The Lettings market is absolutely booming! In the areas of Loughton, Buckhurst Hill, Chigwell, Woodford, Wanstead, Epping and surrounding areas – Rents have increased on an average of £100 Per Month.
What is the reason for this?
I believe that there are a number of factors that have had an effect on the housing market, especially the rental market.
Low Level of Property – Lack of stock in general and the lack of prime property in the market is a huge factor for this, meaning there are fewer properties to choose from for prospective tenants. The amount of clients I speak to on a daily basis moaning that there is just not enough stock on the market is starting to sound like a broken record to me.
More Tenants – Since the 1970s, owning your own property and asset has become the norm. Before this time, renting was considered pretty normal in the UK. But recently the banks have become rather stringent in their criteria for lending money again, and quite rightly so! We all saw and were burnt by the detrimental effects with what this recent recession has done and the effects on the market place as a whole. So with the higher cost of living nowadays and with it being an expensive process moving house, we are seeing more and more young couples moving into rented accommodation.
Tenants making a home – Rental Prices have increased over the last few years and within the past year our research in the local area tells us that rents have increased on average of £100 per year within the lower to midrange lettings market. So more and more tenants are staying put and looking to increase their tenancies for longer.
Keystones Property in 2014 accelerated and exceeded most of our landlords’ expectations. With the power of the online market we have let property in all areas within our reach.
One of our landlords recommended us to a friend recently who had her property on with two local estate agents in Beckton, East London for 3 weeks with no new tenants. She was getting quite stressed. After looking at the photos and write-up, the property looked tired and the marketing wasn’t up to scratch (in my opinion). Now, I am bluntly honest with everyone I meet so I relayed to the landlord what I thought were the problems, why it wasn’t renting and then explained the solution and what we were going to do about it. We took the property on our books on a sunny Saturday afternoon at 3pm, by Monday Morning at 11.30am (on the Tour De France Day) we had a holding deposit down on the property, with a couple moved in by that weekend! A SEVEN DAY TURNAROUND! It felt good, but our landlord felt better!
I put it solely down to the effort and mainly the online photos! This is proof in power of the online market, marketing of the property plays a huge part in what we do now! How in this world should an estate agency in Loughton, Essex compete and outsmart two local agents in the designated location of the property?
On average we take a holding deposit for our landlords within 7 days from the property coming to market! In 84% of cases we do this. 91% of our properties are LET with a holding deposit held within 10 days! This is FACT and we can show you the evidence!
In fact we are that confident in our letting and marketing skills that we are currently running a new promotion for the remainder of 2014!
Keystones Property Promises and GUARANTEES to RENT YOUR PROPERTY WITHIN 10 DAYS OR WE WILL RENT IT FOR FREE!
*Please note that this promotion means to take a holding deposit and secure a tenant within the 10 days!
So Landlords Alert – Please come forward, “we challenge you to challenge us” and you will see how we literally go the extra mile to please our clients.
Managing Director of Keystones Property