Demand for rental property likely to continue

The latest research from Savills has suggested that, whatever the intentions of initiatives such as Help to Buy and Starter Homes, the reversal in the growth of demand within the private rented sector is unlikely to diminish.   

Furthermore, an analysis of homeownership age by the Council of Mortgage Lenders shows that 64% of households born in either 1960 or 1970 owned their own home by the age of 35; this falls to 44% for those born in 1980 and the prediction is that only 39% of those born in 1990 will own their home by the age of 35.  This coincides with the age at which many young adults are having families, thus increasing demand within the family house market.   

Tara Kelly, Head of Winchester Lettings, says: “Throughout the course of this year, we have seen highest demand for three and four bedroom family homes; on average around half our total applicant base looking to secure a home in the £2,000 to £3,000 price bracket. This also happens to be where we have seen stock levels at the lowest, with very little available new property coming to the market – a situation exacerbated by many taking the decision to renew their current leases. The sales market doesn’t offer tenants a comparable property without a considerable increase in costs from the move and the mortgage.

“We would advise anyone with a three or four bedroom family house who may be considering letting it, to contact us for a free market appraisal. Given that many applicants begin their search two to three months in advance, those considering letting in the spring need to talk to us now.”

For more information, contact the lettings team at Savills Winchester on 01962 841842.