Understanding Your Market

Posted by Peter Licourinos on 9 March 2019 | Comments

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Regardless of whether you are looking to add to your existing property portfolio or beginning preparations to re-let properties; it’s vital you understand tenants needs, wants and wishes.          

Research found that parking is the number one requirement for renters, while pet-friendly rentals are growing in popularity, with the search term ‘pets’ ranking as the third most popular across Great Britain, it’s worth noting that ‘garage’ and ‘furnished’ also ranked highly.

What’s makes these findings slightly more poignant is that it comes at a time when the average UK motorist spends 91 hours every year looking for parking spaces (BPA Research).

Rental homes that allow pets are also in high demand across the country with the search term ‘pets’ featuring in the top three most searched property features in every region across Great Britain.

Top 10 key word searches across Great Britain

Rank

Keyword

1

Parking

2

Garage

3

Pets

4

Furnished

5

Garden

6

Student

7

Bills included

8

Balcony

9

Bungalow

10

Detached

Source: Zoopla, March 2019

On a more regional level, tenants in London have commonly searched for ‘gym’ and ‘ensuite’, yet these terms did not appear in the top requirements for renters in any other region across Great Britain which demonstrates the need to understand your market.

A further example of this is that renters in the North West of England have ‘garden’ and ‘balcony’ featuring in the top 10 list for tenants.

Zoopla also analysed viewings data to reveal the most viewed property types across the nation. Unsurprisingly, three-bedroom houses are the most frequently viewed properties on Zoopla; this was the case for every region except for the Capital where two-bedroom flats pipped the three-bedroom house to the post

 

Yorkshire

West midlands

Wales

South West

South East

Scotland

North West

North East

London

East of England

East Midlands

Most popular house type

3 bed house

3 bed house

3 bed house

3 bed house

3 bed house

3 bed house

3 bed house

3 bed house

2 bed flat

3 bed house

3 bed house

Number 2

2 bed house

4 bed house

4 bed house

4 bed house

4 bed house

4 bed house

4 bed house

2 bed house

3 bed house

4 bed house

4 bed house

Number 3

4 bed house

2 bed house

2 bed house

2 bed house

2 bed house

2 bed flat

2 bed house

4 bed house

4 bed house

2 bed house

2 bed house

 Source: Zoopla, March 2019