Landlords become more 'socially aware'
- 10th November 2009
- Renting Property News
Image of London's landlords improves during recession as tenant lifestyle become greater focus in rental sector.
The greater awareness of landlords' responsibilities, combined with the financial benefits of keeping long-term tenants, has lead to more conscientious landlords.
The move from the Rachmanesque dealings of the past to today's more socially-aware landlord will be beneficial to London tenants, and wider reputation of London's rental market.
Due to the decrease in rent in some areas of the UK, many profit-hungry investors have left the market. The implementation of the Deposit Protection Service (DPS) has also had a significant and positive effect, making it more difficult for landlords to unfairly retain a tenant's deposit. An estimated 30 percent of landlords comply with the DPS, a legal requirement since 2007.
The growth of large property investors such as Aviva and London & Stamford means that private landlords need to improve facilities of their property to be able to compete.
In the same vein, ludlowthompson, London's Letting Agent, is advising landlords to consider tenants' lifestyles. For instance cyclists require somewhere to store their bike and installing a lean to for this purpose can make a property more attractive for rental. With the economic crisis many more people are cycling to work to save hundreds of pounds a year on transport costs.
Stephen Ludlow, Director of ludlowthompson, said: “Cyclists prefer not to leave their bike chained up on the street. We’re receiving more enquiries from young professionals who cycle about semi-detached houses, which have a path to the rear garden providing easy access for the bicycle.”
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