Philip James Lettings is off to a great start for 2022!
According to Rightmove we are still the Number 1 lettings agent in Manchester from just two months of trading in 2022: See how we compare to our competitors.
We receive hundreds of enquiries for every property we list, due to fierce competition for homes from applicants. This puts landlords in a strong position and enables us to find them the best tenants.
Our Lettings Manager, Jemma Donnelly shares her thoughts on the market and how she is expecting 2022 to play out.
What was the impact from the pandemic on the rental market?
- 50% of properties were being taken off video tour/floorplan along during the pandemic. This has naturally decreased to 20-25% over the last few months, coming down slowly and consistently, now isolation periods have been decreased and eventually become non-mandatory.
- No slow down during the Xmas/New Year period, like in previous years, constant competitive marketing.
What is in demand now?
- There are fewer three bed properties available at the moment, but demand is high, so we are confident that these will be snapped up if we get the stock from landlords.
- One and two bed properties are most in demand, City Centre and Didsbury remain the most popular areas to rent in.
- Reddish, Withington, Northenden and Salford/Salford Quays are on the rise in terms of demand, and also pricing has seen an all time high in these areas. I believe this is due to raised prices in the ‘normally’ popular areas like Didsbury, and applicants now compromising on location to get something close to where they want to be.
What do you predict for 2022?
- The market will remain buoyant, as the number of applicants looking to rent is still excessively high.
- We may see an affect on being able to achieve normal pricing on 3 beds if the HMO licensing impacts properties since only two sharers can be accepted, rather than the standard three. This means the rent share splits are higher and less affordable for your standard applicant.
- Empty properties are pretty much non-existent, and with demand outstripping supply I expect that we will continue to see properties letting whilst tenanted. In fact, 85% of the time go during the first lot of viewings (usually 6 attendees per viewing).
We are always looking to grow the number of landlords we represent, so that we can keep up with customer demand. The benefits of using Philip James for landlords include the low void periods, where we perform significantly better than competitors and the rent reviews that are carried out which ensure landlords are happy, whilst providing good value for tenants.
In fact, 52% of our tenants resign with us which is great result for them and the landlords.
For tenants looking to let, please check out our rental search for the latest properties available or give up a call to discuss your needs because the market is still moving very fast.
Take a look at our Rightmove page for more information about the services we provide with our Lettings team in Manchester.