Summer Property portfolio 2024 - Flipbook - Page 12
RENTAL MARKET REVIEW
By Gillon Crow
Here at Larch Property, we specialise in
rural country properties, both small and
large. The factors affecting rental prices
for these properties are influenced by
broader market trends emanating from
major
cities
like
Manchester
and
Liverpool. The rental market in North
West
England/
West
Midlands,
encompassing both urban and rural areas,
is characterised by high demand and
constrained supply, leading to rising
rental prices.
These major cities continue to see robust
demand, while rural areas and smaller
towns
are
becoming
increasingly
attractive to renters and investors alike.
Despite efforts from local authorities and
housing associations to address the
affordability crisis, significant challenges
remain with the lack of suitable housing
stock. The outlook for the market is
cautiously optimistic, with the recent
interest rate cut (August 2024) brings
positivity and will provide some relief to
both renters and buyers.
The North West/ West Midlands market
remains
a
dynamic
and
complex
environment, influenced by a multitude
of economic and policy factors.
LET
LET
Continued
investment,
coupled
with
proactive local government initiatives,
will be crucial in addressing the ongoing
challenges and meeting the housing needs
of the region's residents.
At Larch Property, we continue to see
strong demand for high-quality rural
properties, particularly those with good
access links and superior finishes. The
lack of suitable properties on the market
means we have a mailing list of people
actively seeking their next rural or
equestrian property. This trend is driven
by the desire for a lifestyle change and
the benefits of remote working .
With the average rental prices continuing
to increase, the current average of a
rental home in the North West/ West
Midlands is now at £1,146 PCM which is a
7.8%
year-over-year
increase
(Rightmove.co.uk).
Gillon Crow
BSc.Hons
Lettings Manager
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