Are you considering living in Hammersmith and renting a property? If so then you are not alone. Due to the high prices in West London property sales, more people than ever have chosen to rent homes or flats in London W6 rather than buy them. Willmotts has noticed this recent trend and the letting market has been changing constantly. Staying ahead of the trends and reacting proactively is the secret to success. Our local agents have noted these market changes over recent months.
1. A Well-dressed property will let faster than poorly presented ones
Tidy, clean and homely looking properties will let far quicker than rooms that look neglected and undesirable. If you freshen up a dated look and feel, despite the potential cost to achieve this, you will find your investment pays off as you are not losing out on missing months of potential rental fees and you may also be able to increase the letting price.
2. Most popular rentals are smaller properties
The most popular properties are small dwellings for single people. The less tenants the simpler tenant-agreements are, making the whole process easier for landlords and tenants. One bed and studio flats in Hammersmith are very popular. They generally let much quicker that two or three bed flats.
3. More tenants are renting properties while they search for homes to buy
In 2017 many more people are renting whilst also looking for a home to purchase. To help with this tenants are looking for 6 month breaks in their contracts. If they find a property within this time frames we are seeing requests to buy-out of their contracts. This also applies to individuals who are not happy with their choice of property or have fallen out with co-tenants and are requesting to move on after just a few months.
4. Tenants are paying more for access to prime locations
Tenants are happy to pay more for a location with easy access to tube stations, linking Hammersmith to the City and the West End. Whether it be a career change or job security, accessibility to prime locations is paramount. When tenants are unable to plan ahead regarding their employment with long term tenancies, at least their worry of rent increases, protracted negotiations, admin fees and of cost the cost of moving is all but diminished.
5. Demand for high-end flats has decreased
The popularity for luxury apartments is on the decline. Despite tenants preferring well-presented properties the appeal stops short of high-end stock.
6. Furnished properties remain more popular than unfurnished ones
There are pros and cons in the argument of furnished properties versus unfurnished ones. Furnished properties allow tenants to move in quickly, and can cost a bit more than their unfurnished counterparts. Despite unfurnished properties giving tenants free reign to make the property their own, the demand for furnished properties is greater as it allows people to move into a readymade home. For the landlord though this is not always the most popular route as tenants demand furniture to be replaced if breakages occur; this its self can cause friction between the landlord and tenant.
7. More desirable properties are entering the market
Better rental property is becoming available as sellers decide to rent out their homes rather than sell, however this is generally on a reduced timescale. Stamp duty increases are causing evictions for good tenants who want longer than 3-year tenancies. If you are viewing a desirable property and hoping for a long-term tenancy, check with the landlord to see if they are considering selling the property.
8. ‘Accidental landlords’ are extinct
Smaller Landlords appear to be looking to off load their properties. This is in contrast to the larger investors who are looking at building on their property portfolios. The number of properties coming the market for let appears to be marginal however demand is steady and increasing. The result of this will inevitably be an increase in rent prices as more people want less property.
9. Growing popularity for long-term tenancies
Long term tenancies offer landlords security of regular income without the hassle of finding new tenants and the costs that are associated with it. This is echoed by the desire for tenants to secure longer contracts and not be worried about flexibility. From professionals to students, they are equally willing to enter long-term letting agreements
10. 6 months’ worth of rent in advance to get ahead of the rest…
There are a great many tenants offering 6 months’ rent in advance, (still subject to satisfactory references) in view to ward off other suitable applicants. This is mostly made up of people selling and requiring a property to live in while they look around for another property to purchase as it gives them bargaining power for a purchase. Other cases are people relocating from abroad where they have no credit history here, or older people selling to enjoy their capital.
Are you thinking of letting or renting a property? Get in touch with our lettings team 0208 222 9958 or firstname.lastname@example.org