Robust demand continues
The rental market remains buoyant. Demand for property to let continues, with value growth remaining firm across all regions of England and Wales.
Rental demand continues to significantly outpace the availability of property to let across the market. A net balance of over 64% of respondents to the latest RICS survey (January) indicated demand was rising, the strongest result since 1999.
Pressure on price remains, the average rental value of a property in England and Wales was up 11.6% year-on-year.
Nearly two years on from the market closure, rental values across all areas of England and Wales are back to pre-pandemic levels.
Although prices are rising, research indicates that 76% of landlords would maintain a rent level if they were happy with the existing tenant.
For tenants, a sense of community in the local area would encourage nearly two-thirds to stay in their property for longer. The availability of parking and pet-friendly properties continue to top the list of features tenants would be willing to pay a premium for. With the shift to hybrid working, excellent sound proofing and quality broadband also rank highly (Dataloft, Property Academy, 2021).
HIGH RENTAL DEMAND FOR PROPERTIES IN CHORLEY AND SURROUNDING VILLAGES
Over the last few weeks, we have listed a number of rental properties in the local area. Each property has received interest from multiple applicants.
We have a high demand for 2-3 bed properties in the area and have a large number of tenants waiting. The increased demand has led to rental prices increasing to record levels.
If you have a property you are looking to rent out or would like further information on how to become a landlord, please contact us, we have packages to suit all landlords!