0:03 AM, 8th March 2024, About 2 years ago 6
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An investigation by the Palatinate, Durham University’s student newspaper, reveals that estate agents in Durham have slashed prices for student properties available in the 2024/25 academic year.
The move comes after imposing hefty rent increases at the start of the year.
The most common price range for Durham properties has plummeted from £180-199 per person per week (pppw) in October 2023 to £160-179 pppw in February 2024.
In March, it found, the popular bracket was now £149-159 pppw.
Durham’s Student’s Union president, Dan Lonsdale, told Palatinate: “Isn’t it nice to see estate agents panicking for a change, instead of students?
“These ‘special’ deals and rent reductions prove what we have always known: the pricing of housing in Durham is purely artificial.”
He added: “Landlords and estate agents have the legal and political power to set rents high without any challenge and are able to profit from panic.”
He said that the ‘collective power of students’ withholding from signing new tenancies is influencing the market.
Palatinate previously reported that more than 300 student houses remained on the market in Durham last month.
That’s a big change from the student housing rush seen in January 2022 when only 68 properties were available on StuRents.
While some estate agents urged students to sign early, emphasising the fast-moving letting season starting in November, they have since adjusted prices for several properties still on the market.
Out of the 93 properties listed on their website on 1 March, and also advertised at the beginning of the letting season, only 16 maintain the same price as in October 2023.
A significant 37 properties have witnessed a 20% or greater price reduction since October.
Notably, some of these properties are no longer advertised with bills included.
Palatinate’s investigation reveals that one property, initially advertised at £199 pppw with bills in October 2023, is now available at £109 pppw without bills.
Other properties have experienced a 25% reduction in price.
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AndrewP
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Member Since December 2022 - Comments: 5
11:36 AM, 8th March 2024, About 2 years ago
This is not really accurate – there were very few properties in the £180 – 200 range and most were lower already.
This looks like the student union taking the opportunity to be nasty
Yvonne Francis
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Member Since August 2015 - Comments: 342
11:41 AM, 8th March 2024, About 2 years ago
As a Landlord who lets to students I’m not surprised by the lack of uptake at that price. I have properties in a high priced area nearly as high as London, and I’m situated at one of the most prestigious universities in the world, and my rents are nowhere as high as that.
Paul Essex
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Member Since June 2019 - Comments: 628
12:09 PM, 8th March 2024, About 2 years ago
Clearly the reduction is related to the ‘bills not included’ change – so definitely an apples and pears comparison.
Grumpy Doug
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Member Since January 2016 - Comments: 225
13:05 PM, 8th March 2024, About 2 years ago
Bonkers numbers to start with. I’m at a max. £120 per week (bills excluded) for a prime property minutes from campus on the South Coast
Michael Johnson - Amzac Estates
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Member Since September 2018 - Comments: 105
15:16 PM, 8th March 2024, About 2 years ago
Amazing to see how a free market operates isn’t it? So too much supply and not enough demand and the prices adjust or the level offered adjusts.
Imagine if this was applied to the entire housing market and see how that works? Oh sorry I forget that’s exactly how it worked before the governments grubby little fingers started poking around!
Michael Booth
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Member Since September 2023 - Comments: 335
9:01 AM, 9th March 2024, About 2 years ago
How the business works all about supply and demand.