How has the rental market changed in Bedfordshire over the last 12 months
While the rental market has been growing more competitive and rising with respect to prices across the United Kingdom in the past 12 months, it is important to look at certain areas individually. With more and more people looking for viable housing options outside of London, areas like Bedford have come under the spotlight. There have been some notable changes in the rental market in Bedfordshire in the past 12 months.
Property prices have risen by about 6%
The fact that property prices in Bedford have risen by 6% in the past 12 months won’t have helped many tenants get on the property market. This means that the demand for rental property in Bedford is still in place and with the market expecting to continue rising in price, this is likely to be the case for the foreseeable future.
There has been an added level of interest in Bedford after the area has been declared a property hot spot according to a leading online estate agent. The Property Hotspots Index takes account of changes in supply and demand and for the first time ever, Bedford was ranked in the Top 10 of “In Demand” areas. This was for the fourth quarter of 2015 and Bedford was ranked 7th in the United Kingdom.
The Bedford to London commute is simple
A key factor in the rise in interest for Bedford comes from the fact that many potential buyers had previously considered Bedford to be too far from London but are now realising that the commute is manageable down to the high speed rail link. The journey from Bedford to St Pancras station only takes 40 minutes, making Bedford a suitable area to stay in for many commuters. It is important to realise that mileage isn’t always the best starting point in determining commuter areas. The strength of transport links will provide a far more realistic view of where is suitable and in this regard, Bedford is recognised as a suitable destination for commuters to and from the capital.
This is as true for tenant as it is for people looking to buy property. The average rental price in Bedford comes in at around £860 but for a one bedroom flat, the average rental price per calendar month is just £565 and it is £433 for a one bedroom house. It is common for these figures to be the weekly rental figure for many areas of London, so even people looking to rent while working in London will find that Bedfordshire offers far greater value for money.
While the most recent figures haven’t been calculated yet, the entire country has been impacted by the impending stamp duty tax changes. This means that some landlords operating in the Bedford area will likely have snapped up property at a cheaper rate. Going forward, if landlords are buying prices at a dearer price, there is a likelihood that tenants will face higher rental fees but for the moment, that hasn’t materialised. However, there has been a general increase in rental prices, reflecting the general rise in property prices in Bedford in the past 12 months.