> Rental Market Comment Spring 2016 | Plaza Estates London
Rental Market Comment Spring 2016
By Fiona Guthrie
// Wed 6th
The year started fairly positively but with inconsistency in demand and January had mixed results.
The year started fairly positively but with inconsistency in demand and January had mixed results. February saw a distinct upturn and we were able to capitalize on this activity and tie up a fabulous number of new tenancies from small flats to large houses. This was somewhat unexpected for the time of year and very encouraging. Demand waned slightly in March, perhaps because of the approach of the Easter break.
So now Spring is here and at this time of year we usually see a distinct upturn with the level of enquiries. There is definitely some uncertainty in the corporate sector, with possible relocations to London on hold, awaiting the result of the European Referendum but there is still movement. Hopefully international companies will still find London to be irresistible no matter how the UK vote in June. Private enquiries are picking up. We have had calls already from students looking to rent from September! With the sales market currently slowing down, many people may decide to rent rather than buy while they wait to see what happens to the market.
The Immigration Act came into force on 1st February and we are now checking all non EU tenant visas for new tenancies. We wonder what will happen if we vote to leave the EU – I suspect our role may increase.
Stock levels are good and we are currently offering some lovely properties, some of which we have just refurbished for our clients. It is vital in a competitive market to ensure your property is spotlessly clean and fresh and well presented. We know the styles that appeal to most tenants and can give landlords advice on presentation, redecoration, new furniture or a total refurbishment.