Richard Rabin, Director at Lang Town & Country, gives an expert review of the Plymouth Lettings Market in 2023 and what it means for landlords and tenants.
The Plymouth lettings market remains strong in 2023 but is being hampered by a lack of properties to rent.
Letting agents in Plymouth say the low number of homes on the rental market is driving up demand for homes below £1,000pcm (per calendar month). That in turn is driving up rental prices.
Here, Richard Rabin, Director at Lang Town & Country, gives an expert review of the Plymouth lettings market so far in 2023 and looks at potentially what’s in store for landlords and tenants in the city.
“Lack of properties available to rent” in Plymouth
Richard explains: “In the first six months of 2023, there has initially been a lack of stock on the lettings market. There is also a lack of properties available to rent, which has been driving the prices even higher.
“We’ve seen one-bedroom properties go from approximately £650pcm in late 2022 which are now fetching £750 to £775pcm. That’s for quality one-bedroom apartments, which is quite an incredible jump.
“Anything under £1,000pcm, we’re finding that we get an awful lot of application forms on average over 30. There are a lot of people wanting properties in this price range.
“When you start going above £1,000, though, you do noticeably find a difference where you still get application forms, but they’re not so great in number.
“And once you go above £1,500pcm, then it really is quite a small number that are looking. But we do still tend to go in phases where it can be quiet for a couple of weeks then we get two or three applications for the higher-end rentals.”
How has the Plymouth lettings market changed in 2023?
“At the start of 2023, it was quite consistent and ticking along. But as soon as we got to March until about June, it went crazy.
“We’re now finding that during the summer, properties under £1,000pcm are in huge demand.
“We now have a few properties in the higher range. They are still attracting tenants, but instead of them going within a week, they’re now getting viewings within two to three weeks and then they go.”
What’s in store for the Plymouth lettings market in 2023 and 2024?
Richard says: “In terms of where I see the Plymouth lettings market now going for the next six months, I don’t see prices coming down because the stock is still not there.
“The only difference we might see is, like I said, if there are higher-end properties because they can’t sell and they do start coming back to the market, you might find that the prices adjust themselves slightly.
“So, we could find that where people are really pushing or landlords are wanting to push some high prices, we could find that they’re going to have to settle for what we think is the norm going forward.”
Proud to be one of the best letting agencies in the country
Lang Town & Country was named one of the best letting agencies in the country for 2023. For the fourth year in a row, our dedicated team received an Excellent Rating for Lettings – the property industry’s most prestigious mark of excellence – at the Best Estate Agent Guide Awards.
To us, though, it’s not just about the number of houses we sell or rent out. Our clients’ needs will always be at the forefront of everything we do. And we’re proud that the customer service we provide is second to none.
That is reflected in the fact we have more than 300 five-star Google reviews, which pay tribute to that service.
Richard adds: “Obviously one thing Lang Town & Country tries not to do is just put unachievable figures on properties, which we are seeing with some other agents.
“We are going up against some letting agents who are giving crazy figures to landlords, relying on tenants’ desperation in this current market.
“You then create a short-term tenancy because after their initial six months, they can’t afford the rent any more”.
“If you want any further information about the sales or lettings market, please do contact your local Lang Town & Country office using the details below, and our teams will be more than happy to help.”
What’s in store for the Plymouth property market in 2023?
The same thing is happening in the property market when it comes to sales.
In fact, homeowners in Plymouth could be losing thousands of pounds on their properties due to incorrect valuations by estate agents.
Richard explains: “Our sales teams are leading the way and seeing properties come back to them, especially across the city where they have been originally over-priced by other agents. Those agents had no joy because buyers aren’t willing to over-pay for a property especially when stock levels seem to be increasing and there is more choice available for them.
“We’re getting properties on the market at the right price and they are getting interest. That’s not the price going down, that’s actually the price being where it should have been from day one.
“The importance of property valuations in the current climate is essential to attract the correct buyer and not let the property stagnate on the market for too long. We know how important it is to get your asking price right at the first attempt and attract the correct buyers.”
How do I get in touch with Lang Town & Country?
If you’re thinking about selling your home, your first step should be to get it valued. Please do contact us and we’ll be more than happy to offer advice and a free valuation of your home.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / firstname.lastname@example.org
Land & New Homes – 01752 278499 / email@example.com