We’re into November already and the year is once again going so quickly. With the busy summer market behind us, it’s a good time to take a brief look back at how we performed, given it was LDG’s best summer ever, thanks to a great effort by the whole team. We also look forward to what the coming months hold for the Central London Lettings market.
Historically, the levels of property available and applicant registrations are at their highest during the months of July, August and September and this year was no different. However, this year we saw a change with applicants registering their interest later which resulted in registrations being 13.5% lower in July, 10% lower in August but a big increase of 50% in September, against the same months in 2017.
September was a very challenging time for tenants, as they had to move very quickly to secure a suitable property. We again saw an increase in the number of tenants from overseas securing a tenancy via ‘video viewing’ or by friends viewing the property on their behalf. I believe viewing properties remotely is something which will become more commonplace when securing a property with the introduction of better technology within the lettings industry.
Having been active in the Central London Lettings Market for over 30 years and based in Fitzrovia for 18 years, LDG’s core area has been the West End, however over the years we have been expanding throughout different areas of London as our client base grows. This year we are proud to have secured tenancies for our clients in the areas of Fitzrovia, Marylebone, Covent Garden, Mayfair, Soho, Bloomsbury, South Kensington, Holborn, Clerkenwell and Hammersmith which we are very pleased with as it is a good indication to us that both our brand and reach across London are growing.
In the coming months, the Central London Lettings Market may hit some choppy water with the uncertainty surrounding Brexit, as tenants may wait to see what the outcome is before committing to a new tenancy. Employers may also delay relocating employees.
Having said that, we are still registering a healthy number of applicants and are working with corporate relocation agents who are actively searching for properties. To maximise this opportunity, it is vital we are providing our clients with the correct market information, not only with pricing but also with tenant’s expectations.
What is becoming clear in the lettings market is that tenants are, now more than ever, expecting a good quality property rather than just hoping to find one. Landlords who can provide this are finding that their void periods are reduced, and their tenancy lengths are increasing as their tenants feel they have value for money and can settle into a home.
We are also now preparing ourselves and our clients for the upcoming ‘tenant fee ban’ which is currently at the Grand Committee stage in the House of Lords. The tenant fee ban will most likely come into effect in April 2019 and although we do not have confirmation on exactly which fees will be banned, we have to prepare ourselves and our clients as it will undoubtedly have an effect on us both. We will update our clients on this as and when we have more information.
In the current letting market, professional development is more important than ever given how the industry, and rightly so, is constantly changing with the introduction of further pieces of law and legislation of which there are now over 140. It is imperative that we are in a position to keep our clients compliant.
At LDG we are continuously promoting professional development for our team of property professionals, so they can always provide you with the best advice and service within the industry. A good example of this is by encouraging our team to achieve the Level 3 Award in Residential Letting & Property Management with ARLA Propertymark.
We are delighted with how the year has gone so far and we will continue to work hard to grow our portfolio and always strive to improve.
For further information on our services or our team please do visit our website www.LDG.co.uk