The current Lettings market in St Albans is an interesting place to be if you're a Landlord, and even if you're a tenant. The impact of steadily rising house prices and lack of supply continues to drive a huge demand for accommodation in the area meaning prices remain buoyant and property is letting quickly.
The latest data from one source at the time of publication shows that St Albans currently has 262 properties available to let with a Median (midpoint average price) of £1200pcm. The average time on market before a tenant is found and a Let Agreed sits at 57 days which shows that most St Albans agents are struggling, even in such a buoyant market. This could of course also indicate that tenants are struggling to pay agency fees or the prices may be somewhat ambitious.
The speediest price bracket for finding a tenant is between £500pcm - £1000pcm while the slowest is the £250pcm - £500pcm bracket. 44% of the available St Albans properties fall between £1000pcm and £2000pcm - 116 of the 262 available.
The most readily available type of property is a flat, with 92 of the properties available falling into this category, with houses coming in a close second at 89 properties available. On average (again, median) a house will bring a Landlord £400pcm more than a flat, however they will take 17 days longer to let, on average.
Of the properties on the market, 83 Lettings were newly listed in the last 14 days - that's 31% of the total availability, so things are certainly bubbling away on the Lettings market in St Albans.
Interestingly, in contrast to the whole of Hertfordshire, St Albans Lettings tend to move more quickly with the county average sitting at 73 days before a Let is agreed.
For more detailed information and data on the market and how it affects your property - contact Hawk & Chadwick Ltd Estate and Letting Agents on 01727 226 253.
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