Given the challenges in the rental market right n ow, across the UK, in London and here in Finchley, it is no surprise to learn that the demand for rental property is far greater than the supply of rental accommodation.
This is something we have seen all too clearly for ourselves at David Harris & Co, and it is also something backed up by figures from leading sources in the UK rental market. Recent data from Propertymark emphasises this situation.
We will take you through these figures, we’ll present what the Propertymark CEO has to say about the numbers, and we’ll show you how David Harris & Co can help you in these trying times.
The company said an average of 197 prospective tenants registered in August 2023, which is an increase on the average of 149 in July. At the same time, the average rental properties available per branch fell to 11%.
It also appears there is a growing number of willing buyers, with each branch welcoming an average of 81 new prospective buyers in August 2023, compared to 64 in July.
Of course, July is at the heart (and heat) of summer, so it is traditionally a quieter month. Therefore, while these increases seem large on paper, it is not uncommon when considering seasonality.
One area where there is positivity for people is that the average number of viewings per branch rose in August compared to July, going from 38 to 45. Also, the number of agreed sales in August was 9% up on July figures.
So, there is some positivity in the sales market, but the rental market leaves cause for concern.
Nathan Emerson, CEO of Propertymark, commented: "The sales market is strong as we see a 29% rise in the number of new properties for sale when compared with last month. This shows that many people are continuing to find an affordable middle ground when coming to the market with negotiations well underway. We imagine this picture will only get stronger with more sales completing in the coming months given the recent positive news of inflation rates remaining unchanged. This will give much needed encouragement to those buyers who were hesitant.”
Nathan Emerson concluded by saying: “As for the lettings market, the picture remains the same. There has been little urgency from governments across the UK to address the supply and demand issue by incentivising investment for landlords. We continue to see this gap widen as more people come to the market to look for a home, with very few properties available to rent. This continues to put pressure on rents as 68% of our member branches felt rents have risen compared to last month."
The continuing demand for rental accommodation isn’t going to go away. While there is positive movement in the sales market, the reality is, more people will stay or move into the rental market.
With demand currently outstripping supply, there is an opportunity for landlords with empty property, and for new investors looking to enter the market.
At David Harris & Co, we are pleased to say we are specialists in the Finchley letting market, and we have a strong track record helping people like you. We manage your property to a high standard, ensuring you enjoy a good return each month while we do the work.
If you would like to discuss your options in the Finchley rental market, please contact us today.
We have assisted many Finchley landlords connect with willing tenants, and we know where these groups are looking for rental accommodation. You can take the stress out of connecting with your ideal tenant by turning to a local lettings agent in Finchley.
If you want to make an informed decision in and around Finchley’s rental market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
