Market Review - Winter 2021/2022
Traditionally the lettings market usually slows in the winter months and almost grinds to a halt during December and early January where only those who absolutely have to move, decide to take the plunge. However, the end of 2021 and the beginning of 2022 has proved to break the trend.
Strong demand for new properties has continued over the festive season with enquiries and viewing requests coming in thick and fast. The South West continues to be in high demand for potential tenants; research from Goodlord suggests that the period of time properties are empty for has declined from 23 days to 17 days, when this would have traditionally extended due to the festive break.
As a result of this high demand, rents have continued to rise with the average price for a property increasing by £5pcm since November. Where this may not sound like a lot, it is usual to see rents either dropping slightly or remaining level in December, simply due to a lesser demand.
All of this points towards a very positive and very busy year in the rental market and for landlords in 2022. In the Taylor & Co office we have experienced a very busy first week back in January and are looking forward to seeing what the next few months have in store.