases before the introduction of the second home stamp duty levy and proposed regulations in regards to tenant fees. These factors coupled with the area having reached new rental value heights in 2015 led to there being no increase in values in 2016. When broken down the statistics showed that some segments of the market dropped in value (high end) and others rose (smaller units) but when looked at as a whole market values stayed at 2015 levels.

On the plus side demand stayed strong for the area, except in the first two months after the leave vote and this meant that if a property was priced correctly it would rent quickly. Also many landlords found tenants extended tenancies meaning our clients have experienced the pleasure of no fuss long term tenants.

Taking into account the factors mentioned above and the rise in rental values over the last 10 years and especially the last 5 years, we see values staying the same in 2017 as they were in 2016. This is as, in our opinion, rents have hit a ceiling for the time when compared to surrounding areas and current market conditions are taken into account. Demand is strong though when potential applicants feel a property is priced correctly, so at present setting a correct price point is essential when marketing a property.

Also the rental market can change very quickly so please do contact us for an up to date market view if you are considering renting out a property.