Big jump in demand for rental properties in home counties

Demand for rental properties in the home counties has risen, according to a property consultancy’s rental index

Knight Frank figures show the number of new prospective tenants registering in the second quarter of this year for home counties properties was 6% higher than the same period in 2015.

Much of the demand for rental properties was from executives being relocated from London and abroad. Frank and Knight said there was a slow-down in the run up to the Brexit vote of these ‘corporate tenancies’ but the number of inquiries in July was the highest for the year – 19% higher than in February.

The number of viewings was up 12% year-on-year, the rental index indicates, and 38% of renters in the home counties were non-UK nationals between April and June. This percentage of international tenants rose to 47% in Ascot, Cobham and Esher.

As the firm notes, the three months leading up to September are usually the busiest time of the year as tenants look to move before the start of school terms.

The index also showed prime rents fell by 0.6% between April and June.

Frank Knight associate Oliver Knight explained: “Despite robust activity levels, agents note that any upwards pressure on rents has been countered by rising stock – especially at the top end of the market.”

He added: “In the wake of the EU referendum, there is already anecdotal evidence that some vendors are deciding to let their property until more clarity emerges, and this could further weigh on rental values in the meantime.”

How to avoid New Buy-to-let tax
Save £1000s on your mortgage
Save over £500 on Gas and Electric
Free Unlimited Broadband

Written by: Houseladder