Thames Valley Rents Surge to £1,448 – 6% Above UK Average
Average rents in Thames Valley reach £1,448 pcm, nearly 6% above the UK average, new report reveals
- Rents in Thames Valley reach £1,448 pcm, nearly 6% above the UK average of £1,369
- Wokingham and Reading highlighted as key areas of interest for renters and investors
- Renters in Thames Valley are more likely to be older than anywhere else in the UK
- Renters’ Rights Act is contributing to a more balanced lettings process in Thames Valley
A report released today from one of the Thames Valley region’s leading lettings and estate agencies, Prospect, reveals average rents across Thames Valley now sit at £1,448 per calendar month (pcm), 5.8% above the UK average of £1,369 pcm.
The report also suggests that the implementation of the Renters’ Rights Act (RRA) has been far less disruptive than anticipated.
In Wokingham, an area in the region that is growing in popularity amongst renters, there has been a rise in properties marketed above £2,500pcm. Reading, a notable commuter town with good transport links to central London, is also proving to be of keen interest to renters and investors alike – with a strong demand for apartments in particular.
Data from Goodlord shows that the average age of renters in Thames Valley is 35 years old – older than the UK average of 31.5. The report highlights that, for tenants, the impact of the RRA in Thames Valley has contributed to a more balanced lettings process, with successful applications increasingly determined by the strength of the applicant overall rather than the level of competing rental offers.
The report shows confidence returning to the sales market in Thames Valley in the second quarter of the year but warns that pricing matters more than it did this time last year. Sellers need to enter the market at the right price from day one as overpricing invites buyers to treat a longer time on the market, or a subsequent reduction, as an opening to negotiate even harder.
Mark Towell, Managing Director, Prospect, said:
“We’re adapting to changes from the Renters’ Rights Act and finding that both landlords and tenants are feeling less disruption than widely anticipated. The market is far more balanced for renters now and given the combination of ongoing rental income and the prospect of capital appreciation, retaining property remains an attractive investment strategy for many landlords.
“My prediction is that the rest of the year looks highly encouraging, and the market should embrace the legislative changes positively.”
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