Update: We've moved our blog to www.folkestone-estateagent.co.uk
Lettings Market Report - September 2014
In the last few months there's been a significant shift in the balance between supply and demand in the lettings market.
The number of available quality properties has dropped and the demand from tenants has risen considerably. The most likely explanation for this shift is that landlords who have been waiting to sell their properties have now been released from the market and an imbalance is being felt as a result. i.e. too many prospective tenants and not enough properties. We've also noticed that there has been a rise in achievable rents for properties in high demand areas.
What Does This Mean For Landlords?
Put simply this means that rents are rising, and it's a good thing too since interest rates will be on the up at the end of the year. However it is still important to take the usual steps to make your property as attractive as possible to prospective tenants, when preparing it for a relet, or they won't be tempted to make the move.
The other thing we've noticed is a rash of existing tenants handing in their notice and then retracting it again after about a week. They appear to have noticed the rising rents and lack of supply and are batoning down the hatches until they feel it's safe to come out again. So, as always with supply and demand, over-enthusiastic pricing can stall the market so consider comparable properties on the market before setting your price. (or give us a call!)
My Tenant Has Just Handed in Their Notice - Should I Wait to See if They're Leaving?
No, definitely not! We're very happy to get your property on the market for you and liaise with your tenant for viewings and we'll soon find out if they're serious about moving. If they don't move, then we'll be ready to get it on the market again quickly when they do. This way you won't have lost any time in finding a new tenant.
What Kind of Rent Increase Might I Be Expecting?
This varies per property, so give us a call and we'll give you an idea of the kind of rents we've been achieving for properties like yours in the last few months - you might be pleasantly surprised. Call 01303 212797 and ask to speak to either myself or Tracey Horton, our Branch Manager.
Rachel Roodhardt
Client Liaison Manager
Martin & Co Folkestone.
