Are you struggling to find a home? It is a real struggle for many people with demand still currently outstripping supply. The problem is, this is pushing property prices up in both the rental and sales market.
The latest research out from Dataloft and the RICS is that there has been a 64% increase in demand for rental property and a 16% increase in demand in the sales market.
At JDG we are starting to see early signs of the sales market easing as more properties come available for sale. Last month alone new instructions were up by 20% in Lancaster and 21% in Morecambe. Slowly, there is starting to appear my choice, the problem with the sales market is that some properties are being optimistically priced but we will chat about that more another time.
The rental market is different. There is no doubt that rents have jumped up considerably ( we have just let a 4 bed detached home for £1600 pcm ). Several years ago a 3-bed semi-detached home would have cost around £650-£700pcm in South Lancaster. We have over 30 applications on a property at Esthwaite Gardens and the rent is now £875 pcm
The demand for rental property is at the highest since 1999. The only thing that will start to ease it is when more properties come available. If you are a landlord and thinking of investing in Lancaster and Morecambe, we can certainly let it and achieve you a great price.
If you would like any advice on property investment and the type of tenant/rent you could attract, please get in touch. At JDG we are here to help.
Call us on 01524 843322 or email me at josh@jdg.co.uk
Thanks for reading
Josh