Drop in available rental properties!
Due to the huge volumes of removals experienced throughout the stamp duty holiday, we have experienced significant growth in storage which dovetails with the latest stats below. Many of our clients sold their properties and moved into rental due to the lack of housing stock currently available. Our Removals and Storage business that services Winchester, Romsey, and Chandlers Ford areas mostly have never been so busy and what is most surprising is that demand has continued into October.
Current market data suggests there are currently 60% fewer rental properties on the market than there was this time 12 months ago! That’s a massive number and drop in available stock, there is further evidence of this when we look at Steele & Co’s Storage in Winchester.
The table below shows the level of rental properties on the market since January 2019, and you can clearly see that the lowest month is September 2021, many clients have had to resort to medium-term Airbnb lets in order to complete their sales.
Demand for these properties is still high.
However, if we ignore the months of December and April 2020 (when we were in the middle of the first national Lockdown), the monthly supply of private rental properties is at its lowest point since our suppliers (twentyci) databases began.
So what happens next? Well, it could very well be a bit of a problem. Usually, when people can’t find the property that they want to buy, they look to the rental market short term. However, there is now a low supply for both the sales and rental markets. Therefore, the logic suggests that in the short term, property prices (both sales and rentals) will remain and continue rising – great for landlords and sellers, but not so great for movers. However a great workaround is to consider using Airbnb, it’s more flexible and most landlords will consider a deal, storage is always a solution for your belongings in the short to medium term, with the threat of inflation and interest rates rising continuing with a sale might be the best decision.
For more advice and insider knowledge feel free to call us here at Steele & Co Moving and Storage.
