Exeter Faces Student Accommodation Crisis as Properties Targeted for Rent
Overview of the Real Estate Landscape
Exeter now shows a fast shift in its property market. Over half of the rentals serve as student housing. Recent figures show that more than 60% of Rightmove listings target student renters. Many of these homes work as HMOs. This change sparks talks on housing supply and local community ties.
The Numbers Behind the Trend
As of June 2024, Rightmove lists 408 rental properties in Exeter. When one chooses student housing, the list drops to 147. That is a fall of 64%. With another filter for house shares, just 131 properties stay. Out of these, 74 homes charge a monthly rent of £1,295 or more. This rate is above the national mean of £1,276, as reported by the Office for National Statistics in February 2024. Other sites show similar facts. OnTheMarket lists 59% of its homes for students. Zoopla has 30% of its ads aimed at student renters. These numbers raise worries about homes for other people in the city.
City Council’s Response to the Shift
The city council now acts to handle this trend. A petition from local residents led them to re-check the rules. Their Article 4 Direction now asks landlords to seek planning permission before turning properties into HMOs. This rule covers areas like St David’s, Pennsylvania, Newtown, and Heavitree.
A study by the planning firm Figura in early 2022 counted 1,385 licensed HMOs in Exeter. Out of these, 1,049 lie inside the Article 4 zone and 246 are in other areas. Figura showed that HMOs hold 9,100 bed spaces for students. About 6,900 households enjoy student council tax breaks. Many of these households live in private rentals or HMOs.
Future Developments and Restrictions
In February 2024, the council widened the rule limits after a public view. New limits now stretch into most of northern Exeter from December 2024. The area now covers much of Pennsylvania and parts of Cowley Bridge Road.
These changes aim to bring balance to the housing market. They serve local residents and property investors who work with HMOs. New rules may open paths for fresh investment plans as the market shifts.
The Implications for Property Investors
Property investors in HMOs must now re-check their plans. The rise in student housing calls for careful thought. Investors must watch local trends and pay attention to council rules. Such rules might affect profits in the current student rental market.
Summary
Exeter’s housing market now shows a strong rise in student homes. New city rules try to slow the shift toward HMOs. Both property investors and locals must learn more about these changes. With clear market trends and updated rules, buyers and renters can make wise choices.
Sources
- Devon Live: More than half of available Exeter properties are student accommodation
- Office for National Statistics: Average Rent in England
- Figura Report on HMO Licences in Exeter
Disclaimer: This article has been generated by AI based on the latest news from Google News sources. While we strive for accuracy, we recommend verifying key details from official reports.
