Rainham 2024 property market: steady sales, rent hikes, and rising demand!

As we dive into the mid-year analysis of Rainham's property market, it's clear that the first five months of 2024 have set a definitive tone for both buyers and renters. From stabilising sales prices to a gradual uptick in rental costs, the landscape in Rainham offers a mixed bag of opportunities and trends for all market participants. Rainham Estate Agents have observed these shifts closely, providing valuable insights. Let's unpack the key highlights from January to May 2024..

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Sales and Trends

The property sales market in Rainham has demonstrated notable stability. Average sales prices hovered around £317,000, with only slight fluctuations across the months:

• January: £322,900
• February: £320,422
• March: £315,806
• April: £317,406
• May: £316,625

Despite minor monthly variations, the overall trend points to a stable market, suggesting resilience amidst broader economic fluctuations. The steadiness in prices might be appealing to potential buyers looking for a relatively predictable investment environment. 

Breaking down these averages by property type and number of bedrooms provides a more granular view. Detached houses remain the priciest, averaging £618,243, while flats come in at £173,341. When considering the number of bedrooms, a one-bedroom flat averages £154,919, whereas three-bedroom houses are typically around £356,118.

The first quarter of 2024 saw a total sales value of £15.6 million. The market composition revealed a minimal percentage of new builds and a pronounced demand for flats, which made up 9% of total sales. This demand underscores a broader trend towards more affordable, smaller living spaces.

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Rental Market Roundup

Rainham's rental market has seen a steady climb in prices, indicative of rising demand. Here's a snapshot of average rent prices from January to May:

• January: £1,182
• February: £1,190
• March: £1,173
• April: £1,201
• May: £1,197

The rental costs vary significantly by property type. Flats average £988, whereas detached homes command higher rents at £1,457. For those looking at bedroom-specific rentals, a studio flat averages £872, while larger homes (4+ bedrooms) can reach up to £1,623.

The increase in rental prices reflects a strong demand for rental properties, possibly driven by the affordability issues in the sales market and an influx of new residents seeking temporary accommodation before committing to a purchase.

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Key Insights

Minimal New Build Activity: The limited new build activity could indicate a bottleneck in housing supply, driving up demand for existing properties.

Significant Demand for Flats: The demand for flats, representing 9% of all sales, highlights a shift towards more compact and cost-effective living solutions. This trend is particularly appealing to first-time buyers and investors looking for high rental yields.

Top Transactions: Noteworthy transactions include a top sale of £2.03 million on Longley Road, ME8, signalling that premium properties continue to attract substantial interest.

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Community and Household Insights Rainham's population has grown modestly, with a 3.1% increase between 2011 and 2021, bringing the total to 50,745 residents. The area is relatively densely populated with 26.6 residents per hectare. A significant proportion of households (39.8%) comprise families with children, reflecting the area's family-friendly appeal. Employment is predominantly in public administration, education, and health sectors, accounting for 27% of the working-age population. 

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Looking Ahead

The Rainham property market from January to May 2024 presents a stable yet evolving scenario. Sales prices have held steady, with minor fluctuations, while rental prices continue their gradual ascent. The demand for flats is notable, suggesting a trend towards more compact living spaces amidst a backdrop of modest population growth and a significant number of family households.We can expect these trends to persist, with potential minor increases in both sales and rental prices as demand remains robust. The limited new build activity might continue to strain the housing supply, pushing buyers towards the existing property market. 

Whether you're looking at houses for sale in Rainham or properties to rent in Rainham, staying informed about the latest market trends is crucial. For personalised advice tailored to your property needs, why not Quealy & Co estate agents in Rainham?

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Source: #Dataloft