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Rental Market Comment May 2013

By Fiona Guthrie // Thu 23^rd May 2013

The Spring market is traditionally a buoyant time for lettings.

The Spring market is traditionally a buoyant time for lettings. This year has also seen an increase in activity but it is still patchy. The inconsistency in demand is causing some uncertainty with pricing but generally we are achieving good rent levels similar to 2012 and usually close to asking price. However, there are marked variations within the rental market with some sectors out performing others which have been weak.

Newly refurbished properties are generally in short supply and if they are sensibly priced they are usually letting quickly. The key points for landlords right now are to ensure that the property is looking its best and not to over price it. Tired properties are not attracting interest. Overpriced properties often sit empty and go stale on the market.

It is vital to launch the property, in good condition, at the right price, we want to ensure the maximum rental return with the minimum void period.

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About the author

Fiona Guthrie

ex- Lettings Director

When I arrived for my interview at Plaza back in 1985, I was immediately struck by the hub of activity - it felt like a City trading floor. Not like the other rather sleepy agents I had also been to see. Plaza was serious about its Lettings Department and did not consider lettings to be 'second fiddle' to sales. I liked that. I trained under a fabulous manager and we opened the Knightsbridge office in October 1985. I became manager 2 years later. The business has grown considerably since then. I have built up the department drawing on experience gained from my previous marketing and advertising background and using my principles of professionalism, service, honesty and hard work. Many clients have been with us for over 20 years and we continue to enjoy trust and respect for each other. Lettings has always been a legal minefield and I work hard to ensure that I am knowledgeable of the changes in the law and able to give sound advice. I was rather chuffed to achieve the top marks in the country for the industry legal exam. The internet has changed our business enormously. The technology we have now is incredible - it's another world compared to the old days. I still believe in my old fashioned principles.