According to Judienne Wood of
Gascoigne-Pees Lettings (a division of B&B), the
Cobham,
Esher and
Weybridge markets report a surge in activity. Since April/August '02 there has been:
A 66% increase in company lets
A 20% increase in individual lets
A 17% increase in expatriate lets
Said Wood: "The lettings market has mirrored that of residential sales over the last 18 months with the South-East top end suffering a downturn post 9/11. However, activity in this market has begun to move over the past few months.
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"The corporate market, which disappeared in the autumn of 2001, is now showing shoots of recovery. We are receiving calls from relocation agents again, which is encouraging.
"For example, our Cobham branch has recently let a five bedroom house with indoor swimming pool for £3,500 a month which had been available for 5 months."
Investment Also Strong
Wood also reveals that the mid-to-lower ends of the letting market also buoyant because first-time buyers priced out of homeownership are deciding to rent.
"The investment rental market has been boosted by increased house prices. It's the common cycle that sales and lettings experience where one enjoys a boom at the other's expense.
"With more tenants around we are finding more investors returning with the confidence to purchase a property to rent out. New builds in particular are witnessing interest from this sector of the market."
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