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Report maintenance March newsletter – Bristol letting market update
We’ve now entered our 16th year of letting and managing properties for our Bristol landlords and the Bristol rental market continues to be one of the busiest in the UK. In this edition, we’ll give you our Bristol letting market update and the key news for Bristol landlords.
Bristol Letting Market Update:
Tenant enquiries have started to pick up across Bristol after a quiet December. Although, the average number of enquiries per Bristol rental property on Rightmove are down year on year. This increased competition for tenants is also supported by a 25% increase in available rental stock. Which means there are more properties for prospective tenants to choose from.
At The Letting Game, we’re working hard and smart with our first-look Instagram posts, Corporate connections and professional marketing, having secured tenants for over 150 properties by the end of February! We’d also expect to see the volume of tenant enquiries to pick up even more over the coming months.
Rental prices across the Southwest continue to increase, with a 7.5% increase for Dec/Jan compared to the previous year (Goodlord). Rest assured, we continue to review our landlord’s rent just before the end of a tenancy.
Other rental news
Other news includes the Right to Rent fine increases that went live on the 13th of February. As a result first-time breaches increasing from £1,000 per occupier to a maximum of £10,000 per occupier for first offences, increasing to up to £20,000 for repeat offences. This shows the importance of our role with the new tenant checks we undertake for our landlords.
We also confirmed last month that even more rentals across Bristol will require a licence from August ’24. All HMOs city wide will require an additional licence and in some areas a licence will be needed for all rentals even with just 1 tenant. If you missed that article, you can still read it here>
