I wonder if, like me, you are all wondering where 2021 has gone to? I cannot believe it is almost the end of October, just 2 more months and we can wave goodbye to another year filled with anxiety over COVID. I for one am keeping everything crossed for a much healthier and positive 2022.
That said, for all of you rental investors - and, indeed, us property agents - the market has been a mad one! So let's look at some of the recent stats from the Zoopla Price Index for the local area - I have used Deddington + 5 miles and looked at Oxford as our nearest point of reference city-wise:
- There are currently only 78 properties for rent on the market - that is around 30% less than we would usually expect at this time of the year.
- So rental prices remain higher - in fact, we are 4.1% up since July 2021 and we have missed the London rental price slump, probably due to the Universities and education establishments re-opening for business.
- Properties are renting faster than the national average of 15 days, with our stats just over the 6-day mark. From our point of view at Cherry Lets, we have had a number of properties going under offer before they even hit the portals, there are that many people registered for rental stock and ready to act quickly so as not to miss out.
- The lowest rental price is £575pcm for a studio apartment and the highest is £6,000
For us at Cherry Lets, we have been forging lots of community links with other small business owners, and have been building our managed portfolio via referral business, however, we still have way more applicants registering for rental property than we are able to offer. It's a shame that so many people want to live locally but are having to move further afield as there is just so little stock coming to market.
We are hopeful that the recent sale pricing data for Oxfordshire, will encourage more buy-to-let investors to look at the 16,000+ new build properties currently under construction in the area and will consider the capital growth possibilities on a great local rental investment property. As a specialist letting agent, I am always available to offer free advice on where to invest and on the best type of property to purchase that will rent quickly and will offer good long term yields and growth. Just give me a call on 01869 337346 or email me: ask@cherry-lets.co.uk.
If you are a local business owner or know of someone who would like to be interviewed for our Deddington Community Vlogs on our Social Media Pages, then please pass on my details (see above).
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