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Witney Rental Property Shortage

Witney Rental Property Shortage

The number of available properties to rent in West Oxfordshire has dipped considerably in recent weeks. As a rule of thumb, there are usually around 200 properties available at any given time within a 5-mile radius of Witney and this includes a number of short-term holiday lets. As at the end of October, this has reduced to around 115, nearly half the long-term average. Consequently, rents are starting to creep back up, void periods are coming down and landlords can afford to be choosier with regards to accepting applications for tenancy.

 

Having thought about the reasons for this, I suspect it's a combination of increased demand due to vendors selling up and pausing before making an onward purchase in anticipation of falling property values and longer tenancies as people are staying put in these uncertain times.

 

The graph below shows the availability of Witney rental properties so far this year, but it is a similar picture for Carterton:

 

Witney Property Supply