Rents on the up in St Albans and Harpenden
PUBLISHED: 16:15 21 October 2020
Prime rents in Harpenden and St Albans increased by 0.7 per in the three months to the end of September, thanks to a combination of strong demand for larger properties and a shortage of supply.
According to latest research from Savills, these upmarket areas also saw annual growth of 2.2 per cent - a contrast to the London lettings market, where prices fell in many areas, most significantly in Central London (-4.7 per cent).
Ryan Green, who leads the lettings teams at Savills in Harpenden, said large parts of the market continue to be driven by movers seeking major lifestyle changes post-lockdown.
“It’s too early to know if this shift in mindset and behavior is permanent,” he said, “but we expect to see it carry over into early 2021 at least.”
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He said that Savills’ Harpenden branch has received multiple offers on some properties, and competition for those seen as ‘best in class’ – particularly family homes in the likes of Harpenden, St Albans and surrounding villages – has fuelled price rises.
He said: “People now anticipating a mix of home and office working are looking further afield, while some are adopting a ‘try before you buy’ approach before a permanent move. Strongest demand is for houses with gardens in good locations as well as ‘lifestyle’ type properties in more semi-rural areas.
“However, tenant demand is only part of the story. The strong appetite for properties means that stock levels have fallen to some of the lowest we’ve seen.”
As a result of this continued buoyancy, Savills now expect rental prices to rise by 11.5 per cent in the commuter belt by 2024, while a 7.6 per cent increase is predicted for London.
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