While the private rental sector faces huge demand, landlords who listen to their renters’ needs are more likely to attract long-term, conscientious tenants desiring a secure home.**  

So, what steps should landlords take next?

Pitch the price just right 

After financial pressure brought about by COVID-19 and the cost of living crisis, it’s not surprising that 55% of tenants consider price above all else. However, many renters (35%) also prioritise bigger properties, so where is the sweet spot?  

Understanding regional dynamics can allow landlords to balance the property’s worth with affordability considerations. For example, some tourist-heavy counties have a disparity between house prices and local wages as homes are snapped up for the holiday market. Rents based purely on the property’s sale value may exclude local families in these areas. 

A lettings valuation will give you a clear baseline to adjust accordingly, depending on your circumstances and long-term financial goals – and the type of tenant you’d prefer. 

Consider allowing pets 

According to the SMF survey, 18% of tenants seek rentals that welcome animal companions. Compare this to the mere 7% of landlords who actively market their homes as pet-friendly.  

If you’re preparing a new rental property, perhaps think of ways to make it more suitable for pets, such as choosing wooden or tiled floors over carpets, or securing the garden. 

Provide value for money 

Everyone loves a good deal – including renters. Although many tenants have a tight budget, plenty will pay more for high-quality interiors and decent gardens. In fact, the latter was cited as a top priority, especially for those looking to create a long-term home.  

Choose a property near amenities 

If you’re planning to invest in a buy-to-let property, it’s worth knowing that 38% of renters wish to live near their workplace. Public transport facilities and access to shops also factor in for 37% and 36% of tenants, respectively. Therefore, it’s worth searching for opportunities that tick these boxes.  

Want to learn more? Contact us to discuss how to boost your property’s rental potential and book a lettings valuation. 

*Social Market Foundation 

**Paragon Bank 

After two years of extreme market activity, you’d be forgiven for thinking the tide is ready to turn. But despite burgeoning constraints on household finances, the buying frenzy continues, with properties still selling at almost record speeds nationwide.* 

But what’s driving this situation? The leading cause appears to be a general lack of supply. From delays brought about by the pandemic to a chronic shortage of new homes across the UK, the supply-demand ratio is proving difficult to balance.  

Low-interest rates and rising inflation also mean that buyers hope to reduce their potential mortgage debt. This combination of factors has contributed to UK house prices increasing by 9.8% between March 2021 and 2022 – adding £24,000 to the average value.** 

However, with society in the grip of the cost-of-living crisis and the government announcing measures to tackle inflation, the long-term picture is uncertain. Currently, the market is strong – and will probably remain so for some months. 

Do you know how much your home is worth right now? If you’re thinking of selling, contact us to book a valuation with us today.  

*Data based on a recent market analysis by Home.co.uk. 

**UK House Price Index: March 2022. 

Are you thinking of selling soon? You’re probably wondering how long the process will take. Right now, your chances of achieving a fast sale are strong, despite the recent rise in interest rates.  

This is partly linked to the high demand experienced by the property market since the pandemic, which has created a dip in the number of homes available nationwide. 

Specifically, it takes a typical UK seller 97 days between listing their home and selling it subject to contract.* By breaking down the data, we see that 11% of properties only take two weeks to see the same result.  

However, the picture does alter slightly depending on the region. For example, Scotland is proving to be a hot market, with fortnight sellers rising to 18%. This figure increases to a whopping 23% for Edinburgh homeowners.  

The Southwest is another fast-moving region, which is unsurprising given the attention it received from buyers during the height of the pandemic. Post-COVID, demand in this area is still rocketing, boosting prices by 17% since 2019.* 13 of properties here sell within the two-week period, and 16% for Bristol. 

Meanwhile, the East of England, the West Midlands, and Wales sit just above the average at 12%. Other hotspots include Portsmouth and Birmingham. Interestingly, the London market is a little slower, with buyers snapping up 7% of properties within a fortnight.   

While some forecasters predict a slowing down of the market as interest rates rise to tackle inflation, the short-term market remains robust. Listing now could be a great way to maximise your chances of a fast and profitable sale.  

Not sure how much your home is currently worth? Book a valuation today to find out. 

*Data sourced from an analysis by estate agent comparison site, GetAgent 

*Rightmove (July 2022).