Lettings Market Update Jan 2024

1 February, 2024

The rental market has started 2024 with a bang! With above normal numbers of new lets and the first signs of investor landlords returning to the market. This, despite the fact the upcoming Renters Reform Bill will impose further legal requirements upon Landlords and will likely introduce an Ombudsman to oversee the conduct of Landlords and Tenants. The latter, may well assist Landlords, as it should reduce the need for costly and time consuming legal action, for when things go wrong. Whilst we await the final version of the legislation, which no doubt will have a few unwanted surprises, it demonstrates the benefit of using a professional letting agent to keep on top of the constant changes within our industry.

In 2023, we had persistent high demand for rental property and a lack of supply of properties across the market, leading to record-breaking rental increases. There is no sign or little sign of this process slowing down, despite the upcoming changes.

2024 is poised to be a rewarding year for landlords. With property prices more stable, rental prices increasing and an abundance of potential tenants. There has never been a better time to enter or expand your rental portfolio.

With the ever-changing legislations it is imperative that as a landlord, you choose an agent with knowledge and expertise within Lettings to ensure your asset is well taken care of.

If you are considering letting a property in the Southampton area get in touch Field Palmer Lettings Team on 023 8071 0402 and lettings@fieldpalmer.com or request a rental valuation on our website here