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The winter lettings market in London

The winter lettings market in London

The seasons have changed, the leaves have fallen and it's time to readjust to darker nights and shorter days. When winter comes it's not just nature that shifts - there are other subtle differences that happen too. As letting agents in London we have a great deal of experience when it comes to understanding how lettings change as the seasons do. This is our overview of what you can expect from the winter lettings market in London this year.

Strong and stable

Despite falls in average rents last year, in 2019 this has evened out and the predictions for London for the winter are that the market will be "strong and stable." Rents continue to be steady and there have been increases in renewals and relets. Brexit has been a major worry for some landlords, as London renters are very international. However, as yet we have not seen any impact - tenants from the EU still make up 40% of the lettings market in London. So, going into winter it's clear that London is still a great place to be a landlord.

Tackling empty properties?

This time of year can sometimes be problematic in terms of properties sitting empty. However, recent data shows that occupancy is currently around 94% and properties in London are left vacant for just 31 days on average before a new tenant moves in. One way for worried landlords to ensure that there is no drop off in income during the winter months is to work with a letting agent who will be proactive when it comes to ensuring that the property remains profitable. A mix of long-term lets and short-term options, such as AirBnb offers an effective solution.

The trend towards smaller units

Perhaps unsurprisingly, given that many people are currently economising, we are going into winter on the back of a trend towards smaller rentals. One-bed flats are incredibly popular and often deliver better rental yields for landlords. Crucially, tenants expect optimised use of space and stylish design no matter what the size of the property.

All the usual winter considerations

Winter can be a problematic season for landlords as there is a lot more that can go wrong with a property at this time of year, from boiler breakdowns to leaks. That's why it's so essential to have a good team of contractors on hand to deal with issues. Equally important is a professional and efficient managing agent to help deal with any problems that arise before tenants become upset by them and relationships start to struggle.

This time of year offers a wealth of opportunity for landlords in London, especially given the increase in tenant numbers and the fact that there are fewer properties available. If you need lettings or management support through the winter season we can help - contact us to find out more.

24 October 2019Written by Andrew Blythe

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