The spring and summer have been a busy time for our lettings team. With a continued shortage of supply, country rentals in Hampshire have been in strong demand and really seem to have bounced back after what was a slightly more subdued year in 2024. Prices in some areas are on the rise again for the best cottages and houses across all sectors and there remains many highly motivated people searching for a home to rent.
At the time of writing, we have noted an air of caution creeping into the sales markets as people wait for the autumn budget (now scheduled for 26th November) especially to see what tax implications there may be. This has led to uncertainty, and our residential sales teams are reporting a slower market with fewer transactions than in previous years. The upshot of this has been fewer people moving out of their rentals, thus meaning the lack of supply in the Private Rented Sector is even more exacerbated and we have noticed rental prices being pushed up further in many cases as people flock for the safer, shorter-term option of renting.
We are also waiting to see whether the chancellor brings in any further taxation onto rentals; it has been mooted that the treasury is looking at a possible National Insurance levy on rental income. Whilst we haven’t seen a mass exodus of landlords selling their rentals, which is encouraging, proposals such as this could be a surefire way of driving yet more landlords out of the market and only increasing the problem of housing stock.
As we have reported in previous updates, the forthcoming Renters’ Rights Bill is due to come into force imminently. At present, the bill is in the ping pong stage between the Houses with amendments, but we expect it to become law early next year. Once we know the final changes, we will of course update you. As we know, this will be one of the single largest changes to the Private Rented Sector in decades, but we are ready for it and here to guide our landlord clients through the myriads of changes.
Finally, we are so excited to be further expanding our residential lettings business in our Petersfield office. We have recently recruited Ruth Hicks, who hails from Rogate, and will be spending two days a week in Petersfield, joining Katie Denton and myself, Tom Woods, with the aim of growing our presence in the area. Ruth joins us having worked in property management in the past and is an excellent addition to our experienced team.
As ever, if you would like any further advice on any aspect of your rental property, please contact us and we would be delighted to assist you. Also, do take a look at our current listings.
