Who is really driving the private rental sector in Harrow?
People in our area rent for lots of different reasons. Some are young people who are yet to get on the housing ladder, some people do it for lifestyle reasons, and some people do it temporarily while they're going through changes. But the reality is that there is no such thing as a typical renter in our area - the picture is a bit more complicated.
Before we get on to the specific rental demand profile in our area, let's first discuss why it's important. As a landlord you will have an investment strategy which will define the decisions you make in terms of where to buy the property, what length of tenancies to offer, whether to offer furnished and of course what to charge. To answer these questions you must first understand who local renters are and what they want.
Some markets have long term private renters who will be more likely to want unfurnished properties. Other markets will serve a more transitory type of renter who will want a furnished property and won't stick around for long. These scenarios and all possible versions in between require a different approach - a very subtly different approach, but one that makes all the difference.
So what do we know about renters in our area? Well, first of all, there are 11,253 of them, which accounts for 21.9 per cent of all residents. This is 5.2 per cent higher than the national average. Many of the renters here are one-person households or cohabiting, and they represent the majority of renters in the area. The average age locally is 37.8 which is 3.1 per cent younger than the national average.
Because we deal with renters every day we understand them very well. The one thing that they all have in common is that they're very discerning, something that we notice more and more every year. They are all looking for well maintained, well managed reasonably priced properties. Because of the relationships they have with landlords we're unusually good at matching the right tenant with the right property so there tenancy is always a huge success.
If you're thinking of buying a buy-to-let or adding to your portfolio, we recommend you speak to a local agent who really understands the market. Obviously, we'd love that to be us but even if it's not, you should always work with professionals who live and breath the local market.
The annual split of sales by house type
This chart shows what contribution each of the main house types has made to total sales over the last few years. As you can see, there are some year-on-year fluctuations, but the broad pattern remains the same.
Prices by type over time
The average price of properties sold within a given time is a useful way of illustrating how much can change in relatively short periods. Here we see how things have changed over time for individual property types
Main industries of work
You may not have thought much about the sort of industries that local people work in, but it explains a lot about our area. In this chart, we show the number of people working in each sector split into categories as determined by the Office for National Statistics.