Shortage of large properties is driving the lettings market

A shortage of large houses for sale during 2007 was the driving force behind the growth in the number of substantial houses let on a long term basis - that is for leases of an initial term of two to five years, some with options to extend for a further similar period.

Those houses that did come up for sale had numerous applicants after them, most of whom who had retained local search agents and then were all vying for the same house!

Some of the applicants, having lost out again on a substantial house, decided that a long term rental, which was often the norm in the early – mid 19th Century, was the answer.

Others wanted a family house for the years that their family would need it, mainly for the 10 crucial school years between 8-18 or 11-21. Another group of tenants was those who wanted to realise their capital to put it into a business or school fees but still wanted to live in a substantial house.

Some otherwise kept their capital in their London house so as to keep a firm foot on the long term property market whilst gaining an income from it which could then go towards, or in some cases exceed, the monthly rental on a large country house.

In all of these cases the tenant needed to have the security of being able to rent their family house so it could truly become their home for five to 10 years or longer. There is nothing worse for the long term renter than being happily ensconced in their rented home to be served notice as maybe the Landlord is coming home from abroad or, having assured them at the outset of the short term (one year on a rolling basis) tenancy that he had no plans to sell, the landlord has changed his mind and is selling up. Either situation leaves the tenant’s family being homeless and possibly unable to find another house within the same area suitable for school and business requirements.

The majority of large houses offered for a long let are owned by private rural estates, charitable trusts or ecclesiastical bodies who have no intention of selling them or using them for members of the family or employees again but want the income to put towards keeping the estate intact or refurbishing or maintaining other historic buildings on the Estate.

In most cases, the owner retains responsibility for the exterior and structure of the building and for the life of five to 10 year leases it is often the tenant’s responsibility to look after the interior of the house, even down to refurbishing / replacing bathrooms and kitchens. In this way they can truly make it their home.

With prices on the sales market looking unlikely to rise in 2008, there are many people who, having sold, will not look to buy again for the foreseeable future or those who, wanting or needing to move, do not wish to sell in the current market. So it would seem likely that the long term rental market will grow further in the months to come. Demand is such that some such properties are let without ever being offered on the open market so waiting to see a suitable property advertised may be the wrong decision.

An added benefit of a long term rental is that the tenant has the opportunity to live in a house that money really cannot buy, one of historical importance or in prime positions in cities and villages.

Over the last year, Dreweatt Neate has let such properties for the National Trust, The Dean and Chapter of Winchester Cathedral, and a number of private rural estates.

The good news for those people thinking about long term renting is that there is a number of such houses that will become available for letting this year.

Dreweatt Neate Lettings in Winchester is offering properties available on mid and long term leases on estates both to the north and south of the City. Among them are The Well House, near Basingstoke, a substantial five bedroom home with three bathrooms and generous reception space, and two properties on a large estate in south east Hampshire, Potwell House, a five bedroom home, all en-suite, that has just been refurbished, and The Oaks, a character six bedroom village house with four further attic rooms and a large amount of reception space that allows scope for the creation of a separate annexe.

For further information, visit dreweatt-neate.co.uk.