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Rental prices increasing due to low supply and high demand

Rental Update for May 2021

Supply & Demand Pushing Prices Up

Following a quieter period, with very low stock levels, the rental market in Beaconsfield is showing signs of recovery in May.

Tenant applications remains high and has aided some relets, whilst new properties are slowly appearing on local property websites again. Of course many landlords are taking advantage of the low stock levels driving demand and pushing rental prices higher in the short term. We have seen that some applicants will pay over the asking price in order to secure their rental, but obviously this could mean that those tenants will be jumping ship as soon as the stock levels rise again and prices start to level out. It is certainly worth keeping an eye on local price comparisons when the market changes, and adjust your own rental prices accordingly

An example of this was a recently marketing semi-detached house in the old town, which historically struggles to achieve an asking price of £1,950 pcm and has now been agreed at £2,150 pcm – over a 10% increase. This rental price hike has been mirrored across the UK and the average price of a rental property stands at £1,580 pcm according to the Homelet Rental Price Index.

Eviction Notice Changes

The Ministry of Housing, Communities and Local Government has announced the revised noticed periods effective from 1st June 2021 which will reduce the current 6-month notice period to 4-months.

Exceptions will be:

  • Anti-Social behaviour – 4 weeks’ notice
  • Domestic abuse in the social sector – 2-4 weeks
  • False Statements – 2-4 weeks
  • Over 4 months accumulated rent arrears – 4 weeks
  • Breach of Immigration rules (Right to Rent) – 2 weeks
  • Death of a tenant – 2 months

The proposal is that from 1st October notice periods will return to pre-pandemic levels.
Link to the full announcement from Government can be found HERE.

The notice also provides information on the funding available to tenants who find themselves in financial difficulty due to covid and update on bailiff evictions.

If you have any questions regarding your rental property or general lettings information, please get in touch.

Claire Woodrow is the lettings manager at Ashington Page

Claire Woodrow, MARLA

Lettings Manager

  • 01494 685514
  • clairew@ashingtonpage.co.uk