Sunday, 16 January 2022

Rental costs in Henley rise by 11.5 per cent

Rental costs in Henley rise by 11.5 per cent

SUSTAINED demand fuelled by a continued emphasis on lifestyle change and a shortage of available property has led to rental prices in Henley increasing by an average of 11.5 per cent in the last year, agents have said.

New research from Savills also shows that in the three months to the end of September this year, prices increased by 3.2 per cent in the town and surrounding areas.

Alexandra Bloodworth, who leads the lettings team at Savills Henley, said: “Similar to the residential sales market, there continues to be exceptionally high demand for larger properties with a private garden, as well as an increase in those wanting to ‘try before they buy’ — by renting a property in the area before committing to a purchase.

“We’ve also seen a number of people moving into rental properties in the shorter term until they can find somewhere to buy, as well as those renting for somewhere to come at weekends.

“They live and work in London three or four days a week but come here for the rest of the time.

“Consequently stock levels remain incredibly low. In a lot of cases we are letting properties before they even come on to the market, resulting in multiple offers from potential tenants.” Alex said she expected the current trends to continue into 2022, although it was likely that rental growth would return to more moderate levels in the longer term.

“In the short term I think the demand for homes in the wider commuter belt will continue,” she said.

“Henley remains hugely attractive due to its connectivity to London, excellent schooling and wide range of amenities.

“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.

“Landlords will therefore need to continue to be responsive to shifting demands as they emerge.

“However, after such intensity in the market our researchers are expecting slightly more moderate growth — with regional rents expected to rise by 19.9 per cent over the next five years.”

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