VALUATION REQUEST
 
 
 

How Long is Too Long to be on the Market?

06/07/2016
 

There is uncertainty in the market at the moment, post-Brexit, and the property market is taking the brunt of it over the past few weeks.  House builders are being hit the most which may have an effect on the rental market.

 

We are seeing an uptake in people selling their houses and renting themselves and relocating to another part of the country.  Which is good, however we are also seeing that deals are falling through at the last moment.

 

There has been a lull in the rental market on the lead up to the referendum which has seen more people renewing their contracts and fewer people wanting or willing to move.  This has a knock on effect of the length of time properties are on the market for.  On saying that it depends on what type of property is on offer.

 

There are some local regional differences:

 

OX7 (Chipping Norton) – The average time a rental property with rents £500 - £1,000 lets is 91 days and £1,000 - £2,000 are letting in 66 days.  Houses are letting in 92 days whilst flats are letting in 83 days.*

 

OX20 (Woodstock) – The average time a rental property with rents £500 - £1,000 lets in 12 days and £1,000 - £2,000 is let is 39 days.  Houses are letting in 99 days whilst flats are letting in 55 days.*

 

OX28 (Witney) – The average time a rental property with rents £500 - £1,000 lets is 70 days and £1,000 - £2,000 letting in 38 days.  Houses are letting in 97 days whilst flats are letting in 79 days.*

 

GL52 (Bishops Cleeve) – The average time a rental property with rents £500 - £1,000 lets is 151 days and £1,000 - £2,000 letting in 90 days.  Houses are letting in 69 days whilst flats are letting in 243 days.*

 

GL54 (Winchcombe) - The average time a rental property with rents £500 - £1,000 lets is 61 days and £1,000 - £2,000 is let is 91 days.  Houses are lettings in around 121 days whilst flats are letting in 41 days.*

 

We would urge landlords to take precautions just in case there is an extended period between tenants.  This would lead on to investing in your property to make it more attractive to prospective tenants.  Take a look at your property through the eyes of a prospective tenant.  Does the garden need attention?  Do the rooms need a fresh coat of paint?  Do the kitchen units need new doors and handles?  All these are worth a thought.   Neutral colours would be better as personal taste could put some people off.  

 


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