Market conditions create new lettings opportunities in Harpenden
PUBLISHED: 18:27 07 May 2010 | UPDATED: 17:08 20 February 2013
As the sales market continues to perform strongly in Harpenden properties to let remain in high demand and rents look set to increase, according to a leading estate agency.
As the sales market continues to perform strongly inHarpenden, properties to let remain in high demand and rents look set to increase.
According to Savills Research, capital growth in prime central London looks set to weaken in the short-term, but the rental market is starting its rebound on the back of stronger employment growth, corporate activity and the longer term strength of London as a financial and business centre.
'We are now looking at an upwards revision of our forecasts for rental growth, perhaps up +4% in 2010,' says Yolande Barnes, director of Savills Research. 'This is likely to mean that yields will start moving out again and highlights the longer-term attractiveness of a strong occupier market.'
Carole Bratt, head of SavillsHarpendenLettings comments, 'The shortage ofstock in the lettings market isproving a problem as tenants are having to stay put.
'Theelection has affected would-be buyers,whoarecontinuing to rent and in turn tenancies are getting longer, instead of 6-9 months, since the economic downturn they are nowon average 12 months plus.
'The election is also bringing in an additional worry that interest rates maystart to rise.If this is the case, manytenants maynot be able to afford to buy and will rent on a longer term basis.
'As we head towards summer, we predict more applicants will be looking to relocate for the excellent schools in the area,the summer months are prime time for families to settle in before the new school term starts in September, providing the stock is available.'
With more applicants than normaland less houses to rent, rental pricesare likely torise over the coming months.However should some of the properties from the sales market not sell and ultimately return to the lettings market, prices will rise more steadily and applicants will have a little more choice.
Houses with at leastthree bedrooms, a garden and some parking within walking distance of train links are the most popular, in the region of 1,500to 3,000. Pricing is still key to getting a good let quickly; the more accurately priced a house is the more interest it receives.
The 'corporate tenant' has more money in their pot and is typically looking for at leastfive bedrooms,three bathrooms, andthree receptions, garden, parking and garaging - again they want to be close to transport links, looking to spend between 3,000 and 7,000pcm.
Good examplesofwellpriced and presented lettings propertiesareCravells Road in Harpenden, a quaint periodtwo bedroom cottage which came onto the lettings market on a Friday, hadeight viewings on Saturday andfour offers on Monday, some of which were over the asking price.
Topstreet Way in Harpenden,afour bedroom house available at 2,200 per month, was let to the first person who viewed the property within a matterof days of it coming onto the market.