The private rental sector (PRS) in the South Hams has seen huge demand throughout the year as people continue to assess how and where they live and oftentimes require a ‘circumstantial’ let to get them through the void between purchases, however, stock levels have consistently failed to keep pace. There are multiple factors at play which have impacted available properties to rent, most notably a booming short-term rental market (holiday lets and the like) and a ‘good time to sell’ sales market culminating in a diminished PRS stock.
However, Q3 of 22’ has seen a shift in the PRS with demand from outside-of-area calming ever so slightly creating a more achievable market for local long-term tenants, holiday-let’s not securing the bookings that were seen through 2020 and 2021 thus funnelling good stock back to the long term market & buy-to-let investors seeking a future-home for themselves but ultimately letting in the interim before making the move to Devon.
Rental values have sharply risen due to the supply & demand disparity and the ability for new tenants who are moving to area to work-from-home in city based jobs with higher salaries. A prime location such as South Hams is now seeing an ever-greater prospect for private landlords and with such great numbers of potential professional tenants the preservation of such an asset continues to rise.
Regulation changes continue to tighten up the rules surrounding renting properties on an Assured Shorthold Tenancy; however, this is all seen in the best interest of the property and its occupiers. Whilst there are some concerns over the ‘rental reform act’ and the changes to fixed-term tenancies, being that they will no longer be for a set amount of time and instead ‘periodic’ from its inception and the inability to serve a no-fault eviction (S21) unless one of few mitigating circumstances are met (such as the need to sell the property), these proposed changes remain very much in discussion and further examination and pragmatic consideration must take place under the new government before such changes should be implemented across England.
