Guernsey rentals market increasingly competitive

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A lack of supply of rental properties is making it increasingly difficult for potential tenants to find a home.

Data published by the States of Guernsey as part of the Annual Residential Property Stock Bulletin indicates that around 37% of the island’s housing stock is currently rented – just over 28% by private landlords.

‘Like most agents we have a waiting list of suitable tenants looking for a wide range of properties to rent,’ said Swoffers director, Andy Biggins.

‘New properties coming onto the market can sometimes be snapped up in 24 hours and we receive enquiries every day from new people wanting to join our mailing list.

‘Renting out property remains a sound investment. States of Guernsey figures show that the rental index was 4.1% higher in 2018 than in 2017 and 1.7% higher than its previous peak in 2013.’

The rent to earnings ratio remained at 0.47 in 2018, as rental price increases matched earnings increases.

The rent to purchase price ratio decreased between 2017 and 2018 due to the decrease in purchase prices and the increase in rental prices.

Average rental prices increased across all property categories during 2018.

‘The experienced lettings and management team at Swoffers is committed to providing landlords with all the advice and support they need when renting out a property,’ said Andy.

‘Placing your property in Swoffers’ capable hands makes total sense. With our extensive professional contacts and tenants ready to go we will deal with the day to day hassle of letting your property, so you don’t have to.

‘We can adapt our service to meet a landlord’s individual property management needs and try to make the whole process as stress-free as possible.

‘We appreciate how difficult it must be for prospective tenants at the moment who are struggling to find suitable properties. There really is an issue with lack of supply at the moment across all areas of the rental market but our advice is to keep checking our website and if there are any potential landlords out there thinking of renting out a property then they should get in touch.’

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