Tue 02 Jan 2024

Are you a landlord or tenant in Surrey, specifically in the areas served by Wills & Smerdon? If so, you'll want to know what's in store for the rental market in 2024.  We've gathered insights from Zoopla's latest predictions and added some local context to give you a clear picture of what to expect.

Rental Growth: A Slowdown on the Horizon

Over the past three years, the private rental market in the UK has seen remarkable growth, with rents for new lets rising by an average of £3,360 per year. However, as we step into 2024, Zoopla's experts suggest that we're past the peak rental growth phase. This prediction is particularly relevant for the areas served by Wills & Smerdon, including Bookham, Cobham, Cranleigh, Dorking, East Horsley, Effingham, Esher, Merrow, Ockham, Peaslake, Ripley, Send, Send Marsh, Shere Village, and West Clandon, West Horsley, and Woking.

Local Impact in Wills & Smerdon's Service Areas

Whilst Surrey, with its charming towns and proximity to London, has been a desirable location for renters, the experts at Zoopla anticipate a major deceleration in rental growth in 2024. This slowdown is not unique to Surrey but is part of a broader trend in the UK. In the areas served by Wills & Smerdon, such as Cobham and Woking, landlords and tenants may experience some moderation in demand as affordability becomes a concern. Zoopla reports that London's rental market, which significantly influences Surrey's market, will see the most significant slowdown. These trends are likely to ripple out to surrounding areas.

Projected Rental Growth in Wills & Smerdon's Service Areas

So, what can landlords and tenants in these areas expect in terms of rental growth? Zoopla predicts that UK rental growth will slow to +5% by December 2024, down from the current 9.7%. In the case of London, the projection is even lower at just +2%, the lowest since 2021. While these figures reflect broader trends, they're important to consider for local rental planning. Local Factors Influencing the Market Each of the areas served by Wills & Smerdon has its own unique attributes that impact the rental market. For instance, Dorking's appeal as a historic market town and Woking's role as a commercial hub create diverse rental dynamics. Additionally, the presence of reputable schools in Bookham and Effingham may influence the demand for rental properties, especially among families.

Balancing Supply and Demand

One constant in the rental market in these areas is the imbalance between supply and demand. This trend is unlikely to disappear in 2024, but experts suggest the market will move closer to equilibrium compared to the last three years. This could mean that while demand remains robust, supply might gradually catch up.

The Role of Asking Rent Reductions

A significant indicator of rental market dynamics is the extent to which asking rents for rental listings are being adjusted to attract tenants. Zoopla's data suggests that reductions of over 5% are occurring, especially in London and other parts of the UK. This reflects the affordability challenges faced by renters.

Looking Ahead in Wills & Smerdon's Service Areas

As we navigate the rental market landscape in 2024, it's crucial for both landlords and tenants in these areas to stay informed. While the market may experience a slowdown, local factors will continue to influence rental dynamics. If you're a landlord or tenant in any of the areas served by Wills & Smerdon, staying in touch with local experts and estate agencies like us will be invaluable as you plan your rental journey in 2024.

Whether you're looking to invest, rent, or adjust your rental strategy, being aware of these predictions and understanding the local context will help you make informed decisions. Rental market predictions are subject to change as economic and social conditions evolve. Stay tuned for updates, and consult with local experts for the most accurate information.

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