Why the summer months bring more than just good weather for London landlords
- 8th August 2019
- Landlord Property News
Rents in the capital performed well in the second quarter of 2019, increasing by 1.3%
As well as bringing the summer sunshine, the June to September months are traditionally regarded as peak letting season for London landlords. Almost half of annual letting viewings occur during this period, as new prospective tenants move to London and begin new jobs or university courses.
ludlowthompson’s research shows the summer spike in prospective tenants has helped the capital’s rental market perform well in the second quarter of 2019. Average rents increased by 1.3% from Q1 2019.
For seasoned landlords looking to purchase a property ahead of the wave of new prospective tenants, now is a particularly good time. The huge number of mortgage products now available has forced providers to slash rates to stay competitive. The biggest fall in rates came for five-year fixed rate mortgages.
For those that are interested in talking about getting a new mortgage, please contact Chris Lockley at Jigsaw Mortgages by clicking here. (link: http://www.jigsawmortgagesltd.com/
Another encouraging statistic which emerged over the last few months was the rise in average tenancy lengths which hit 4.1 years up from 3.9 years in 2017. With the passing of The Tenant Fees Act in June, longer average tenancies are great news for landlords, as the frequency of transaction charges occur less often and higher net returns can be achieved over the long term.
Stephen Ludlow, Chairman at ludlowthompson, says: “The summer months are one of the busiest times of year for London landlords as prospective tenants flock to capital to pursue their careers in enrol at one of the capitals world leading universities.”
“For landlords looking to let their property during the summer period, using a regulated estate agent who is able to find the best tenant for a property, rather than the first, is key. It will help secure higher returns over the long term and potentially save you a lot of hassle in the process.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews.
Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
ludlowthompson has helped me find a tenant for over 10 years now, Jibby and his team has vast experience and knowledge of the fast changing market and they definitely look after your best interest! They do everything right to get you a great tenancy. I will highly recommend them.
Very good lettings department prompt and efficient. Great attention to detail and support to ensure a good outcomes for both the landlord and tenant.
“The summer months are one of the busiest times of year for London landlords as prospective tenants flock to capital to pursue their careers in enrol at one of the capitals world leading universities.”
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