Lettings Market Place in 2008
9th March 2009
Reviewing the Shropshire Lettings market place in 2008, Richard Heath head of Barbers expanding Lettings Department comments on the current state of the lettings market; “it is as healthy as ever with an increasing number of new landlords putting properties up for let, and plenty of tenants looking for the perfect home to meet their varying needs.”Recent results of the Barbers’ Landlord and Tenant Survey 2008 have identified some interesting trends. Nearly one fifth of those currently renting have upgraded in the last year, i.e. moved from one rental property to another, thus enabling them to improve standards of living and rent a property that they would not otherwise be able to afford to buy in any market.
In addition, the survey shows that the second most popular reason for renting is due to the fact that people have been unable to obtain a mortgage in the current climate.
In support of these findings, and perhaps unsurprisingly, the highest percentage of landlords are those who have been unable to sell their property and have decided to rent it out until the housing market improves.
However, property owners who originally bought for investment purposes still make up 34% of all of Barber’s landlords.
Finally, Barbers have seen a 65% increase in the number of properties which landlords are asking us to manage for them. Louise Groves, Senior Property Management Co-ordinator at the Market Drayton office says “The main benefits of a property managed by Barbers are that the tenant has an immediate point of contact should any problems arise, and it allows the landlord to enjoy a hassle free overview of the tenancy, which ideally suits those with busy lifestyle. We have a team of 15 people in our established Lettings and Property Management departments and we manage over 500 residential properties for landlord clients.“
In recent weeks, Barbers have let out a wide variety of properties, proving that the demand for rental accommodation is just as great whether you are looking for a 1-bedroom apartment or a 6-bedroom farmhouse.
In particular, properties on the new development at Wylie Court, Market Drayton, have been hugely popular and all six 2-bedroom properties were let out within 2 weeks of being put on the market.
Another recent signing was for a newly refurbished 3-bedroom house known as 26b Bark Hill Road, Whitchurch, which attracted immense interest due to its proximity to the town centre and the added bonus of off road parking.
At the top end of the market, 5 Manor Barn, a prestigious and luxurious barn conversion situated at Little Bolas complete with superb views of the open countryside, was also successfully let at the full asking price.
Richard’s projection for 2009 is that there will continue to be a high demand, with increased stock and stable rentals allowing tenants to be much more selective. Landlords will also need to take good advice to enable them to present their properties in the best possible light.
