Boydens - Life at Home | Spring 2022 - Issue 02

Property boydens.co.uk 16 as most have missed out on other properties, having themselves been out-bid by others. In addition, commuters are more receptive to properties located further afield from popular railway stations. Not having to commute five days a week and only having to go into the physical office for only part of the working week has broadened the radius of many property searches, and so brought new locations into the picture. The lettings market is seeing a strikingly similar story with high demand from tenants looking for good quality family homes in this area, but a distinct lack of rentable stock to meet this demand. This includes renters who are looking to up-size from their one or two-bedroom flats as well as clients wishing to move into the area from further down the A12 corridor, and has created upward inflationary pressure on rental values being achieved. Properties are in demand across the board, from onebedroom flats to five-bedroom family homes, with previously less popular locations also now renting out well due to the current supply and demand issues. So, what is causing this lack of stock on the market? “We are finding that releasing a property at a realistic lower guide figure is optimal with a higher bracketed ‘aspirational figure’ more often than not resulting in a higher eventual selling price.” With a large property management portfolio under our control, we have historically seen tenants who may have resided in a flat for, say, two to three years look to move on into a house with some private space. What we are increasingly seeing is that due to the increased rents for all types of properties, tenants are staying put and therefore not freeing up their property to be re-let. In addition to this, a number of landlords have taken advantage of the leap in property values and, also deterred by increased legislation/taxes introduced in the last few years, they have offloaded their investment properties, thus exacerbating a lack of supply. In conclusion, the first three months of the year have continued in the same vein as the end of 2021 with little sign of the market slowing down in this area. With demand showing no signs of waning, the only way I can see a change to this is if the lenders toughen their valuation and lending criteria and so, if you are considering a move, the market is fast moving, but we are ready to guide you every step of the way. Philip Boyden is a Senior Property Consultant, based at Boydens Colchester Branch.

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