The property market does not like uncertainty. It likes to know which way is up and certainly doesn't do well when things are looking a bit 'wobbly'.
The negotiations for the leaving of the EU seem to have stalled again and with that has come a definitive fall in house prices but this stagnation is also affecting the lettings market and alongside a long hot summer we have been seeing a fall in rental prices as well.
We are seeing longer void periods. A lack of European tenants making applications is also fuelling the issue leaving us to wonder why there is still deemed to be a housing (rental) shortage when there are so many properties for rent on the market, empty houses up and down the country and a suprus of student accommodation, especially in Kingston and Roehampton but also SW London and greater Surrey area.
Recently we have implemented a new strategy which seems to be working, especially for our clients in the mid range rental properties, so we are hopeful that over the autumn we will see more applicants and less rent reductions leading to quicker tenancy turnarounds.
Give us a call to see how we are processing this change and to see if it can help with your property or letting portfolio.