I was recently asked by WODC to put together a brief paper on the local Private Rented Sector (PRS) to help inform a cabinet level debate. Having done the legwork I thought I’d share my findings with you as some light reading. The aim of this is to help any potential buy-to-let investors make an informed decision about the type of property to purchase.
Supply. The graphs below show the supply of PRS property listed to rent in recent months in both Witney (top graph) and Carterton which represent the 2 largest rental markets in West Oxfordshire.
Demand. Dealing with largest numbers of applicants on a daily basis we can be well-assured that a large proportion of tenants looking for a rental home in Witney or Carterton end up registering with ourselves. Whatever the time of year, 2-bedroom houses are always highly sought after and we have seen the gap in rents between 2-bed and 3-bed houses close as a result of this.
Rents. Below is the data from all PRS properties listed over a recent 3-month period and this provides a fair indication of rents in Witney & Carterton:
Tenant. Let’s not forget the human angle here. Whilst on the surface a 2-bedroom house appears to meet the need (demand), there is insufficient supply and rents are healthy. 1-bedroom properties, whilst cheaper, might not represent the best value as tenants tend to move more frequently and they’re harder to come by (just 7.4% of local housing stock is 1-bed).
Which House? Not all 2-bedroom homes are created equal. The location, features (garage, parking etc) and standard of fixtures & fittings will attract different rents and different tenants. If you’re serious about investing in the local buy-to-let market then please call in, give me a ring on 01993 708638 or email brendan.kay@martinco.com
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