The rental Market remains robust
Lettings Market Update February 2022
The rental market has started 2022 strongly; demand for property remains high and rental value growth is currently outperforming property prices in many areas across the UK.
Rightmove report rental price inflation is outpricing property price growth in all but the East Midlands, South East and South West. Asking rents in the final quarter of 2021 rose at their strongest ever level. As restrictions continue to emerge, competition for available property is high. The average monthly rent in England and Wales in the year to January was up 11.6% on a year ago.
Exciting changes could be ahead for the rental market....
The government’s recent white Paper, unveiled plans to reform the private rented sector proposed reforms would mean that all homes would need to meet a minimum standard and Section 21 ‘no fault” evictions could be abolished. The government is also set to consult on the introduction of a landlord register, with fines and bans being imposed on non-conforming landlords. We will keep you updated on these proposals.
Research indicates that 88.2% of landlords, expect to maintain or increase their portfolio over the course of 2022/2023.
Research from (Dataloft, Property Academy Landlord Survey, 2021) indicates that 88.2% of landlords expect to maintain or increase their portfolio over the course of 2022/2023.
Lettings Manager (Home Truths Sales and Lettings) Lewis Spensley comments that
“The local lettings market has started the year strongly with increased demand for rental property. “The market is very busy, with huge demand for rental properties. This increase in demand has led to properties being rented very quickly which has led to rental price growth in our area”.
For more information about becoming a Landlord or to arrange a valuation of a property you are thinking of letting, please do give our team a call on Eccleston 01257 451 673 | Coppull 01257 794 588.
For an idea of what your property may let for per calendar month, grab an instant lettings valuation here:
https://valuation.hometruthslancs.co.uk/
We hope that you enjoyed this
Lettings Market Update February 2022, keep your eyes peeled for next months update.
