The chaos of summer seems to be well and truly upon us! We are receiving a lot of enquiries from prospective tenants with one and two bedroom flats in particular experiencing high demand. Rental levels are strong but have levelled out over recent months.
One worrying trend we are seeing is the tendency of other agents to over value properties in a bid to gain instructions. This in turn means that landlords believe they can achieve a higher rent than the market will support.
We were instructed last month on a 3 bedroom flat which had been on the market with another local agent with no interest. We valued it at £2100pcm but the landlord wanted us to try £2250pcm. After no viewings, we advised the landlord to reduce it to £2150 which they did. We carried out a couple of viewings but received no formal offers. It reduced again to £2100pcm and we received two applications on 3rd June and two more on 4th June!
Some landlords are trying to sell their investment property because they are wary of the Renters Rights bill which will probably come into effect later this year. The sales market in Bristol is quiet particularly for flats with increased stamp duty, the Building Safety Act and the decrease in interest rates not yet being reflected in mortgage rates all having an adverse effect on the sales market.
Despite this, Bristol remains an attractive location for property investors thanks to its growing economy and strong tenant base. However, successful landlords in 2025 are those who adapt to a maturing market. That means partnering with reputable agents who provide realistic valuations and prioritising long-term occupancy over short-term gain.
With over 60 years experience in the Bristol Rental market between Peter Allen and Rebecca McKelvey alone, we feel that we can offer landlords independent honest advice about the current rental market in Bristol.
Please feel free to contact us to discuss this further.
Call us on 0117 946 7171, email us at lettings@sarahkenny.co.uk or pop into our office at 30 Regent Street, Clifton Village.