The market changes overnight and ‘normality’ returns
The rental market in wider Reading changed in January. Almost overnight, demand reduced, supply increased and the frenzied market from last year vanished. Last year supply was so tight that bidding wars were commonplace, and many tenants had an unpleasant experience when finding a home.
In Q1 of 2024, a more ‘normal’ market returned with a more sustainable balance of stock vs demand. Long-term, this is healthier for all parties in the Private Rental Sector.
One statistic tells the story: there were 29% more rental homes on the market in March compared with March 2023. More choice for tenants coincided with rents hitting an affordability ceiling and this caught many agents and landlords off-guard.
At Haslams, we have been very direct with our advice to clients so that we market properties with the correct pricing. As with sales, if you get the price right then progress can be made.
View our Residential Sales report here.
 |
Dan Channer Managing Director – Haslams |
Rental Demand
applicants registered
enquiries
rental increase YoY
rental increase on renewal
lets agreed
(Haslams internal data & Rightmove Q1 2024)
Rental Supply
properties to rent
vs last year
(Rightmove data for Reading area Jan-Mar 2024)
Gross Yields
1 bed maisonette in Woodley
Prime studio in RG1
3 bed house in Spencers Wood
(Haslams Price Index Q1 2024 vs Q1 2023)
Haslams Tenants
Average salary
on 03/23
(Haslams internal data 03/24)
| Age Breakdown | |
|---|---|
| Under 21 | 1% |
| 21-30 | 49% |
| 31-40 | 40% |
| 41-50 | 6% |
| 51-60 | 2% |
| 61+ | 2% |
(Goodlord data Q1 2024)
Haslams Portfolio
(Haslams internal data Q1 2024)
| Void rate | 0.47% |
| Rent arrears | 1.44% |
| Tenancy renewal rate | 68% |
Investment opportunities
Berkeley Court, RG1
£180,000 6.7% yield
1 bed, 1 bath apartment
Walking distance to town centre
View property >
Troon Court, RG1
£180,000 6.7% yield
1 bed, 1 bath apartment
Close to university & hospital
View property >
This does not constitute financial advice and Haslams may be acting for the owners of properties mentioned.
Download Haslams Q1 2024 Lettings Report as a PDF
