Greater London Properties discuss what Landlords can expect in Summer 2023
Watch the Interview with our Residential Lettings Director Megan.
It has been no secret that the Central London Rental Market has had a recent drought when it comes to properties and stock levels have been unusually low which has subsequently affected the pricing. The beginning of the year saw a number of applicants entering bidding wars for properties which went to best and finals and often finished 10-14% above the initial asking price.
Since April, we have seen the demand beginning to calm resulting in properties staying on the market for slightly longer giving applicants a bit more time to view and make sensible offers.
With the increase in cost of living, some tenants have been forced to leave Central London struggling to afford both the high rent and the increased bills and this has also been a factor with increased stock back in the market.
In addition, we envisage more Property Owners selling their rental properties as more regulations come into play, for instance the Tax, Interest Rate and EPC changes. Also of course the Rental Reform Act which is currently going through parliament. This act, if progressed will see a change in tenancy agreements and notice periods that will not be favourable to Property Owners.
Summer will always be a busy period in Central London with students desperate to secure accommodation before their start dates in September. The warm weather will always increase viewing figures, plus people moving for outdoor space in the hotter months.
My personal advice to Landlords is to agree a price they're comfortable accepting, this will increase traffic and viewings and 9 times out 10, the property will go to best and finals and achieve higher rent than what they may have initially been tempted to market at.
For a more detailed look into what Summer will bring in the Rental Market and what you can expect, please do watch the 8-minute video and if you have any questions, do not hesitate to call me on 0207 113 1066
I will also have a separate article/video coming out on the current legislation needed to rent a property in the UK so if you are keen to ensure full compliance, do watch out for that.
If you would like to arrange a Valuation on your property for Rent or Sale, please speak to myself or a member of the GLP team and we would be happy to help.
Warm Regards
Keep an eye out for our next update!