Marin Richards, Partner Hunters Estate Agents of Barnet
Barnet Lettings Market Update, April 2023.
By Martin Richards – Director Hunters Estate Agents Barnet
The lettings market in and around the Barnet area remains buoyant with a significant lack of available rental stock and an increasingly high level of demand from tenants urgently looking for a rental home.
The supply and demand issue has put considerable pressure on rents, which have increased dramatically, particularly in the last 12 months. If you are a new or existing landlord and are considering renting a property and have not had an up-to-date assessment of the value of your rental property, then we strongly recommend doing so as rental values are likely to have increased.
Rental Price Increases
The recent ‘Index of Private Housing Rental Prices, UK: March 2023’ report from the ONS (Office for National Statistics) confirms that private rental prices paid by tenants in the UK rose by 4.9% in the 12 months to March 2023, up from 4.8% in the 12 months to February 2023.
Annual private rental prices increased by 4.6% in England, 4.4% in Wales and 5.1% in Scotland in the 12 months to March 2023. More locally, in the London area, the annual percentage change in private rental prices was 4.8% in the 12 months to March 2023, above the England average and its highest annual rate since December 2012.
Landlords
There has been a good deal of comment from the media about landlords selling up and buy-to-let becoming less attractive as an investment. From our experience locally in Barnet, whilst we have seen landlords selling, this has been balanced by new landlords coming to the market, either those that have recently bought or those who through personal circumstances, have become ‘accidental’ landlords.
With the easing of property sales prices and soaring rental values, we are seeing an increase in the number of investors looking for property with good rental opportunities. If you are looking for investment opportunities, please ensure you register your interest with us, as there is demand for these properties.
Equally, if you already own a property that you would like to rent, we have a large database of potential tenants waiting and we can generally find a tenant to move in within 2/3 weeks. With strong competition for rental properties, we have many quality tenants standing by.
Need some help or advice about renting?
Please feel free to call me if you are considering letting, renting of buying an investment property in the Barnet area, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
You can also use our Instant Online Valuation tool.
Ready to come to the market?
Spring is a great time to rent your property. If I have already provided a market appraisal and you are ready to come to the market, I would be pleased to discuss the next steps with you.
Thanks for reading our Barnet Letting Market Update.
Martin Richards – Hunters of Barnet
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