How might restricted supply affect lettings in 2016?
Landlords may feel like letting property is becoming a more arduous task. New legislation, changes in tax, stamp duty and the Right to rent scheme have been introduced.
Letting agents who position their services as an easy option for landlords may get the edge on other agents, and offer those landlords who don’t currently use a letting agent, some interesting options.
Restricted supply means we will likely see rents rise further. The total number of lettings instructions in 2015 was 7% down compared to 2013. That’s over 100,000 fewer instructions, however the number of enquiries a month over the same period was up 38%.
Rightmove is sending letting agents over 2.5m leads a month, amounting to a lead almost every second in January. This added demand won’t make things any easier for those in rented accommodation saving for a deposit for a place of their own.
You can find more on the lettings market and what’s happening in your area in the Little Blue Book 2016. Your latest property trends book will be arriving on the doorsteps of Rightmove agents throughout April. Keep a look out for it and join in on the conversation on Twitter using the hashtag #RightmoveTrends.
