The country is in turmoil, the UK government is in a state of panic and with recent decisions made by our new PM we have seen the UK markets enter a spiral of economic disarray. What on earth is going on?
What we at Latham Smith are being asked over and over again at the moment is, with all this turmoil, what is happening to rentals and the residential letting market in Rickmansworth, Croxley Green and our much-loved surrounding areas.
Well, the good news is the lettings market remains buoyant to say the least. With the property sales market having its real issues with sharply increased mortgage rates, competitively priced mortgage rates being removed from the market by the day, there is much worry and panic amongst buyers and sellers alike. Along with the suggestion by economic forecasters that the sales property market could drop potentially up to 20% over the coming year or two, no one is being given any reassurance on this side of things, but it does leave renting your home as an excellent option.
To find good tenants that suit a property is always our primary objective. Whilst other letting agents will happily place a family of 4 in your lovely newly refurbed one-bedroom flat, we will not do this. Overcrowding leads to damp issues, health problems with your tenants and a big headache for landlords and managing agents alike.
Rents themselves have increased significantly over the last few months, in part because of the rising mortgage costs of the landlords, but also due to the selling off of rental properties, leaving what is left being able to demand higher than usual rentals as it simply comes down to supply and demand. People, after all, still need somewhere to live.
Ben and I strongly feel that whilst we always want our clients to receive an excellent, fair market rental for their property. We try and encourage a ‘fair’ rent based on the condition of the property, location and of course the size and what you get for your money. A landlord can’t expect to get a ‘top end’ rental on a property if its run down or needs refurbing throughout and is far from ‘top end’ in quality. That simply is not fair, in our opinion anyway.
If you have been trying to sell your property and are having no luck, do give us a call to discuss potentially renting it out instead, maybe even for just a year or so or until the sales market recovers, so you have a less stressful experience of selling it down the line. We will make the lettings process a smooth and straightforward experience, just look at our reviews below to show what our clients say about us.
Call us today on 01923 447192 or email me rochelle@lathamsmith.co.uk or Ben at ben@lathamsmith.co.uk and we would be delighted to chat with you.
