I am pleased to report that we have seen a small flurry of new lettings across all price ranges since April, most notably, those properties that have undergone refurbishment, confirming that a well presented property, at the correct price, will continue to attract quality tenants even in a soft market.
The prolonged political uncertainty continues to curb activity across the London rental market as the majority of people appear to be waiting out the storm, this is proving a benefit to those clients with existing tenants as we have found that many are looking to extend their contracts. However, this lack of movement along with the decline of Buy to Let properties in the market has resulted in a decrease in supply. Although there is a shortage of property applicants are no less particular. To interest those who are looking it is imperative now, more than ever, that properties look their best to maximise viewings and minimise void periods. Many landlords are acting on the advice to refurbish and are likely to reap the benefits.
I am pleased to report that we have seen a small flurry of new lettings across all price ranges since April, most notably, those properties that have undergone refurbishment, confirming that a well presented property, at the correct price, will continue to attract quality tenants even in a soft market. Looking ahead, we have been working hard to bolster stock levels and have been pleasantly surprised to find an increase in enquiries from both corporate tenants and relocation agents with families already looking to move before the start of the academic year in September. We are hopeful that this upturn will continue and that the political stalemate along with uncertainty in the sales market may lead to more people renting in the interim whilst we all wait for some clarity.
In other news the Tenant Fees Act came into effect on 1st June 2019. The most significant changes under the new legislation are that tenancy deposits may not exceed the equivalent of five weeks' rent (if the annual rent is below £50,000) and may not exceed the equivalent of six weeks rent (if the annual rent is over £50,000) Landlords will also now be responsible for the cost of the inventory report at both the beginning and the end of the tenancy. If you would like further clarification on the Tenant Fees Act or any other legislation please don’t hesitate to get in touch, we continue to work hard to ensure that we are knowledgeable of the changes in the law and are able to give sound advice to both our clients and applicants.
Please give us a call should you require any further information about the current market conditions, or are interested in the services that Plaza has to offer we would be very pleased to assist.
Head of Residential Lettings