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How can I make sure my property doesn’t lie empty?
Tuesday, April 21, 2009
“So… how’s the market? “ The most common question we letting agents get asked!!
The market is very busy with lots of prospective tenants looking to move but conversely there is a lot of property on the market and therefore a lot of competition. With so many reluctant landlords (i.e those who would like to sell but can’t get a reasonable offer and therefore choosing to let) the market has been flooded with available properties and it certainly is becoming a tenants market…
The current economic climate is making everyone very aware of their monthly outgoings and most prospective tenants are either reducing their monthly rental budget, choosing to stay in shared accommodation or stay at home with parents.
This combined with the number of properties available for them to choose between means we are seeing rents coming down slightly.
The good news for landlords is that with buyers needing deposits of at least 20% to get a decent mortgage the market is set to remain busy all year as these people all need somewhere to live!
The best advice we can give our landlords to take advantage of the high demand is to keep rents competitive (listen to your agents advice on this!) make sure your furnishings are in good condition and present your property in the best light possible!