🔥 Attention Thanet Landlords! Seize The Opportunity In The Booming Rental Market! 🏡📈
20/10/2023 1252
Attention Thanet Landlords! Seize the Opportunity in the Booming Rental Market!

Rental Market Dynamics: A National & Regional Overview with a Focus on Thanet

The UK rental market has once again demonstrated its resilience and dynamic nature.

UK National Averages

Recent figures state that the average advertised rent for newly listed properties in the UK last month was £1,787 per calendar month (pcm)

The average for the UK excluding Greater London is £1,211 pcm (and Greater London on its own is £2,989 pcm).

Rents in the South East

In our region of the South East, the average rent currently stands at £1,588 pcm.

  • Rents in the South East one year ago (Oct 22) were £1,450 pcm, a growth of 9.49%
  • Rents in the South East three years ago (Oct 20) were £1,190 pcm, a growth of 33.42%
  • Rents in the South East five years ago (Oct 18) were £1,193 pcm, a growth of 33.08%
  • Rents in the South East seven years ago were (Oct 16) £1,228 pcm, a growth of 29.29%

Focus on Thanet

Looking specifically at Thanet (CT7 to CT12), the average rent in Q3 2021 was £959 pcm, for Q3 2022 it was £994 pcm and for Q3 2023, it has been £1,072 pcm.

(Quarter 3 for Thanet was used to calculate the average as the sample size is much smaller than regional or national stats).

Supply and Demand

A persistent disparity between supply and demand strongly influences this rise in rents.

Demand from prospective tenants is intensifying, but there aren't enough UK rental properties to accommodate them. That is also true for Thanet tenants.

Tenant Enquiries

As a snapshot, one of the major property portals stated the average rental property in the country now receives approximately 25 enquiries from potential tenants. This is a striking contrast from the average of eight enquiries recorded in the pre-pandemic era.

Tenant Movement

Furthermore, the number of tenants looking to move within Britain has surged by just over 40% since 2019.

Property Availability

The average number of UK rental properties coming on the market in the five years before the pandemic was 117,510 per month. In the last two years, it has been 99,747 properties per month, a drop of 15%.

Agent Insights

Talking to agents in Thanet, they are witnessing large numbers of eager tenants attending viewings as soon as a property is listed. Such data is echoed by estate and letting agents I know nationwide, many of whom highlight the wide gap between soaring demand and the limited supply of rental stock.

New Listings

Encouragingly, even though the overall average of properties coming onto the market for rent for the last two years is 15% down (as mentioned above), that statistic does mask the fact that 2023 is very different to 2022’s available rental properties. The number of new properties being introduced to the rental market in the last ten months (Jan to mid-Oct 2023) is 6.9% higher year-on-year than the same time from the year before (i.e., Jan to mid Oct 2022).

Future Outlook

While the continual surge in rental prices and the mismatch between available properties and tenants may make the market challenging for many to navigate, signals suggest an easing of this pressure.

Advice for Thanet Tenants

For Thanet tenants in this tight market, being proactive is crucial. Speed is of the essence when arranging viewings, especially amidst other commitments. Immediate property alerts on the portals and also cultivating strong face-to-face relationships with local letting agents can offer a competitive edge. Tenants must be clear about their property requirements; from budget constraints and intended stay duration. Flexibility, especially concerning the move-in date, can make an application stand out. Finally, having one’s finances and documentation ready can expedite the tenancy application process.

Changing Preferences

The evolving rental landscape is also prompting many to reconsider traditional preferences. Expanding search horizons beyond typical hotspots in Thanet might increase the probability of securing a property and introduce tenants to more cost-effective options.

For Thanet Landlords

For Thanet landlords, these national figures and area-specific statistics provide a comprehensive overview. The underlying message is clear: despite the increase in rental properties, the rents continue to rise, painting a promising picture for landlords who continue to provide much needed homes for Thanet tenants.

As Thanet's trusted property consultant, we remain committed to keeping you informed and guiding you through these

Thanet Rental Market
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About Cooke & Co

Cooke & Co, a liked and respected estate agency trading since 1992, is conveniently situated in the picturesque seaside district of Thanet. We proudly operate from our local offices in the region's primary towns, namely Margate, Broadstairs, and Ramsgate. Additionally, our extensive reach encompasses the charming areas of Westbrook, Westgate, Birchington, Monkton, Manston, and Minster. Our presence in these diverse locales enables us to offer an enriched understanding and comprehensive service to the property market in these prime coastal towns and villages.

Contact our offices at the following numbers:

Visit our main website at www.cookeandco.com or contact us via email at enquiry@cookeandco.com. If you would like a free instant valuation of your home, then visit our free instant valuation site.

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