Data shows that between July 2021 and July 2022 there was a huge 38% drop in the number of available rental properties. It therefore appears, many landlords used the stamp duty holiday period to exit the market. The results have been enormous swings in rental prices, from the depths of the COVID lows, to new highs, especially during the months of August and September as students were flocking back to the capital.
These rent increases, and the other aspects of the cost-of-living crisis, appear to have resulted in a shift in the tenancy lengths being requested by tenants. We are now seeing tenants regularly offering 24-month tenancies with no break clause, as opposed to the previously standard 12 months, with a 6-month break clause, most tenants sought. This means it is extremely important to make sure from the outset that the maximum rent from great tenants is achieved. Our skilled negotiators are making sure we extract the maximum possible income for our landlords, and we always recommend getting rent protection insurance to mitigate the potential risks this economic situation is producing.
Our Lettings Team has been leading the way, getting great results for our landlords during 2022 and 2023 is set to continue with our use of technology and team ethos.
Matt Brooke – Associate Director