While house prices are experiencing modest growth at around 1% per year, the rental property market continues to see significant growth. According to the Office for National Statistics (ONS), rents across England have surged by an average of 8.6% over the past year, with London seeing an even steeper increase of 10.1%. Guildford, closely tracking London due to its proximity, has witnessed rents rising between 9% and 10% in the last year. This surge is driven by the imbalance of high demand and limited supply, which is inevitably pushing rental prices upwards.
At this time of year, it’s not uncommon to see rents increase by a further 20%, as the summer peak brings in even greater demand, and landlords launching their rental properties now are capitalising on this seasonal premium.
Rightmove’s latest report highlights a critical shortfall in the rental market, stating that the UK needs 50,000 more rental properties to meet pre-pandemic supply levels. According to the property website, this shortage has led to a tripling of enquiries for each rental property compared to the 2019 average.
Guildford remains a hotspot for renters and we are taking many enquiries from families and commuters looking to get settled in time for the next school year. Here, there’s a diverse range of properties, from modern apartments to traditional houses, catering to various preferences and needs, yet it is the four-bedroom homes that are generating the most interest.
For landlords in Guildford, understanding these trends is crucial for setting competitive rental prices and maintaining high occupancy rates. Partnering with local letting agents, such as Guildford letting agent Howard Morley & Sons, who really understand the local market will ensure the best return for your investment.
