LAW firm Blandy & Blandy has canvassed estate agents’ views on the outlook for the Thames Valley ... [more]
Thursday, 25 February 2021
STRONG demand fuelled by an emphasis on lifestyle changes and a lack of available property has led to prime rental prices in Henley increasing by an average of 4.3 per cent over the past year.
New research from Savills Henley also shows that in the last three months of 2020 alone prices increased by 3.7 per cent in the town and surrounding areas.
The rise is greater than for London’s outer commuter zone as a whole — with an average quarterly rental increase of 0.5 per cent and annual growth of 3.5 per cent for properties around an hour’s commute from the capital.
Alex Lee, who leads the lettings team at Savills Henley, says the market remains price-sensitive and competition for rental properties continues to be strong, with tenants paying an average of 98 per cent of the asking price.
She said: “Against all expectations, 2020 was an exceptionally busy year. A desire for more space and a rise in people working from home has increased the appeal of properties in the wider commuter belt.
“The pandemic continues to encourage people to think more about where they live and the attributes they most value in a home.
“There has been a significant rise in the number of tenants looking for larger properties with a private garden, as well as those wanting to ‘try before they buy’ — renting a property in the area before committing to a purchase.
“Consequently, stock levels are at an all-time low, with three-, four- and five-bedroom family homes in particular demand.
“Around a quarter of our tenants have moved from London but the majority are from Oxfordshire, Buckinghamshire or Berkshire. In a lot of cases we are also letting properties before they even come on to the market, resulting in multiple offers from potential tenants.”
Alex says Savills expect current trends to continue for the bulk of 2021 — particularly if people wanting to relocate for lifestyle reasons are unable to secure a property to buy.
She said: “The longer term trends are more difficult to predict and to some extent it may well depend on how many people continue to work from home once the vaccine rollout gains more momentum. Correct pricing will be essential and landlords will need to continue to be responsive to shifting demands as they emerge.”
A HOUSE that has been home to one family for the past 43 years has come on to the market. High View ... [more]