Landlords Newsletter Autumn 2022
Symonds &Sampson
Current Lettings Market Overview by The Head Of Lettings Rachael James, Head of Lettings at Symonds & Sampson, reports that in recent months, the number of tenants looking for property has continued to outstrip supply, and therefore that rents in the private rental sector have continued to increase. Where tenants give their notice, perhaps to purchase their own home, the asking rent on re-letting has increased on average by at least 10%, often more. Generally, we would receive upwards of 30 enquiries within the first 48 hours of launching properties up to £1500 pcm. The Renters Reform Bill, combined with the general unease in political and economic climates combine to make an un-nerving time for most people. Understandably perhaps, a number of Landlords are deciding to sell, so their tenants are now seeking a new home, in competition with other house sellers unable to find a property to purchase. This competition means therefore that a Landlord can very often have the ‘pick’ of the tenant best suited to their property, and at a premium rent – it is truly a Landlord’s market. The Renters Reform Bill is set to become law, but with the details yet to be finalised, the picture remains unclear for Landlords and Tenants alike. The Bill proposes more flexibility for tenants, but in my opinion the only steps that can be taken to meet the intense demand for rented accommodation is to provide more social housing. The Government has relied on the private rental sector for too long. Rachael will be hosting seminars throughout the region over the coming months. She will provide an update on the latest details of the proposed Bill, the current rental market, opportunities for current and prospective Landlords, and answer questions at the end of the evening. Please contact Emma Newman enewman@symondsandsampson.co.uk for further details, and to register for future Landlords Newsletters.