A growing number of people are seeking out rental properties outside of city centres, pushing rents in these areas higher - with rents outside the capital soaring by 8% in the past 12 months.
However, London bucked this trend, with a double-dip in rent prices in February 2021, after five months of continuous growth with average rents in inner London falling 17.7% year-on-year, according to recent research from Hamptons estate agents.
This rise in rents of newly let property outside the capital is the highest since Hamptons estate agents started its index in 2012. Meanwhile, rents grew in Outer London by 5.3% and in the South East by 10.6%, as tenants sought out more rural areas and working from home space.
Rising tenant demand for commuter towns has also translated into changes in the average time to rent out a house vs a flat. According to recent research from Zoopla, it now takes 30% less time to rent out a property than it did a year ago.
Stuart Williams, Director of Thirlmere Deacon, commented: “Investors who have been closely monitoring market movements will recognise that there’s been a shift in tenant preferences and an increased demand for properties located in commuter towns. Our new development is an ideal opportunity for those seeking to secure a buy-to-let property in an established commuter location.
“Through thoughtful planning, the conversion makes the very most of the available space to create unique, modern and spacious apartments finished with high-quality fixtures and fittings. In addition to the in-apartment features, the development offers excellent facilities including secure bike storage, additional storage facilities, lift access, daytime concierge and allocated parking spaces (available to purchase).
“Not only is the building close to the High Street and the many amenities in the town, but it is also located just 0.4 miles from the Brentwood Station where trains to London Liverpool Street take under 40 minutes and Shenfield Station is just 1.4 miles away for an even faster connection with London – with trains taking under 25 minutes to reach London Liverpool Street from Shenfield.”
