We have had a number of tenants looking to end their tenancies citing their move towards home ownership thanks in part to the stamp duty rate reduction to zero for under £500,000. This is creating a noticeable rise in prices in lower value properties due to the surge of demand and the limit of available stock.
Due to the large reduction in prospective tenants and an over supply of rental properties, prices have fallen. To attract tenants, landlords are needing to do more to present their properties well and to retain existing tenants, the pressure is again on landlords and their management to keep the tenants happy and stationary.
Many enquires we receive are from tenants searching for an upgrade, understanding that they can get more for their pound. Combined with the constantly changing government guidelines, a safe working environment in the home has become a priority.
With much uncertainty in the market and Section 21 notices now requiring a minimum 6 months, the process of vetting and referencing is more important than ever!
Written by Toby Dawson