Annual growth in tenant leads is highest in Dorking and Leatherhead, shows Zoopla analysis
Annual growth in tenant leads is highest in Dorking and Leatherhead, shows Zoopla analysis
Tenant leads in Mole Valley (including Dorking and Leatherhead) are up 84% annually – the greatest increase of any UK local authority
Tenant viewings on Zoopla of Mole Valley rental properties more than doubled over the last year
Rental demand driven by employment opportunities (Leatherhead) and family market (Dorking)
Surrey’s Mole Valley District has experienced the greatest annual increase in tenant leads delivered to agents, according to Zoopla – the UK’s most comprehensive property portal. The Mole Valley, located in the Surrey Hills, and home to commuter hotspots such as Leatherhead and Dorking, is enjoying an 84% annual upsurge in renter demand on a per listing basis, which represents the highest increase of any UK local authority in the past year.
Views of Mole Valley rental properties listed on Zoopla more than doubled in Q3 2019 compared to Q3 2018, with an increase of 154% year-on-year.
Rental demand in Leatherhead has been underpinned by large local businesses recruiting new talent, both from the UK and across Europe, compelling many to relocate locally. Meanwhile, neighbouring Dorking is more popular amongst families, who are attracted by the excellent local schools, and who either work nearby or enjoy a fast commute to London.
Overall, the South East presides over UK rental growth, with three South East local authorities leading the top ten: Mole Valley District (Surrey), Windsor and Maidenhead (Berkshire) and Tonbridge and Malling District (Kent). Each area benefits from established transport links to the Capital, good schools and proximity to picturesque countryside.
Clinton Green, Director at Christies Residential in Leatherhead, comments: “Demand for rental properties in the Mole Valley is vast and varied, and there is a real opportunity for landlords to meet the increasing demand.
“Leatherhead punches above its weight in terms of the large corporates located here and, in the past few months, one in particular has embarked on a large recruitment drive. This has led to increased demand for rented homes, as more employees relocate to Leatherhead, from across the UK and Europe. Tenants have come from as far as Finland, Norway and Sweden, with many doing their research online beforehand, via Zoopla.
“Prospective tenants range from single professionals to executives with families, which means there is a wide-ranging appetite for studio apartments right through to large houses. That’s before you get to the commuters, who are drawn to Leatherhead’s fast links to the Capital and rents that tend to be lower than in London. There is also much interest from those who work at Gatwick and Heathrow airports, which are less than half an hour’s drive away.
“Dorking’s rental market has a different set of drivers. Less dependent on the recruitment cycles of large companies, it is more popular with families, attracted to the beautiful Surrey Hills and excellent schools, who may not be ready or able to commit to buying yet. We see some Dorking tenants commuting into London, but more are employed locally in Surrey.”
Andy Marshall, Chief Commercial Officer at Zoopla, commented: “The Mole Valley is popular amongst tenants given its commutability, local employment opportunities, first-rate schooling and the surrounding Surrey Hills, which are an Area of Outstanding Natural Beauty.
“It’s great to see that the Mole Valley lettings market is booming; we’re here to ensure that agents can maximise those periods of buoyancy, as well as supporting them during challenging market conditions. An 84% uplift in tenant leads is evidence of our ability to channel interest from tenants on our portal into valuable leads for our agent partners, and underscores our continuing commitment to adding value to our customers.”
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* The ratio of tenant leads to rental listings was analysed between Q3 2019 and Q3 2018.
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