The law of supply and demand dealt the lettings market an unseen blow last year. Home owners who were unsuccessful in selling their properties offered them to the market to let instead. This dramatically increased the supply with the inevitable result that saw rent values fall in some cases by as much as 15%.
As we approach May the pick up in demand by potential purchasers to buy has given vendors new hope of selling their homes instead which has also helped stabilise the rental market Landlords with a superbly-presented product at the right rent can get new tenants in quickly.
A Quinton Scott client offered a lovely house in the exclusive enclave of Lordell Place SW19 for £5,500 pcm last month and it was let within a week. This has secured £99,000 of rental income for the initial term of the tenancy. The house was only empty for a fortnight, just long enough for a deep clean and a bit of maintenance. The new tenant is not from the financial sector, needless to say. He’s an oilman from Texas.
This is the fourth recent letting agreed to this petro chemical giant.