The Swindon Lettings Market is Smoking Hot… but is it set to cool down?

An article in the Financial Times this week has set tongues wagging in the property industry, as it reveals a dramatically cooling London lettings market – with transactions in Prime London down by 21% and rental values softening.

Zoopla, meanwhile, reports that rents nationally are now rising at their slowest pace in four years: up just 2.8% annually, despite a staggering increase of over 20% over the past three years.

So how is the Swindon market shaping up by comparison?

Actually, contrary to these two stories, the Swindon rental market has fared rather well over the past 12 months, outperforming many parts of the UK and holding steady relative to the wider South West region.

Local average rents currently stand at:

• Flats: £873–£905 pcm
• Houses: £1,179–£1,212 pcm
• One-bed properties: around £786 pcm
• Two-beds: around £947 pcm
• Three-beds: around £1,168 pcm
• Four-beds+: averaging £1,606 pcm

Overall, the town has seen a 9.7–9.8% rise in rents over the past year – comfortably ahead of the UK average (7% according to the ONS, despite Zoopla’s more tepid report). Swindon remains relatively affordable, with an average rent of £1,053 still sitting below the broader South West regional figure of £1,175 pcm.

But analysts do suggest that this local resilience is unlikely to continue unchecked. Market forecasters point to a gradual cooling, with rental growth in the region and the town expected to slow to a more modest 3–4% across the coming year – a rate far more in line with inflation.

As it goes, our view is that this is positive. It brings some welcome balance and stability to the market: good news for tenants, and long-term good news for landlords too, as overheated markets tend to carry higher risks.

Nevertheless, with a tighter market on the horizon, landlords will need to stay proactive to ensure they continue to attract strong tenants and minimise void periods.

Here are five practical House Group tips for Swindon landlords to stay ahead in a shifting market:

1️⃣ Price sensibly, not optimistically

We are reaching a stage where the balance is starting to shift, and tenants are less likely to jump at the first property they see. Overpricing can quickly lead to longer void periods and later price reductions.

It is pragmatic to set a fair and realistic asking rent from day one, based on current market evidence and local knowledge. A well-priced property will attract stronger interest, helping you secure the right tenants quickly, rather than risking a prolonged period where the property sits empty.

That said, we recognise the change due to kick in once the Renters Rights Bill becomes law; the acceptance of above asking-rent offers will no longer be permitted. That is a dilemma to come, but for the next few weeks and months, price fairly, price sensibly, and get let.

Do your own research to get an idea of current asking rents; talk it through with a seasoned lettings professional; have a rental-income goal, but also a timeline goal – both things matter.

2️⃣ Presentation matters

Tenants in a cooling market can afford to be a little more selective, and presentation really does make a difference.

Homes that are clean, well-presented, freshly decorated, and well-maintained will naturally attract better interest (and better tenants).

In the past, the residential sales side of the property industry has run miles ahead of lettings in terms of the way properties were marketed. That is starting to change. High-quality photos, videos, great marketing descriptions, and an inviting first impression all help your property stand out – plus, a solid campaign on social media channels too.

It is no longer enough to put up a dull snap taken on an old iPhone, an existing tenant’s clothes hanging off the backs of chairs, beds unmade, washing-up yet to be washed up…

So next time you have a void, get the cleaners in, get the decorators in, dress the property like a show home, and get the professionals in to take some top quality snaps.

You do it once, but you have the best marketing collateral possible for years to come.

3️⃣ Flexibility is key

In today’s market, tenants value flexibility: on move-in dates, furnishing options, and increasingly, the ability to rent with pets.

The upcoming Renters’ Rights Bill will make it easier for tenants to request pet-friendly terms, so landlords who are open to reasonable pet requests – with the right clauses in place, of course – may well benefit from stronger demand.

Being flexible, where possible and within reason, can help secure longer-term tenants and reduce costly turnover.

4️⃣ Focus on tenant retention

Keeping good tenants in place is valuable! For a landlord, it means reducing the risk of void periods, marketing costs, and the time and hassle of finding new tenants.

Regular communication, quick responses to maintenance issues, and fair handling of renewals all help keep tenants happy and encourage longer stays.

It doesn’t mean that your rent won’t increase either. Do that fairly – in line with current market conditions – and your tenants will have no reason to jump ship. Tenants respect the fact that rents go up over time – what they don’t respect is being taken for fools or exploited for gain.

A good, experienced Letting Agent knows how to manage rent reviews and can be literally worth their weight in gold over time (OK, maybe not literally… but they can quite literally be worth their weight in silver… and certainly bronze!)

5️⃣ Stay ahead of legal changes

The Renters’ Rights Bill is progressing quickly through Parliament, and significant changes are on the way. That will include new rules around notices, rent increases, pets, and minimum housing standards.

Swindon landlords who stay informed and prepare early will be best placed to stay compliant and avoid legal or financial risks.

A balanced market is better for everyone

A cooling Swindon rental market will present some challenges, but it will also offer opportunities for those landlords who step up and take a proactive approach.

A well-maintained, well-managed property – fairly priced and with a strong agent-tenant relationship – will always perform well, whatever the market is doing.

Positioning your property properly in today’s shifting market is key – but with a little thought and fair thinking, and perhaps a little advice from professional letting agents in Swindon, the private rental sector is something that benefits all – tenants and landlords alike.