Your update on the local rental market

Demand for rental properties has risen firmly over the last three months, according to from property professionals at the Royal Institution of Chartered Surveyors (RICS) – marking the strongest quarterly pick-up in demand since the start of last year. 

During this period, we’ve seen viewing requests go from 10 per property to receiving in excess of 30 enquiries per property. And with rising interest rates, the legal backlog for house moves and changing priorities, we only see it growing further. 

Let your property the right way – speak to our friendly team on 01782 615530.

Why is the demand so high?

Perhaps one of the most obvious reasons that the demand for rental properties has soared, is the combination of increasing interest rates and lenders becoming stricter with their criteria. 

First time buyers are having to consider renting for longer periods of time instead of getting onto the property ladder, which means they are competing for the limited number of rental properties on the market.

But there are tenants who are choosing to rent. In recent years, the rental market has evolved and is becoming more attractive to potential tenants.

  • Flexibility. Renting a property gives tenants more flexibility to move around when they need to, such as for work or family commitments.
  • Less responsibility. If a rental property is managed in good hands, tenants are assured that they will be living in a safe and comfortable home without the stress of maintenance costs.
  • It’s a lot easier and quicker. It’s much easier and quicker to get into a rental property in comparison to the process of purchasing. Tenants can be in their new home within a matter of weeks.

Whether it’s by necessity or choice, renting is becoming an increasingly popular option for the younger population. And the introduction of the should improve the potentially rocky experiences of both landlords and tenants in the future.

Click to find out everything you need to know about letting with Follwells. 

A Mutual Relationship

The Renters (Reform) Bill was introduced to Parliament in May 2023, having first been promised in 2019. The government has stated that the objective of the Bill is to ensure private renters have access to secure and decent homes, and that landlords retain the confidence to repossess their properties where they have good reason to.

Whilst there is no confirmed date of when the rental reforms bill is coming into effect, we are finding ourselves in a position where we must prepare for change in the near future – but what does this mean for you? 

Here’s a snapshot of the legislation changes: 

  • Abolishment of section 21 notices (no fault evictions), with the idea of providing tenants with greater stability and security.
  • Reforming grounds for possession to help landlords regain possession of the property after repeated rent arrears or abandonment of the property.
  • Limiting rental increases to once a year.
  • The introduction of a mandatory property portal – properties and landlords will need to be registered on a central portal. This is with a view to protecting tenants from rogue landlords.

Make the right move on your investment

We’re here every step of the way. Using our professional and local expertise, we fully manage your property and take care of legal compliance to get you the best return for your budget.