The rise in rental – Tom writes for Cotswold Life

The rise in rental - Tom Hayman-Joyce writes for Cotswold Life

Propertymark reports the number of available properties to rent is at an 18-month high nationally, however, demand still outpaces supply with an average of eight potential tenants registering with agents for each available property.

According to the Office of National Statistics letting prices rose by 6.1% in the twelve months to January in England and since January 2020 they increased by 14.3%.  

If you compare this with our Hayman-Joyce statistics, we cover the North Cotswolds and surrounding countryside, the average monthly letting price was £1,263pcm for all properties we let during 2020 and in 2023 the average was £1,736pcm, a substantial 37.4% rise.

Within this, we have noticed different parts of the market moving at different rates, so it is not as simple as applying the above statistics to every property. Our current hot spot, where demand is highest, is for modern two or three bedroom homes.

In addition, Hayman-Joyce has noticed a reversal of a trend: we have seen an increase in holiday let properties coming back into the longer-term letting market. Reasons given include the rising costs of energy and cleaning – raising overheads, and a decreasing demand – as we as a nation have started holidaying abroad again and factor in the aforementioned increase in long-term letting prices too.

The government has announced rules that will require planning permission for future short-term lets (holiday lets) and a mandatory register so numbers can be accurately measured, which only applies to second homes or main residences being rented for over 90 nights a year.  

The Renters Reform Bill is still going through parliament which aims to scrap Section 21 or “no fault evictions”. However, Section 8 is being bolstered and will allow you to take back possession to sell or move into. The Domestic Minimum Energy Efficiency Standard (MEES) Regulations which were due to change to a minimum EPC band C in 2025 have been delayed to at least 2030.

Looking ahead, we feel the rate of rent increases will soften – especially at the higher end of the market – with demand, particularly at the lower end of the market, which will remain strong.

We are seeing an increase in buy-to-let investors and would be delighted to advise on the purchase and then ongoing management of investment properties. They remain a relatively safe place to invest money and not only offer a rental return, which averages about 4% in the Cotswolds, but capital gain as the property increases in value over time.

Please call our team on 01608 653606, email us at or arrange a valuation via our website. We look forward to hearing from you.

Tom Hayman-Joyce

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