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Struggling to sell? Letting your property could be the answer

Struggling to sell? Letting your property could be the answer

The UK property market has been going through a tough time recently. This month it was reported that property prices in London were flat or falling for the 16th month in a row. That's even longer than the property downturn that happened after the 2008 financial crisis. If you're a property owner in London right now and you're struggling to find a buyer there could be another option: letting your property instead. We are letting agents in Hackney and we're helping a number of landlords to make the most of the booming rentals market instead of wasting time and energy trying to sell.

What's happening with London property?

London is suffering from sluggish house prices in a way that the capital hasn't seen for decades. The most recent reports indicate that property prices have dropped 2.7% this year up to June. That's in comparison to the UK as a whole, which saw a small rise of 0.9% in property prices. Despite the drop in prices - which should, in theory, attract more buyers into the market - many people currently trying to sell are really struggling. That's especially so in London and hotspot areas like Chealsea, Shoreditch, Hackney and Islington. The main issue is Brexit. Currently, the uncertainty over what will happen when the UK leaves the EU on 31 October - including how the departure will be handled (deal or no deal) - is making everyone cautious. As a result, properties are simply sitting on the market, racking up listings costs but generating no income.

Why letting could be the answer

If you're currently looking to sell your property and not having much luck there are a number of reasons why finding tenants could be a practical solution, whether temporary or permanent.

  • Renting is very profitable. While house prices might be falling, rents are rising. The latest data from Ideal Flatmate shows that UK rents rose 8% in the second quarter of this year. In London rents increased by 5%. Renting your home can be lucrative and, so far, is proving largely unaffected by political events.
  • An insurance against Brexit. Although no one knows what's likely to happen with Brexit, the caution surrounding it is going to continue for some time. Letting your property means a regular income that doesn't look like it will be as negatively impacted by political events as sales, providing some insurance against the turmoil that could come later in the year.
  • A good managing agent can make it easy. We are letting agents in Hackney providing managing agent services to a range of landlords who want to see income from their property without expending a lot of effort. We can handle everything, from finding tenants, to maintenance and check out.

If you're struggling to sell, don't let your property sit around empty - we can help you to find great tenants and start letting instead.

08 August 2019Written by Andrew Blythe

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Residential lettings
We pride ourselves on being genuine industry experts, providing a positive experience, from enquiry to after care. Storeys focuses exclusively on lettings, and we value properties, we don’t just list them. Knowledge and innovation mean we can be competitive on costs while also delivering an individually tailored service.
Property management
Storeys is a bespoke offering based on the fundamental principle of value for money – we want happy customers. Paperless tech and eSigning deliver efficiency and convenience, no high street office minimises costs. The result is a streamlined service nimble enough to tailor what we do to suit your needs.
Valuation
Aesthetics, natural light, building quality, and overall finish – these aren’t ‘extras’ in a Storeys valuation, they’re as much a part of the process as size, condition and location. We look at individual property potential, not generic criteria. Factors like space for modern living arrangements, such as flexible working, are incorporated too. Our valuations are all the more accurate and successful for it. There is a perfect tenant for every property if you know how to find them.
Short-term lettings
Providing value for tenants and continuity for landlords, Storeys short-term lets run from 4 weeks to 6 months. We work with major London relocation teams and a global contacts network to match international tenants to perfect London properties.
Vacant property Management
We can manage your vacant property in-between tenancies or refurbishment, giving you peace of mind that the property is being looked after and inspected on a regular basis.
Superior Marketing
There is just no comparison between static photos and VR when it comes to property marketing. VR allows tenants to do a virtual walk around and get a realistic feel for the property - their expectations are grounded in reality, and properly managed. This makes VR a very effective tool, not just for generating interest and viewings but also converting those to offers. That’s why we partner with VRPM to create a virtual reality perspective for every property we handle.
Airbnb Management
We can manage your Airbnb account and make sure each booking runs smoothly, keys are always available for handover and the property is ready for the next occupation. This can run very well alongside our short-term corporate letting service.
Rent Protection
If your tenant defaults on the rent, Storeys have you covered. We also cover your legal expsenses and pay you rental income if your property is vacant whilst we remarket for new tenants. Don’t worry Storeys have your back.*ask a member of the team for more info. This service is included for every Storeys managed property.
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