Time to talk property with Richard Maby of Savills
NEWS and views from Henley’s estate agents and property experts. This week, Richard Maby, head of
NEWS and views from Henley’s estate agents and property experts. This week, Richard Maby, head of Savills lettings for the Reading and Henley area, talks about how needs—based tenants have come to dominate demand in commuter belt locations such as these...
THE private rented sector now accounts for 19.4 per cent of all households, compared with 9.3 per cent 20 years ago, our latest research has indicated.
Out of this 19.4 per cent, nearly half (48.2 per cent) are individuals aged between 25 and 34, whilst a further 23.6 per cent is made up of 35— to 44—year—olds, reflecting a market which is increasingly dominated by affluent young couples unable or not looking to buy and families who are new to an area.
This growing trend of needs—based tenants has had a significant impact on market values. Rents for properties of five or more bedrooms remain, on average, six per cent below their 2008 peak. By contrast, rental values of three—bedroom prime properties have recovered fully.
Looking forward, we anticipate the preference for prime family housing in the suburbs and key commuter towns to continue, particularly as we see a more meaningful increase in those following the traditional relocation routes out of London, with rents rising by up to 15.9 per cent over the course of the next five years.