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2015 review - Lettings

Posted on Wednesday, January 6, 2016

Berkley saw a steady start to 2015. Traditionally December and January are quieter months in the lettings market, however, we experienced a continued level of interest in our properties with some tenants choosing to start their tenancy very close to Christmas.

As the year progressed the market remained steady. The number of tenants requesting to renew their tenancy saw a notable increase, suggesting that many of the houses on the market are of suitable quality. July is always a busy month as the new student tenancies begin. Over the last two years we have witnessed a slow decline in the number of students renting houses in the area. They are instead favouring purpose built accommodation or, if they choose a rented house, the modern, well looked after ones with at least two bathrooms are the first choice for many.  

Once September arrived there was a peak in demand for houses, especially in the LE3 area. Many houses were let on the first viewing, often with two or three applicants vying for the tenancy. As our database of applicants grew so did the number of new properties entering the market, most notably 1 and 2 bed flats. New inner city developments and the continued development of older, larger houses mean that we now have a strong stock of flats which achieve favourable returns for landlords.

As 2015 came to a close, the rental market remained steady in Leicester and Leicestershire. There was a small peak in November as many people try and move in time for the Christmas period, however, December (which is often a quite month) saw new properties to the market and a pleasing number of move ins.

2016 has started in much the same way as 2015. We now wait with interest to see if the changes in stamp duty, coming into effect in April, will impact the nationwide rental market in anyway…