> Rental Market Comment August 2014 | Plaza Estates London
Rental Market Comment August 2014
By Fiona Guthrie
// Sat 23rd
After the inconsistent demand we experienced earlier in the year it was wonderful to be run off our feet during the summer, particularly in June.
After the inconsistent demand we experienced earlier in the year it was wonderful to be run off our feet during the summer, particularly in June. Summer is always a busy time in lettings and this year proved again to be the case with many families relocating to London from abroad and keen to find a home before going on their summer holiday. As before some sectors out performed others and it is only now (in August) that we are beginning to experience the demand for one bedroom flats which have been out of favour for so much of the year. This demand should continue and increase during August and September.
Rents are generally stable with some sectors seeing small increases. There is much less stock now which will push up rents if demand continues to be strong. As the heat comes off the sales market, fewer of our investor landlords will be inclined to sell and this could result in a healthier supply of rental property in the immediate future. That said, the demand for property to rent is not ‘across the board’ and tenants have high expectations looking for contemporary, newly refurbished and well located property. Landlords should take note, tired and old style properties are not letting.
We have been busy overseeing refurbishments with many landlords upgrading their properties. Our specialist department knows exactly what is required by tenants and ensures that they maximize the potential of an investment property to ensure the optimum rent is achieved with the minimum void period.