It's always worthwhile taking a barometer reading on the availability of rental stock in Uxbridge and the surrounding area. As a potential buy to let investor or an existing landlord it gives you an idea as to which areas have the highest supply of
It's always worthwhile taking a barometer reading on the availability of rental stock in Uxbridge and the surrounding area. As a potential buy to let investor or an existing landlord it gives you an idea as to which areas have the highest supply of rental stock.
If the area has a very high amount of rental stock that could indicate over supply and will cause downwards pressure on prices to attract the best tenants. Conversely a shortfall in rental stock will cause an increase in prices.
I have looked at the stock that is available and compared this to . As much as I would like to take credit for this idea, my colleague Neil Whitfield in Sunderland has been working with this for a little while.
|Postcode||Area||Rental Property 2011||Rental Available||% Available||Shortfall Based on 5% Available|
|UB3||S Hayes, Harlington||3,678||122||3.3%||62|
|UB4||N Hayes, Yeading||2,487||53||2.1%||71|
|UB7||West Drayton and H'row villages||2,420||106||4.4%||15|
|UB8||Uxbridge, Cowley, Part Hillingdon||2,787||229||8.2%||-90|
The rule of thumb is that there is normally 5% of stock available which works out as a new tenant every 20 months on average which is every year and eight months.
As the data is from Rightmove it excludes private rentals.
What does this information show?
For Uxbridge it indicates that there is over supply. I don't think this is the case! I think that student property is listed for a long time so skews the figures giving an indication of over supply in this market.
If this is the case I would expect the difference to be borne out by difference in housing stock between say West Drayton and Uxbridge for example. And it very much is...
4+ Beds in Uxbridge there are 122 available vs 12 only in West Drayton.
You will see the great shortage of studio flats on the market at the moment for rent in both West Drayton and Uxbridge and this is borne out by the increase in rents we are seeing being asked for studios which has gone from £675pcm to around £750pcm for good quality studios in the area.
For a larger area there are also less one to three beds on the market in Uxbridge which has larger rental stock than West Drayton.
The table indicates in North and South Hayes there is a shortage of property here by 130 properties at the moment, which would lead to rental increases in the area if sustained. Perhaps tenancies are longer in Hayes - which they may be given that the housing stock lends itself to families as there are more three bed semis than one or two bed flats in the area. This would lower the supply of stock back onto the market.
Despite more flats being built and the massive interest in the area from Crossrail, there is still an under supply of housing stock in Yiewsley and West Drayton.
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