> Summer Rental Market comment 2012 | Plaza Estates London
Summer Rental Market comment 2012
By Fiona Guthrie
// Tue 17th
Early Summer is usually a premium time for letting agents with the market exploding with rental enquiries especially for larger properties.
Early Summer is usually a premium time for letting agents with the market exploding with rental enquiries especially for larger properties. The trend this year has been different with increased demand in the Spring from families and less demand than usual in June. The market can best be described as patchy but still active and we are achieving good results for our Landlords generally, albeit sometimes taking a little longer than usual to find the perfect tenant.
Stock levels have improved since earlier in the year but there are still shortages of some types of property, particularly the more affordable family flats and houses for which there has been a noticeable increase in demand. This seems to be due to a number of families downsizing from the top end, very luxurious properties, to something slightly less extravagant.
The short let Olympic bonanza just hasn’t happened in this part of London. The demand being much more local to the main area of the Games in the East.
We have good stocks of one bedroom flats ready for the busiest months (August/September) when one bedrooms ‘fly off the shelf’ and are already taking enquiries from some of these long let tenants who are keen to be ahead of the general trend and to secure something now.
To summarize, the usual seasonal trends are less predictable and the market has unexpected upturns and quiet patches. We are finding every week is different and need to be able to react quickly and to be intelligent with our approach to ensure we look after our landlords’ best interests.