Residential Lettings Update

Published: 15/08/2023 By Rachael James

Rachael James, Partner and Head of Lettings at Symonds & Sampson reports that our letting offices are experiencing high demand for property across all price ranges. It is a landlord’s market; clients are often able to choose the most suitable tenants to match their preferences. Undoubtedly, this causes frustration for tenants trying to secure property in this fiercely competitive market.

Across our region, rental prices on average have increased by 20% since 2019, easing slightly since October 2022. This provides encouragement for local people particularly, as a shortage of social housing means many families rely on the private rental sector for accommodation.

A combination of a strong sales market, costs of incoming energy efficiency standards and legislation in favour of tenants have inevitably seen some landlords selling their property. Generally, however, where landlords have longer-term tenants taking good care of a property, they will largely absorb increasing overheads, implementing small, regular rent increases to maintain the status quo.

The Renter’s Reform Bill looms large. News headlines warning of the abolition of no-fault evictions are undoubtedly concerning. This is frustrating for letting agents; most landlords would only give a tenant notice when there is a good reason to do so, such as moving back into the property, wishing to sell, or if a tenant was in serious rent arrears. In all these scenarios, a landlord will still be able to follow the process to regain possession, therefore I would argue that the headlines sensationalise the facts.

The Government had ruled that by April 2025, all rental properties should have an EPC rating of Band C or higher. A review of this decision is pending, and we await further updates.

With the sales market easing and the demand for rental properties continuing to be high, we are starting to see some tempting opportunities for buy-to-let landlords, please do contact Rachael or your nearest letting office to discuss your search. Meanwhile, if you are considering letting your property or looking for a new home, please contact our dedicated letting agents in your nearest office. Find their details, search for property and learn about the extensive range of letting and management services Symonds & Sampson offer here.

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