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As the Author of the Diss and Harleston Property Blog, I like to post regular articles on the local market, interesting statistics and new properties coming to the market.  So, if you are someone just interested in the property market, buying, selling, investing or a Landlord, I am always available to answer any questions or give advice about buying a property, even if a property on the market with another estate agent.  You can telephone me on my direct line 07919 416831 or email at kevin@parson.ltd.uk.

 

Listen to my Park Radio Local Property Expert Show every second Thursday of the month at 11am
 

 

Diss and Harleston Homeowners Have Turned to the Rental Market to Cash In By £14,000 Each

Diss and Harleston Homeowners Have Turned to the Rental Market to Cash In By £14,000 Each

NEWS Kevin Parson 2nd September 2021

Diss and Harleston Homeowners Have Turned to the Rental Market to Cash In By £14,000 Each

 

Should you sell or should you buy-in this most interesting Diss and Harleston property market?

 

I have calculated that at least 32 Diss and Harleston house sellers have rented a home to break their house chain in the last 12 months, although at a cost as they face paying many thousands of pounds in rent. 

 

There are a number of reasons behind this. One is because they cannot find another Diss and Harleston property to buy amidst a continuing shortage of new Diss and Harleston properties coming to the market. Although, there are others who have achieved such a high price for their home they have decided to cash in and are (hopefully for them) waiting for the Diss and Harleston property market drop?

 

Or will it drop? (More on that later).

 

Those selling their home have seen the…

 

average Diss and Harleston homes rise in value in the

last 12 months by £14,000.

 

Yet, if they have had to go into private renting, they have paid for that privilege in the rent they have had to pay.

 

The average cost of a six-month rental agreement in Diss and Harleston is £3,246, meaning accidental Diss and Harleston tenants have pumped £103,869 into the Diss and Harleston rental market in the last 12 months.

 

The unevenness between the number of properties for sale and demand for them is at its widest since the early 2000’s. Whilst we have seen a slight improvement in the number of properties for sale in Diss and Harleston, there are still…

 

73% fewer homes up for sale today in Diss and Harleston,

compared to August last year.

 

This serious shortage of Diss and Harleston property for sale is discouraging some hesitant Diss and Harleston homeowners from putting their property on to the housing market, anxious they will not be able to find their next home and will be left renting.

 

Yet some savvy Diss and Harleston homeowners are moving into a rented property as a way to navigate the shortage of properties to buy. If you have someone offering you top dollar for your Diss and Harleston home, whilst you will have the hassle of two moves, the increase in value of your Diss and Harleston home will more than offset the rent. 

 

Also, when you come to buy your next Diss and Harleston home, you will be chain free and in pole position to buy your ‘forever home’, rather than being overlooked for the home because you are sold stc and burdened with a chain.

 

Yet this trend has made life tougher for long-term Diss and Harleston tenants.

 

On average there were normally 20 to 25 properties available to rent in Diss and Harleston on Rightmove at any one time (pre-pandemic), today there are only 11 available.

 

To give you an idea of how this has affected the Diss and Harleston rental market, with heightened demand and lower supply, demand for rental properties has grown to such an extent…

 

the average rent in Diss and Harleston has grown from £541 per month a year ago to £594 per month today.

 

Tenants are suffering from less choice and higher rents in the Diss and Harleston property rental market, with few indications it’s going to significantly ease on the run up to Christmas.

 

So, what is going to happen to the Diss and Harleston property market? 

 

Well, those of you that follow me know I regularly write about the Diss and Harleston property market in my property blog. If you would like some recent articles I have written about the future of the local property, either drop me a line and I will send you some links to those posts, send me a DM or contact me by telephone.

 

In the meantime, please do share your thoughts on the matter in the comments.

 

 

 

 

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