It is no surprise to see many landlords reviewing their place in the rental market. The past year has been a challenging one for all.
However, it should be noted there is still huge demand for rental property, and this is set to continue. There has been a fall in rental accommodation supplied to the market, but this represents an opportunity for many landlords.
If you would like to learn more about the Peterborough rental market, it makes sense to call on the experts for help and guidance. At Just Lets Peterborough, we know the local market, and we stay in touch with what is happening across the country.
How are you performing this year?
A recent study suggests 300,000 fewer rental properties have made their way to market in the last 12 months.
The most significant decline came in the South West and Wales. There was a drop of 48% for available homes in these areas. London was the only area that experienced a rise in available rental properties.
Urban and rural divide across the country’s rental market
For cities across Britain, there was a 16% rise in homes available this year, than in 2020. However, for towns and rural locations, there were rises of 28% and 52% respectively.
The number of prospective tenants in rural areas remained flat, but in cities, there was a fall of 10%.
Lack of rental supply boosts landlords
According to the study, the lack of rental property on the market has helped 50% of landlords to secure a higher rental fee than they had previously achieved. This is the most significant proportion since 2016. The average increase in rental fees was £60 per month.
If you are looking for guidance or assistance in the Peterborough rental market, get in touch, and we will be more than happy to assist you.
Aneisha Beveridge, a well-regarded name in the property research sector in the UK said; “Tenants are now faced with significantly less choice, which in turn is pushing up rents. And with many landlords having multiple offers on the table, half of investors have been able to increase the rent they charge. Rental stock levels have also been hit with the onset of the pandemic causing investors to hold back. This has been compounded by emergency legislation which saw landlords having to extend a tenant’s notice period to a minimum of six months, reducing turnover further.”
Aneisha also said; “At the same time, many renters who were looking to buy had to put their plans on ice and continue renting, as banks sought larger deposits for house purchases. However, there are signs that this could change. Over the last five months, and in an effort to beat the original stamp duty deadline of the end of March, landlord purchases started to rise, which will add to stock levels when these homes complete.”
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at email@example.com or call us today on 01733 346255.