From Strength to Strength
The London lettings market is gaining momentum and over the past year we have seen great results in the Ealing Borough. Our Landlords have benefitted from an average 5% increase in rental return as high demand continues in this popular part of the capital.
This increase is driven largely by corporate tenants who are relocating to London for work. In fact, our Corporate Services team handle hundreds of enquiries every week from international blue-chip companies as they look to house staff here.
It is widely accepted that London has a shortage of homes for its growing population. With more and more people moving here, and with residents wanting to stay in the capital, housing supply is not keeping up. Therefore, it seems increasingly likely the upwards trend for rental prices will continue, making London the ideal spot for Landlords to stay invested in.
In Safe Hands
There are currently over 160 pieces of legislation for Landlords in the United Kingdom to comply with. As managing agent, we take on all responsibilities on behalf of our Landlords and provide detailed advice on lettings related subjects.
You may be aware of the recent changes to legislation and that the Government is looking to introduce new laws. Rest assured, this isn't anything you should worry about as we consider everything to be very much 'business as usual'.
The tenant fee ban has now come into effect, and there are no implications that concern us unduly. We already had some of the lowest tenant charges in London because we never wanted to discourage tenants from looking at our Landlords' properties. The tenant fee ban means that for some Landlords there will be some minor adjustments to costs, but if this affects you we will discuss the details at the next renewal or re-let.
Tenants deposits are now restricted to five weeks rent but, again, we don't anticipate this to cause any issues for you. Any money currently held in excess of the new threshold will be returned upon our renewal or re-let of the property.
The Government is also promoting longer term tenancies, something we have always encouraged and we don't anticipate any changes to how we operate. The majority of our Landlords have long term plans for their investments and the assurance of a long term agreement is usually preferred. The Government are also proposing changing the rules on giving tenants notice, but Landlords will still be able to recover their property if needed, hence again we see little to worry about.
We will keep you informed on progress whilst the Government consults with the industry but should you have any questions please contact us as we will be happy to talk this through.