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Lettings market commentary, October 2018

17th October 2018

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Three times a year, Charters produces Market Insight – a market review report across our operational network of seven offices. This includes any governmental, political or budgetary implications on the current sales and lettings markets. We also take a look at the new homes market too.

Market Insight is mailed out to over 100,000 homes across our catchment. We pride ourselves of offering more than just sales and lettings support – we have the experience and foundations in place to be best placed to offer honest advice across the local property market.

The next Market Insight will be in the New Year, but below shows an update on the current lettings market…

Across all the areas where Charters let properties, the average rent achieved in the last 12 months (October 2017 to September 2018) was £1,013 per month. While rents achieved on flats across our area have softened slightly by some 1.7% in this period compared to the previous 12 months, and detached homes have seen a 4.7% drop in rents achieved, values across all properties on average have increased by 1%. On average a flat in our area lets for £827 per month, compared to £841 in the South East and £1,346 in Greater London.

As with sales prices, rental values in Winchester continue to outperform the regional average, with terraced homes generating an average of £1,295 per month, and flats £1,045. Among all our areas, Winchester also has the highest proportion of households in privately-rented homes, at just over 16%. Half of tenants in Winchester are aged between 30 and 49 years.

The Farnham market and its surrounding areas covered by the Charters offices, generates the highest rental values for detached family homes at over £1,600 per month on average, £200 above the average for the South East region as a whole. This area comprises a resident population of more than 177,100 (2011 census), where 40% of tenants are aged between 18 and 29 years.

Values achieved in Alton remain very comparable to those across the South East region. Flats here however let for slightly below the regional benchmark at an average of £785 per month. Flats in Romsey also let for less than the regional average at £742 per month, while detached homes (a much smaller segment of the market) gather a premium of more than £100 a month over the South East average of £1,426. Alresford flats also let for £760 on average, while detached family homes achieve more than £1,600 per month. In Alresford, the average tenant age is 42 years.

Bishop Waltham and Chandler’s Ford both offer tenants greater value, when compared to the regional average. With a population exceeding 112,000 in the Chandler’s Ford area covered by Charters offices, 12% of households are in the private rented sector, with an average age of 37 years. Houses here let for an average of £981 per month, while flats achieve £720. Flats in Bishop Waltham let on average for £651 while houses generate £950 per month. 42% of tenants here are aged between 18 and 29 years.

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