Letting Agency

The private rental sector remains buoyant in the West Country. Generally there are more tenants than properties, and subsequently rents have increased considerably.

Where long term tenants give their notice, often to purchase their own home, the asking rent has increased on average by at least 10%. All of our offices report that on average, they would receive around 30 enquiries within the first two days of marketing properties under £,1500 per calendar month.

Where does this demand come from? We are talking to a lot of anxious families in rented accommodation who have been given notice from landlords wishing to sell. Then there are sellers who cannot find a property to buy, so renting a property is the only option. Our landlords are able to choose the tenant who will best match their specifications at a higher rental price- undoubtedly a landlord’s market.

The finer details of the new Renters Reform Bill have not yet finalised, however the uncertainty will inevitably give rise to more landlords deciding to sell increasing further pressure on the rental market. The proposed legislation transfers even more rights to a tenant. I share the opinion of many industry experts, the Government has relied on the Private Rental Sector for too long and the solution to the fiercely competitive rental market is to provide more social housing.

Rachael will be circulating a landlord’s newsletter shortly, and is planning a series of engaging legal seminars for landlords throughout the region in the autumn. Please contact enewman@symondsandsampson.co.uk to register your interest.