Rental Market Boom In Places Like Petersfield

Relevancy is crucial when it comes to property and lettings market news. You often find there is a story relating to good news about the property market, but it only refers to certain places, or places which have a certain type of housing.

In recent years, the London housing market dominated the media, and it seemed as though every story related to the capital, and wasn’t relevant to the rest of the country.

Things have changed in the past year, and there is no denying that people are looking away from London with greater intent these days.

Petersfield has a great deal to offer

It is not as though Petersfield is the number one place people think of when it comes to commuting to and from London. Even nowadays, with commuting less common, there are other places that buyers gravitate towards.

However, the train journey between Petersfield and Waterloo Station isn’t that much longer than an hour. Also, if you only have to commute a few times per month, these trips will be more than manageable.

Rural settings are fantastic

A lot has been said about buyers looking outside of big cities, and setting up in rural settings. The same can be said for tenants. There is a great deal to be said for living in the countryside, and enjoying a more sedate pace of life.

We believe Petersfield has a lot to offer, and is the ideal base, even for people who still work in the heart of London. We also know that we are not alone in this thought.

We have spoken with many would-be buyers and tenants of late, and we know this area appeals. We also stay in touch with the latest reviews and studies, and we know areas like Petersfield are in huge demand right now.

Some key findings of the recent study include:

  • Rents outside of London have risen by 8% in the past year
  • Average rents in Inner London have fallen 17.7% when looking at the year-on-year figures
  • The increase in rents (of newly let properties) outside of London is the biggest since these records began in 2012
  • In Outer London, rents rose by 5.3%
  • In the South East of England, rents grew by 10.6%

In a separate study carried out by Zoopla, the time taken to let a property has fallen by 30% compared to this time last year.

Stuart Williams, Director of Thirlmere Deacon, commented: “Investors who have been closely monitoring market movements will recognise that there’s been a shift in tenant preferences and an increased demand for properties located in commuter towns. Our new development is an ideal opportunity for those seeking to secure a buy-to-let property in an established commuter location. Through thoughtful planning, the conversion makes the very most of the available space to create unique, modern and spacious apartments finished with high-quality fixtures and fittings. In addition to the in-apartment features, the development offers excellent facilities including secure bike storage, additional storage facilities, lift access, daytime concierge and allocated parking spaces (available to purchase).”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Midhurst: Help On Rental Costs Is Coming…Next Year

In recent times, it is positive to see a greater level of assistance being offered to first-time buyers. Buying a home can be a daunting challenge, but it is also an expensive activity. The mortgage is the main issue for most buyers, but the size of deposit required to buy a house presents a sizable challenge, even in Midhurst. This is why steps like the removal of stamp duty for first-time buyers is a move that should be acknowledged and praised.

However, it would be wrong to think that only first-time buyers need assistance. The cost of renting property is also expensive, and there are many up-front costs associated with this activity. Some of the up-front costs in renting include:

  • The first month’s rent in advance
  • A deposit, sometimes up to two months’ worth of rent
  • Letting fees
  • Removal fees

According to figures provided the website, the average rent in Midhurst, at the end of January 2018, stands at £994 per calendar month. The average rent for a one-bedroom property for the same time-frame is listed as £676 per month and for a two-bedroom property, the average rent is £947 per calendar month.

The cost of moving in Midhurst can be prohibitive

A tenant moving into a two-bedroom property in Midhurst, and being asked to provide two months’ worth of rent as a deposit, will easily find themselves paying more than £3,000 in up-front costs to move into property. This is a huge sum of money for one person or a household to find at short notice, and you can see why this acts as a barrier to moving into rented accommodation.

You should also see that the cost of moving property on a regular basis can be very expensive, even if the tenant maintains the condition of the house and receives the majority, or all, of their deposit back. Studies find that the average letting fee is around £220 but there has been plenty of anecdotal evidence to suggest that letting fees of more than £1,000 have been applied. Returning to the Midhurst figures, the up-front costs of renting a two-bedroom property could rise to more than £4,000 in this situation.

Changes are coming in the rental market

Therefore, it is positive to hear the Government is looking to make changes in this area of the rental market. It has been announced that letting fees will be banned. There is also a motion to limit how much of a deposit can be asked for, with current suggestions saying that a limit of six weeks’ will be applied. This may still lead to a high figure, but it is lower than that two months’ rent, and it will provide a maximum figure for tenants to consider and use in their budget.

Midburst lettings

These steps are positive for tenants, but sadly, it doesn’t look as though they will be introduced this year. It is believed the Government will bring these measures in together, with spring of 2019 the likely time-frame. This means people looking to move in 2018 will not benefit, but in the future, there will be financial assistance for tenants.

If you are looking to rent in Midhurst, come and speak to the local letting specialists. At Williams of Petersfield, we provide expert guidance and advice, and we look forward to helping you soon.