Report from RICS confirms more landlords entering market
Confirming a trend that we have been commenting on here for a couple of months, RICS has confirmed that more landlords are entering the rental market than at any time since their survey began in 1998 - as reported on landlordexpert.com.
At the same time some lettings agents in London are predicting a downturn in rents. By around 10% according to one estate agency. Certainly average rents will come down, as a symptom of tenants looking to rent smaller and affordable flats in London. Individual properties are likely to record drops too, although we believe that smaller, well located and presented flats to rent in London will continue to become more expensive to rent. There simply aren't enough of them to go round.
At the same time some lettings agents in London are predicting a downturn in rents. By around 10% according to one estate agency. Certainly average rents will come down, as a symptom of tenants looking to rent smaller and affordable flats in London. Individual properties are likely to record drops too, although we believe that smaller, well located and presented flats to rent in London will continue to become more expensive to rent. There simply aren't enough of them to go round.
posted by Barry Manners @ 10:14 PM
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Hi Barry
I agree with your appraisal of the market. Most importantly, I think you are right to say that 'well located and well presented' flats will become more expensive. We all know [or should do] about location but too many landlords have not fully appreciated their responsibilities in respect of the way their properties present. It is a very bad move to try and fob your tenants off with shoddy, substandard offerings in the hope that they will not notice. They do. Then they walk away. Now is the time for the professional landlord to make every effort to ensure that their flat/house is as good as it can be for the price. T
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