As we enter the busy summer market for lettings we continue to see a significant imbalance in supply and demand across our network of lettings offices and expect this to only intensify across the next few busy months in our market.
Across our network, we currently have approximately 12 applicants registering per lettings listing. We fully expect to see this ratio increase over the summer months given the seasonal uplift in demand from families looking to relocate in Surrey, in preparation for the new academic year, alongside an increase in overseas relocations for the same reason. Additionally, current higher interest rates are also fuelling demand for apartments in many of our commutable towns, as professional tenants who were considering purchasing, are deciding to continue renting in order to save for higher deposits and/or wait for interest rates to reduce back to more affordable levels. This continues to place upward pressures on rents, but following 24 months of significant rental price growth across our area, what has been more noticeable in the first half of 2024 is that the ‘affordability ceiling’ for many tenants is now far more acute.
Many tenants are feeling the effects of continued higher living costs and significant rent increases in recent years. This has created a more price sensitive Spring rental market against last year despite the continued supply and demand challenges across the private rented sector, and we await to see how these factors translate into our summer market this year. However, seasonally the summer months are always the best months for landlords to achieve the best possible outcomes for their rental properties. If you are thinking of renting your property we would recommend contacting your local branch as soon as possible for an up to date market appraisal and specific advice on the market conditions in your area.
The most recent announcement of a general election in July is unlikely to have any significant short-term impact on the lettings market owing to the immediacy of our marketplace. However, one significant outcome of the recent election announcement is that the long awaited Renters Reform Bill has been shelved as this legislation was not passed prior to Parliament being dissolved last month. Whilst it would appear to be a matter of ‘when’ not ‘if’ rental reform is placed back on the political agenda, we await further details from any future government as to what this reform may look like.
We understand that navigating the ever-increasing changes in compliance and legislation for Landlords can be extremely difficult and when working with us as your professional letting agent we will guide you through any future changes to make sure you are fully compliant and getting the best possible outcome for your investment.
Curchods Lettings are known for unravelling the complexities of letting your property, making it easier for landlords and tenants to be confident about the important decisions during the process. Our dedicated team of lettings agents and property managers remain committed to providing the utmost expert advice and support until the job is done. For landlords, the crucial element of providing the best possible outcome for your investment, and likewise for tenants, support and advice during this important transaction.
