While the prime rental markets of London have recorded an annual growth rate of 1.4%, a similar growth rate of 1.3% has been seen for prime rental properties in the commuter zone, and that includes Winchester, according to a recent report issued by Savills research team: Prime Lettings Market in Minutes.
Winchester continues to be a favourite with families, which is once again attributed to the popularity of the excellent schooling coupled with easy access to London.
However, regardless of location, since the peak of the rental market in 2008, three bedroom properties have seen the strongest growth with average rental values across the prime commuter zone 3.0% above their peak, but, over the past three months, it has been one and two bedroom properties that have seen the strongest growth, at 1.3%. This has been driven partly by young sharers unable to or not wishing to buy and the most significant factor is young professionals relocating for work as the economic recovery outside of London continues to strengthen.
“This is great news for all our landlords and those thinking of investing in the property market in the city” said Tara Kelly, Head of Lettings at Savills Winchester, adding: “Winchester continues to offer a rental market that delivers great returns across the spectrum, from apartments right up to larger, family properties, and with its improving retail environment, its variety of top class restaurants along with a vibrant cultural scene, it constantly appeals. To put it simply, Winchester offers a life-style and that, I believe, is the key to its success.”
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