Up until 4 years ago there would be on average 20 properties available at any one time, this then increased to approximately 30, however since the start of the pandemic the number of properties coming available has gradually reduced and the norm now is for eight or less properties being advertised (currently there are just three available).
Why has this happened?
There are various reasons the main reason is that due to the virus, families or individuals who were planning to move have extended their current tenancies which has reduced the turnover of tenants. We are also receiving more and more phone calls from people who are currently living in London or Brighton, who wish to move to an area where properties have access to more outdoor space. Finally, the additional legislation which the government continue to place upon rental properties and their landlords has meant that the return on investment has reduced and therefore fewer people are entering the Buy to Let market.
With the reduced level of properties available we have noticed over the past couple of months that some properties are being advertised at rents far in excess of the figure, which was being asked 12 months ago, and at an amount which is unsustainable in the long term. At Martin and Co Uckfield, we will continue to work with our landlords to provide them fully qualified and referenced tenants who will make the property their home for the long term.