Rental market defying the usual market slowdown
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Rental market defying the usual market slowdown
Rental properties have defied the usual summer slowdown which is often seen in the housing market due to several factors, including summer holidays and children not being at school. According to the latest data from the Agency Express Property Activity index, properties let nationally were up 6% month-on-month.
The Agency Express index is based on the number of lettings boards which are erected each month, and is therefore a particularly up-to-date measure of activity in the marketplace. According to the board company, as well as properties ‘Let’ being up 6%, the number of properties entering the lettings market also increased by 8.5% month-on-month, with a 5.8% increase of properties let in London
Central North West London has seen letting enquiries increase over August with overseas tenants looking to secure an apartment for their school term starting in September, says Lewis Green of Greenstone. The September market looks promising as enquiry levels increase, although the supply of good property is low. This means that tenants have less choice, are unable to negotiate on asking rents and landlords are achieving full market value and avoiding vacant periods.
We are also seeing properties coming on the market at least 2 months ahead of the availability date and securing tenants quickly, so if you have a property to rent, don’t wait to put it on the market, tenants will commit in advance and understand the importance of forward planning.
For a free market appraisal of your property to rent or to understand how our bespoke service can assist you,
please don't hesitate to contact us.
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