Island’s rental property stock ‘has dwindled to a new low’

THE hunt is on for more landlords and property rentals in the island as a shortage of accommodation hits.

(Picture by Adrian Miller, 29129838)
(Picture by Adrian Miller, 29129838)

Estate agents have said there is a current lack of rental property and it is creating a challenge for them to be able to provide for those in the island looking for either temporary or permanent accommodation.

There are fears that with only a handful of properties advertised the picture was bleak for those who were not in a position to buy.

Swoffers’ local market lettings negotiator Laura Gorvel said the island’s stock of rental property has dwindled to a new low. She urged more landlords to come forward to offer their empty properties.

‘It’s very difficult for a lot of people right now, whether it’s younger people looking to move out of their family home, or people who have sold their home and need somewhere to live while they find a new one,’ she said.

‘We would appeal to anyone with a property sitting empty to consider renting it out. Becoming a landlord for the first time might seem like a daunting proposition, but you don’t need to go it alone, most estate agents offer a lettings management service, taking the stress out of renting out your property.’

In 2019, 27.4% of property was private rentals, while 8.7% was social rentals.

Since the pandemic and lockdown, the local property market had exploded with house prices rising by 12% in 2020.

The number of local market rental units has risen from 6,745 in 2015 to 6,877 in 2019.

One of the island’s biggest dedicated letting agents, Guernsey Rentals, said there was a distinct lack of property available, with all either gone or under offer.

The company’s David Ingrouille agreed that there was huge demand, especially more so since lockdown. However, he suspected all landlords who had property had offered them.

‘We have about 20-30 enquiries within 48 hours of putting a property on the market,’ he said.

‘I think it will be busy for the foreseeable future and, though it’s a good time for landlords, it’s less so for tenants.

‘The two variables are supply and demand and until one changes then nothing will happen, so my suggestion for tenants is to be diligent and be prepared with paperwork to accept a property on the same day as a viewing.’

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