AVERAGE rents have risen by six per cent in a year as demand continues to grow in the thriving UK
AVERAGE rents have risen by six per cent in a year as demand continues to grow in the thriving UK rental market, according to the latest figures.
A national rental report by property survey and valuation company Sequence shows national average rents rose to £751 per calendar month, following a two per cent increase in July alone. Demand for residential property to let continues to outstrip supply, the report finds, with activity heating up as the summer progressed.
There was a four per cent monthly rise in the number of viewings for rental properties and a hefty 29 per cent annual rise, with new tenancies soaring by 16 per cent annually as increasing numbers of prospective tenants embarked on a property search for high-quality rental accommodation.
Average rents in London increased by five per cent over the 12 months to £1,437, though they remained steady in July. Experts warned, however, that this increase may slow down with the recent improvements seen in the wider property market as the number of mortgage applications went up 27 per cent over the year.
Nevertheless, Stephen Nation, who is head of lettings at Sequence, said the rental market is enjoying “unprecedented” levels of activity and growth with “no signs of slowing down”.
He said: “New rental contracts agreed have increased to record-breaking levels this month, up six per cent on month and 18 per cent annually, which highlights just how much the market is expanding.
“Buy-to-let mortgage applications continue to increase — up 27 per cent annually — and news that the Bank of England has suggested interest rates won’t rise for another three years has encouraged even more would-be savers to look for greater returns.”
He added that the London rental market is still showing “continued strength” despite a “plateauing” in the ratio between supply and demand as large numbers of property investors have been attracted to the capital’s “exceptional asset growth and high yields”.
Our local area is no exception where this trend is concerned, with plenty of good properties on the market currently to let.
Walnut Tree Lodge is a beautifully presented family house in a prestigious village location close to the River Thames at Shiplake.
The detached family house is in a first-class position with a sitting room, wonderful open-plan family room and kitchen with bi-fold doors and part-glazed ceiling. Accommodation also includes a study, utility, pantry and cloakroom.
There is a fantastic garden room with vaulted, glazed ceiling and ensuite, currently used as an artist’s studio. Remaining accommodation includes four double bedrooms, two ensuite, and a family bathroom.
The ground floor has been remodelled with the rear additions providing wonderful light and bright rooms via bi-fold doors and vaulted glazed ceilings. An elegant modern feel flows throughout the property with all areas very well presented.
The rear garden is west facing with a southerly aspect and superbly presented whilst the front is gated and draws up to an attached double garage.
The property is available through Ballards for a guide price of £4,000 per calendar month. For more details, call (01491) 411055.
Home Farm in Hurley is a unique development completed this summer. It offers 15 houses in a range of styles to suit the needs of clients. The properties are not only beautifully finished to an incredibly high specification, but are innovative in their design.
The Stable Block conversion has been tastefully and thoughtfully renovated, to provide four individual abodes, retaining many of the original features whilst creating executive modern properties.
The original stable bricks have been painstakingly harvested from the original structure, cleaned and made ready for use for the new development. The king trusses from the barn not only provide core structural support but are aesthetically appealing.
New Marley clay tiles have been used for the roof in order to maintain the character of the original building. Each property has been refurbished to the same exceptionally high specification. With features such as:
lPre-polished engineered oak flooring throughout
lCoded and iPhone compatible Airwave speaker systems
lSiemens integrated appliances
lAir heat source pumps
lIdeal Standard high quality bathrooms
lHard-wired alarm systems with battery back-up.
In the featured property, accommodation includes a large open-plan living room/kitchen with oak flooring, an alabaster kitchen with Siemens integrated dishwasher, double oven, microwave oven, induction hob, fridge/freezer and washer dryer. LED ceiling spots, halogen string lights and uplighters and original beams visible. Double doors lead out on to the front and rear of the property.
The master bedroom has double mirrored wardrobes and an ensuite bathroom with ceramic sink, separate shower cubicle, bath with shower attachment and low level WC.
There are two further double bedrooms with a Jack-and-Jill bathroom on the first floor and an additional study room with ample storage on the ground floor. Outside, the gardens to the front and rear are fully maintained. The gardens have been landscaped in the style of a cottage garden with box hedges, laurel, lavender and mixed, low level shrubs.The rear gardens are divided by rhododendron hedges to provide privacy with parking available for two cars.
The properties are available for a guide price from £1,985pcm to £2,150pcm. Call (01491) 411055.