20 Oct UK nationals outnumber US tenants in North Surrey for first time in 3 years
The latest data from prime letting agents, Barton Wyatt, has revealed that, for the first time in 3 years, UK nationals are once again dominating the rental market in North Surrey.
Assessing the nationality of the multi award-winning agent’s rental clients, 36% of tenants to date in 2014 have been UK nationals, edging ahead of US nationals at 27%.
In total Barton Wyatt let properties in the North Surrey area (which includes the affluent village of Virginia Water and the auspicious Wentworth Estate) to tenants of 13 different nationalities in 2014 from Australians to Japanese, Russians to Spanish, reflecting the true multi-cultural diversity present.
Commenting on the findings, Barton Wyatt Partner, James Wyatt, says,
“The rental market in North Surrey is dominated by corporate tenants, businessmen and women from all over the world who have relocated to work in the plethora of energy, pharmaceutical and finance companies with offices here but also affluent parents from overseas looking for a first class education for their children.
“We are blessed with not one but two international schools on our doorstep, TASIS (The American School in England) and ACS, not to mention Heathrow International Airport just minutes away, which makes this area perfect for foreign nationals and their families relocating for business or indeed in search of a British education. In fact 61% of our 2014 rental clients are sending their children to international schools.
“Americans in particular have always found this part of Surrey highly appealing as our rental figures over the last few years have shown – even Brangelina and their brood rented a property on the Wentworth Estate last year!”
In line with a recovering UK housing market and growing private rented sector however, the number of domestic tenants renting in North Surrey is on the up. Back in 2011, only 24% of Barton Wyatt tenants were from the UK in comparison to 45% from the US. The number of UK tenants did rise in 2012 to 35% but numbers were still dwarfed by US tenants at 46%. 2013 showed a similar trend with UK tenants accounting for 30% and US 42% however the latest data for 2014 reveals that, for the first time in 3 years, the number of UK tenants has surpassed those of US origin at 36% versus 27%.
Joanne Paris, Lettings Manager at Barton Wyatt, comments,
“We have certainly seen a shift in the prime rental market here in North Surrey. There has been much more movement in 2014 with increasing numbers of UK nationals, from central London especially, looking to rent. The most popular property type by far remains detached homes at over 50% but interestingly townhouses are sought after by a third of clients.
On the Market:
Indeed with demand so high for rental properties in the North Surrey area, budgets too will need to be bigger than the UK average of £757 per month (LSL Property Services, Sept 2014) as some properties command up to £40,000 per month!
Barton Wyatt’s average rental property will set you back some £4,300 per month so what bang will you get for your bucks?
A charming 3 bedroom, furnished house located in sought-after Virginia Park. An ideal family home, this terraced property boasts a living and dining room, kitchen, conservatory, master bedroom with en-suite, a further two double bedrooms, bathrooms, study and double integral garage.
A beautifully presented family home superbly situated within the exclusive Wentworth Estate just a short walk from the village shops, restaurants and mainline railway station. The property is well planned with spacious accommodation and is set in an exceptional south facing garden of approximately 3/4 of an acre. Comprising drawing room, dining room, fitted study, family room, conservatory, kitchen / breakfast room and laundry room along with master bedroom with large dressing area and en-suite bathroom, guest bedroom with en-suite and a further 3 double bedrooms plus double integral garage.
For advice on rental properties, please contact Barton Wyatt letting agents Surrey.