Many landlords have taken on board the advice to refurbish so as to ensure their property stands out and lets well even in a slower market. We have carried out a number of refurbishments recently with excellent results, letting the properties quickly for higher rents and to quality tenants.
After a busy Autumn with the usual rush of students and some corporate activity, the rental market is now quietening down with people turning their attention to the Christmas festivities and the holidays.
I would be only too happy to write this comment without mentioning Brexit. We need a more stable economy. Whether the Government and our Parliament will manage to agree between themselves and then persuade the EU to agree terms for our departure is questionable and the knock-on effect for the London rental market is massive. Companies are not going to relocate many staff to London from overseas until they know what is happening in the UK. In view of this I am amazed that we have seen as many incoming overseas staff as we have done this year. The rental market has also been boosted a little by some people deciding to rent in the short to medium term rather than buying due to the uncertainty and the high levels of stamp duty payable when purchasing at the very top end of the market.
Stock levels are lower but standards are high. Generally, rents have remained stable this year with small increases in some sectors, due to less new property coming onto the market. Many landlords have taken on board the advice to refurbish so as to ensure their property stands out and lets well even in a slower market. We have carried out a number of refurbishments recently with excellent results, letting the properties quickly for higher rents and to quality tenants. Planning ahead reduces the void time; we can ensure any necessary building consents are in place and contractors lined up and designs approved even prior to the property becoming vacant. Our aim is to ensure a cost-effective refurbishment, carried out to an optimum standard, within as short a time frame as possible.
We hope that 2019 will be an exciting and dynamic year whether we are in or out of the EU but everyone is in agreement on one thing, we do need closure
I would like to take this opportunity to wish all our clients and customers a very Merry Christmas and Happy New Year.