Landlords Newsletter Summer/Autumn 2022
Current Lettings Market Overview by The Head Of Lettings The private rental sector continues to be very busy in the Wessex Region with more tenants than properties and subsequently rents have increased considerably. Rachael James, Head of Lettings, reports that if long term tenants give their notice, many to purchase their own home, the asking rent has increased on average by at least 10%. Properties under £1500 pcm have an average of 30 enquiries within the first two days of marketing. We are talking to a lot of anxious families who have been given notice by their Landlord because they are selling. There are also sellers who cannot find a property to buy so renting a property is the only solution. Our Landlords are able to choose their tenants that will fit in with their requirements at a higher rental price, so it is continuing to be a Landlord’s market. With the new Renters Reform Bill set to become law, but rules not yet finalised, the uncertainty will inevitably give rise to more Landlords deciding to sell. The Government has proposed more flexibility for tenants but the solution in my opinion is to provide more social housing because of the competition in the market. The Government has relied on the private rental sector for too long. Rachael will be hosting seminars throughout the region in the Autumn. She will be providing information and her opinion on the current and proposed changes to the law and answering any questions at the end of the evening. Please contact her assistant Emma Newman to be placed on the mailing list enewman@symondsandsampson.co.uk.