‘Freedom Day’ has arrived and the bounce back is underway.
Boris Johnson lifted most of England’s remaining coronavirus restrictions, meaning legal requirements on social-distancing and wearing masks in public places will cease in England as the fourth and final step of his road map “towards normality”
The Prime central London’s lettings market is beginning to see signs of normality too with clear signs of recovery.
Despite a reliance on domestic UK tenants, demand for large family houses and garden flats has remained strong with rents being pushed higher by a shortage of stock. The shortages have become more notable in recent months, exacerbated by large numbers of landlords selling up ahead of June’s stamp duty holiday deadline.
The ‘return to the office’ is stepping up a gear and we are finally seeing the outweigh of supply to demand rebalance, even in the one/two-bedroom market which has been most effected by the pandemic, LCP last week reported that there are 35% fewer flats available than at the peak in June 2020. This has led to a reduction in the time taken to let properties and helped reduce the rental discounts demanded on renewals.
The lettings market is often a leading indicator of the direction of travel for the London property market and where capital will undoubtedly follow. London remains an extremely attractive destination for residency, education, business and leisure. Our lettings results from the past few months are particularly encouraging given the extent of the international travel restrictions.
We have been fortunate enough to work with a number of new clients over the past year with many Landlords contacting us as they have been left disappointed with the service provided by their usual agency with many stating a lack of communication or consistency as the main reason they are looking elsewhere.
One of our many strengths at Plaza is our very personal approach.
The same member of staff that shows a property deals with the tenancy negotiations, drawing up the tenancy agreement and tenant referencing, guiding the landlord with legal and practical tenancy matters, rent collection and queries during the tenancy, tenancy renewals and end of tenancy arrangements and return of deposit.
This continuity of service to clients is incredibly rare amongst other agents and is something we are very proud of. It sets us apart from so many agents with centralized administration departments and ever-changing personnel. If the property is under our full management the landlord benefits from the services of the management department too, in conjunction with the lettings office.
Tenants also like to know who they are dealing with and we find this consistency of staff and the relationship between the parties is extremely beneficial to both landlord and tenant.
Do please get in touch if we can help you in any way. Our management service is available on a 3-month minimum basis and is available to landlords even if we have not let the property for you.
We are happy to give general ad hoc advice or to become fully involved with your rental property portfolio.
Fraser T Gregory - MARLA | Head of Residential Lettings | Plaza Estates
34 Beauchamp Place | Knightsbridge | SW3 1NU
T: +44 (0) 207 596 6999 | firstname.lastname@example.org