New data shows now is the time for tenants to look for longer term tenancies
- 14th February 2019
- Renting Property News
Real wages are rising in the UK which historically has been a trigger for rents to also increase
There are a couple of important pointers in information published recently by the UK Office of National Statistics which show that now in particular could be a good time for tenants to look for stable, longer-term tenancies.
If past experience is anything to go by they both indicate that rents could soon be on the rise, so to lock yourself into a longer-term deal with a fixed rent could prove a smart move.
First, earnings are going up and they are going up faster in London than anywhere else in the UK. The latest statistics show that across the country earnings rose at an annual rate of 3.4%, compared with an inflation rate of 2.15%.
The outcome is the biggest real pay rise – allowing for inflation – for ten years. Good news indeed, but for renters a sign that rents could go up too, particularly where greater demand is not being met by greater supply, which is the case for the residential property market.
Another sign is that in the latest quarter one in every forty workers moved to new jobs. This kind of mobility is very healthy, but it also overspills into the rental market because a new job also means more people are looking for new accommodation.
Stephen Ludlow, Chairman of ludlowthompson says: “These figures are potentially good news for landlords but they also suggest that renters should move fast to sew up longer-term tenancies if they can.”
“We are seeing an increasing number of renters looking for such deals. There are real advantages for landlords too because it provides the kind of stability of future income and higher net returns which helps with their planning. A win/win situation if it is negotiated with good professional advice.”
Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
- Wyn Williams on Google Review
“Alex Neto da Silva went above and beyond to help get us our right flat. He took time to understand our criteria, to get to know us to make tailored suggestions and kept us abreast of what was happening with the properties we were interested in. He is a rare shining example of what letting agents can be when they listen and respond to their clients.”
- Hannah on Google Review
“Claire was absolutely amazing! My first property fell through the day I was due to move in, despite a lot of hard work on her end. Knowing I was under time pressures to find somewhere to live, Claire found me a flat that is in many ways better than the one I originally had. She met with me on her day off to show me the new flat, kept me up to date around my work schedule and nothing was too much trouble for her. I honestly haven't experienced a letting agent with as much care and dedication as Claire and I wouldn't hesitate to recommend her or Ludlow Thompson to anyone, landlord or tenant, looking to rent.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period we were ranked as the number 1 agent in the UK on allAgents.co.uk out of 15,000+ agents, with 5200+ 5* reviews, and we are also linked with Feefo - independent review company and global Google Partner - giving the customer another place to search for independent reviews of ludlowthompson and the individuals that work here.
“These figures are potentially good news for landlords but they also suggest that renters should move fast to sew up longer-term tenancies if they can.”
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