Rising Rental Prices in Longridge and Surrounding Villages
Over the past 12 months, the rental market in Longridge and its surrounding villages has seen the average rent rise to £1,038 per month, marking a notable 16% increase in the last 12 months. This rise in rent prices reflects broader trends in both the local housing market and the growing demand for homes in these picturesque, semi-rural areas.
Rising Rental Prices in Longridge and Surrounding Villages: A Look at the 16% Increase
Over the past 12 months, the rental market in Longridge and its surrounding villages has experienced a significant shift. The average rent achieved for homes let in the area has risen to £1,038 per month, marking a notable 16% increase compared to the previous year. This rise in rent prices reflects broader trends in both the local housing market and the growing demand for homes in these picturesque, semi-rural areas.
Breakdown of Current Rental Prices
The rental market in Longridge and its surrounding villages is showing a clear trend towards higher prices, with varying rental rates depending on the type of property. Here's a closer look at the average rent prices by property type:
Detached Homes: £1,334 per month
Semi-Detached Homes: £1,017 per month
Terraced Homes: £885 per month
As expected, detached homes command the highest rent, reflecting the larger size, private gardens, and greater living space typically associated with these properties. Semi-detached homes, while still offering ample space, are more affordable and remain popular with families. Terraced homes, often more affordable, continue to be in demand, particularly from first-time renters and smaller households.
Factors Driving the 16% Rent Increase
The 16% yearly increase in rents for properties in Longridge and its surrounding villages is the result of several key factors:
1. Increased Demand for Rural Living
The trend of moving away from city centres and into more rural or semi-rural areas has been accelerating. With more people working remotely or seeking a quieter lifestyle, Longridge and nearby villages have become attractive destinations.
2. Low Housing Supply
There is a limited supply of rental properties in Longridge and the surrounding villages, which has driven up competition for available homes. Landlords, recognising the high demand, have been able to increase their rental prices.
3. Economic Pressures
The cost of living continues to rise, with inflation impacting many sectors, including construction, maintenance, and utilities. These increased costs are often passed on to tenants in the form of higher rents.
4. Investment in Local Infrastructure
Improved infrastructure and development within Longridge and the surrounding areas have made these villages even more desirable. With better transport links, access to amenities, and ongoing community projects, the area is increasingly seen as a prime location for renters seeking the best of both rural and urban living.
What This Means for Landlords:
For landlords, the 16% increase presents a unique opportunity. Rising demand for rental properties means that landlords can adjust rents to reflect the current market conditions. If you're a property owner in the area, now is an excellent time to consider letting your property, as rental prices are at a high. However, landlords should be mindful of tenant expectations and ensure they provide competitive, well-maintained homes to secure long-term tenants.
Rising Prices: Does This Affect The Time It Takes To Rent?
Properties rented in the last month had been on the market for an average of just 18 days, which is 2.2% shorter than the same period a year ago despite the higher rental prices. This reduced time on the market highlights the competitiveness of the rental sector in the area, with properties being snapped up faster due to the continued interest in rural living and limited housing availability. For landlords, this is an encouraging sign that well-priced properties are in high demand, reinforcing the opportunity to secure strong, reliable tenants quickly.
Landlords: Are You Achieving the Rent You Should Be?
With rental prices rising across Longridge and its surrounding villages, it’s the perfect time for landlords to ensure they are getting the best return on their property. If you don’t believe you’re achieving the rent you should be with your current agent, now is the time to act.
We’re here to help you maximise the potential of your property. Contact me directly on to discuss how we can assist in ensuring you're achieving the right rental income for your home.
01772 319421 toby@pendlehillproperties.co.uk
