Thu, 28 Jul 2022 | Farnborough lettings market update
It’s home to the world renowned Farnborough air show, but aircrafts aren’t the only thing taking flight in Farnborough – the lettings market has been moving fast this year and is showing no signs of slowing down.
Demand for rental properties is still huge in July, with the majority of our listings in Farnborough being let within seven days of marketing. This is due to our hugely successful open houses, which maximise the number of offers received for each property and give landlords more choice when it comes to picking a tenant. So, not only are vacant periods significantly reduced in this period of speedy lets, but landlords are receiving high quality tenants thanks to the amount of choice of applicants available to them (and, of course, our rigorous tenant referencing system). A win-win situation for Farnborough landlords right now!
Why is demand so high? With the sales market remaining so busy, the overall level of stock in our areas is taking a massive hit. Landlords selling up and homebuyers ‘tactically renting’ while they wait for their dream home to come for sale are among some of the reasons why available rental properties are still at around 30% of our usual number of property listings. Another big reason for the shortage is tenants renewing their contracts; the average tenancy length in Farnborough is currently 26 months.
This spells bad news for the 117 tenants registering with us on average for properties in Farnborough every month. So far this year, we have listed 51 rental properties and let 45, but with 820 tenants registering with us since the beginning of the year, there are just not enough rental properties to go around. For every property on the market, there is an average of 14 tenants registered with us, causing rents to soar as tenants compete to secure their next rental property.
In fact, rents are rising at the fastest annual rate in 16 years. Right now, the average price of properties we have let so far this year in Farnborough is £1,314 a month – higher than the national average of £1,126 for properties outside London.
How much could your property achieve during these huge price rises? Whether you are a first time landlord or you are sitting on a large portfolio, book a lettings valuation with Prospect lettings Farnborough to find out how much our award-winning team could achieve for your property.