The same is true for the South East where rents have dropped by an average of 2.6% but in most other parts of the UK, including right here in the South West and Exeter, rents are on a steady rise. The South West in particular saw a rise of 1.8%, which is really encouraging.
Both London and the South East are heavily populated areas of the UK. We’re fortunate here in the South West that we still have a lower percentage of population and therefore, rents are still very competitive.
Having said that, we shouldn’t look upon ourselves as a sleepy backwater; that’s far from the truth. Plans for Phase Two of the Exeter Gateway distribution facility at junction 29 of the M5 have been submitted. If they’re given the go ahead, it will put Exeter on the map as the South West’s leading distribution hub south of Bristol.
This in turn will lead to more jobs and more people moving in to the area. As history has shown us, when people move to a new area they tend to rent first. So, there will be a high demand for good quality, modern housing in and around the city to support the areas economic growth.
If you’re thinking of investing in rental property or you already have a property you rent out, and you’d like some advice, please talk to us. We advise numerous landlords with their portfolio and also help them add to it if they’re looking to increase it.
Call us on 01392 202220 and talk to Mark Reynolds, who would be delighted to share his knowledge of the Exeter rental property market with you.