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Property Market Update for March 2024 

Camberley 

Frimley

Sandhurst

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If you are curious to know what is happening in your local property market then get in touch today on 01276 539111 or check out the value of your home.

We are proud to say that we have just exchanged on the most expensive house to sell in Camberley since 2019. We offer a bespoke sales and lettings service catering to premium properties in Surrey, Hampshire, and Berkshire.

If you are curious to know what is happening in your local property market then get in touch today on 01276 539111 or check out the value of your home.

Glasgow has topped the list of cities with the biggest increase in the number of buy-to-let properties over the past year, with a 12% rise. Nottingham and Leeds came in second and third place respectively, both with growth of over 8%.

In spite of the challenges facing landlords, many cities are seeing continued growth in the sector, with over half of landlords saying they would recommend investing in buy-to-let property.

26% of landlords who own 6 to 10 properties are planning on increasing their lettings portfolio in the next few years, rising to 11% for landlords who own eleven or more properties.

Source: Dataloft, Simply Business, Property Academy Landlord Survey 2023

In the past five years (excluding 2020 due to Covid), springtime bloomed with 27% of home sales, the highest proportion of any of the four seasons.

During Spring, properties found new owners in an average of just 51 days, significantly quicker than the 61-day winter average.

Spring has long been acknowledged as the best time to sell, with flowers blossoming, the sun coming out and gardens springing back to life. With buyer demand levels currently 7% higher than last year, now is a great time to get your property on the market.

Source: Dataloft, HMRC, Rightmove, spring defined as March, April, May

Just one quarter (24%) of landlords intend to increase rents in 2024, while 68% intend to maintain them at current levels and 8% plan to reduce rents.

Rents have risen rapidly over the past few years. With an average increase of £135 extra per month since Q4 2022 and £450 per month since the same quarter in 2019, financial pressure on tenants has risen.

Finding and retaining good quality renters is a key priority for landlords and highlights the importance of a good relationship. This may explain why the majority of landlords are looking to maintain existing rents.

The main challenges anticipated in 2024 by landlords were the cost of maintaining, repairing and running properties, followed by legislative changes.

Source: Dataloft