The bursts of activity make up for the quieter months in the lettings market and we do our utmost to guide our landlords on making the right decisions at the right time
Our Summer market comment was written at the beginning of June and at that time we were unsure of how the Summer would progress. During the following weeks the demand grew and we were busy with enquiries from relocation agents (particularly those acting for corporate families) and also enquiries from private individuals. We experienced a very active market indeed. As a result, stock levels dropped significantly and in some sectors of the market there are now shortages of properties available to let. Many students also started looking earlier than usual this year, perhaps wanting to be ahead of the Autumn rush. There is now a distinct shortage of cheaper one bedroom flats and we are only in the very early stages of Autumn.
We are very encouraged by this activity as the Brexit uncertainty continues and the current political turmoil is not ideal in creating confidence for any businesses looking at relocating staff to London. The bursts of activity make up for the quieter months in the lettings market and we do our utmost to guide our landlords on making the right decisions at the right time, in knowing at what level to pitch their property and whether to accept an offer below their asking rent. At times a property may even have multiple offers but the landlord needs to select the right one. There are so many factors for a landlord to take into account and it may not just be a question of price.
The Autumn market will not be as busy as in the Summer for most Landlords. The exception being the demand from students. Otherwise we expect the coming months to quieten down. After a glorious hot summer we all feel a bit more cheerful despite Brexit. Perhaps the Government will agree terms with the EU after all and we can get on with business as usual.