Given the importance of the rental market in the United Kingdom, it is only natural that people are interested in rental prices. The issue is, it can be difficult to truly determine the level of rental prices in certain areas, and this is for many reasons. When you take an area like Glastonbury, there is a very limited amount of information when it comes to rental options, and this is down to the fact that there are not too many rental properties on offer in the area.

Of course, when supply is limited, and demand is in place, this causes a rise in rental prices but that assumes that there is actually some supply on offer to allow people to rent out property. A quick search in March of 2017 has one online property specialist stating that there is only a total of 11 properties available for rent in Glastonbury. This makes it very difficult to find information and to present information with any degree of confidence or accuracy.

Of these properties, the average rent is £610 and the most popular style of property being listed for rent in Glastonbury is a two-bedroom property.

Many factors impact on the rental market

There has been a great deal of focus on the lettings and property market in the past year, and there have been many factors that have impacted on the market. Brexit is the issue that most people instantly think but the new stamp duty charge for people buying an additional property, introduced in April 2016, had a huge impact on the market. The rate of buying taking place in Q1 of 2016 saw a wave of new property being placed on to the market in the early months of the year and this may have helped to keep rental increases in check. There has also been a thought that many landlords believe that a ceiling is close to being reached with respect to rental fees and income at this point in time.

This may change in the near future as further tax changes affecting landlords and investors are set to be implemented from April but with hindsight, the rental market was more stable in 2016 than many people expected.

It is not as if Glastonbury faces the same situation as many other areas when it comes to the lettings market. There is a notably shorter supply of property, and this means that external factors and forces don’t have as much of an impact as some people would expect. You can see why a lot of experts cite Brexit as a major issue that will impact on property markets but it hasn’t had too much of an effect on the rental market in Glastonbury between 2016 and 2017.

About Tom Morgan

Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk