At Country Properties, we work hard to support landlords across the country. In Hitchin, we are delighted to say we have helped many local landlords connect with tenants, and provide a high standard of service.
We know that locally there is heightened demand for rental property. We are welcoming prospective tenants regularly, and of course, we are working closely with landlords to meet the needs of these tenants.
We are delighted to see this happening in Hitchin, and it is positive to note it is also happening across the country.
Growing demand for rental property is great for landlords
According to a study carried out by Paragon Bank, who are mortgage lenders, 39% of landlords have experienced rising demand from tenants in second quarter of 2021. This is the largest proportion in five years.
18.2% of landlords said that tenant demand has increased “significantly” while 20.3 have referred to the increase as “slight”.
Moray Hulme, Paragon Bank director of mortgage sales said: “It’s great to see that tenant demand reported by landlords to hit the highest level since 2016. Quarter two of 2020 was a time of real uncertainty and this was reflected in the record low levels of demand that landlords saw. Demand bounced back the following quarter and has been rising ever since. This highlights resilience of the private rented sector and suggests that a growing number of people have turned to it at a time when the stability of a good quality home is ever important.”
As you would expect, there has been a difference in responses depending on where the landlord is located.
If you look at Yorkshire and The Humber, 65% of landlords said they experienced increased tenant demand. This is broken down to 28% of respondents saying they saw a significant increase while 27% of landlords saw a slight increase.
A prominent level of growth has also been experienced in Wales and in the South West of England. The proportion of landlords who have experienced growth in three months stands at 64% and 63% respectively.
It is only the central London region which isn’t as buoyant. Landlords in all other parts of the country have experienced a year-on-year demand for rental property, with a “significant increase” being the most commonly cited outcome.
The lettings market is on the up
The shift in demand for rental property has also been seen by a number of leading names and organisations in the UK lettings market.
Andy Halstead, is the chief executive at HomeLet and Let Alliance, and he said; “As a group, we’ve seen exceptional growth, supporting over 5,000 professional letting agents across the UK. With data based on one million tenant references per year, the index provides the market with the most concise view of achieved rents. The data shows the exceptional growth in rental values, particularly in areas that are within commutable distance to London. Throughout the pandemic, the rate of growth in some regions has more than doubled against previous years.”
Andy Halstead continued by saying; “We see positive signs in the capital, rents are now just 1.2% down on pre-pandemic levels from July 2019, with boroughs in central and inner London showing growth in achieved rental values. With restrictions easing, optimism is returning. The demand will steadily grow for the rest of the year. The private rented sector is exceptionally resilient, and demand for property remains high as we see the fast-growing build-to-rent industry meeting some of these needs across the country.”
Currently, in line with Government guidelines, our Hitchin branch is open and our sales and lettings team are on hand to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 452951 or email email@example.com.