The Crawley property market appears to be booming so we analysed the results of the recently published census for answers. 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 Rightmove is listing only 225. 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 could suggest why the Crawley Rental market is booming & 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