Increasing Demand for Village Properties
The increase in the number of people working from home has unquestionably changed tenants’ search requirements. Whilst property requirements have seen more a focus on space, both indoors and outdoors (e.g. gardens, balconies etc), location requirements are shifting from a town-centre focus. We are finding that village and countryside properties are more appealing to tenants, particularly if they have an easy route to work when they do need to commute in. It’s being described as a “halo effect” in which flexible working means tenants are looking for homes with more indoor and outdoor space around towns and cities.
Rental demand is strong and supply is struggling to keep up. Recent data from Zoopla suggests that houses are letting 30% faster than in 2020 and we are seeing this in this area. Last month we were instructed on a recently upgraded two bedroom cottage in the middle of the popular village of Upper Wardington. The property has a large garden and a garden studio – ideal for home workers, but could also be used for guests as it has its own shower room and kitchen space.
Our letting team listed the property at £1,400pcm and immediately started to receive enquiries. Four viewings were booked and a let was agreed within 48 hours. The applicants, a professional couple, were looking for a rural property within half an hour’s drive of their work. They loved the village location and the charm of the cottage, and the landlord was delighted with the result.
Julia Nash, Letting Department Manager of our Banbury office, says, “Rental demand both in Banbury and in the surrounding villages is really strong, particularly for properties in good condition. This is not the first case of us listing a property and then letting it within a couple of days!”
If you are considering letting your property – perhaps to facilitate an onward move if you have not yet sold – then contact Alec or Julia. We can carry out a market appraisal and provide you with a breakdown of what would need to be done in order to let your property out – with no obligation.
t: 01295 276766