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.
