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.

20% of English Households Live In Private Rented Property

If you are considering the rental market, or you just want an overview of the complete property market in England, you’ll be interested to note that one in five households currently rent privately in the country. With 20% of the market, this is a notable part of the market and with predictions suggesting that this will increase further in the next few years, it is easy to see why many people are considering the rental market.

It should be stated that homeownership is still the most common tenure in England with 63% of households. There are 14.4 million homes in England with owner-occupation status and 34% of English properties are owned outright and 28% of properties in the country are currently under mortgage.

There is also the social rented sector to consider and this accounts for 17% of households in England, which is equivalent to 3.9 million households.

Owner-occupation levels have fallen in the past decade

Statistics provided by the English Housing Survey offers an insight into the current market and recent behaviour. Something which will be of interest to investors is the fact that owner-occupation has dropped considerably from its peak in 2003, when it reached 71%. There has however been a consistent level since 2013/14 so it may be that the market is plateaued with first-time buyers replacing people selling up to move on or who pass away. 2013/14 was also the year when the number of outright owners was greater than the number of mortgage holders, a return which has remained true since then.

An aging population shapes the property market

While there may be many reasons for this status, it is likely that the aging population of the country has influenced this. After all, with people living longer, they have hopefully paid off their mortgage before now, which is reflected in the status of property owners.

are landlords selling

While shared ownership has been stated as a way of getting on to the property ladder, it only accounts for less than 1% of all owner-occupiers which equates to around 136,000 households. Another interesting issue from the findings is the fact that homeowners are getting under. In 2016/17, homeowners under the age of 35 accounted for 9% of the market. Just two decades ago, the same group accounted for 18%.

In the same time-period, there has also been a significant increase in the size of the private rented market. In fact, this has accelerated greatly in the past 10 years, with 2 million households being added to the sector in this time, resulting in 4.7 million households being classed as private rental property in 2016/17.

A variety of factors shape the property market, and therefore, so many investors have confidence in the rental market. There are so many signs that indicate this will be a market that continues to grow for years to come, offering confidence for people looking to enter the market. If you are a Petersfield landlord looking for support or you would like guidance on becoming a landlord in Petersfield, contact Williams of Petersfield and we will be more than happy to assist you.