Apart from the summer silly season, the general level of buy-to-let mortgages being taken out is also low. Normally this would hugely affect the number of new rentals. However, we are seeing new rental properties becoming available because of increases in mortgage rates and the cost of living. We have heard many tales from people whose circumstances have changed and they have found themselves unable to sell their property, choosing instead to let it.
And when it comes to prices, the Office of National Statistics reports that the South East has seen one of the lowest rental increases across England, at around 5%, and that new tenants are more likely to see higher rents than existing tenants. But there’s time for all that to change yet!
If you would like advice on the rental market in and around Tunbridge Wells, or are looking to either rent out your property or find a property to rent, please contact us today.
