The media has been obsessed with the recent increases in house prices throughout the South East and here in Crawley we have seen both sale and rental prices reach new heights for every type of property.
We analysed the results of the recently published census to look at the type & spread of home ownership throughout the town. The data was compiled a couple of years ago before the recent price rises but prices do not tell us about the type of housing stock & demand.
The statistics show that Crawley & the surrounding villages offer a good proportion of privately rented property. Of the 48,334 households in the area, 6 out of 10 properties are owner occupied and a further 22% are social rented properties, leaving the remainder, 18% or 8000 households as rented properties. This puts Crawley in the centre of the national average reported by the English Household Survey to be 18%.
So if there is a high proportion of rented property in Crawley does that mean it is harder to find a tenant? The lettings industry has traditionally worked on the basis that 5% of the private rental portfolio will be “on the market” at any one time. 5% of the rental property around Crawley would be the equivalent of 406 properties but in July Rightmove was only listing 225 to let. A good proportion of those properties will already be let to subject to contract so the real figure could be 50% lower. If only 100 of the eight thousand rental properties are available to let it would suggest the strong tenant demand fuels the Crawley Rental Market & the area is a favourite for investment landlords.
This is a shortened version of the story published on Davids blog at www.crawleyproperty.blogspot.co.uk