August Market Comment
July has not brought with it the weather we all wanted but in the lettings market it has brought a wealth of positivity and an abundance of activity. Traditionally a very strong month for the lettings market, this year we really did not know what to expect, however July transactions levels have stayed consistent with those of previous years.
The flurry of activity in the market has largely been driven by many applicants changing the way they live and changing the priorities in their lives. Outside space and home offices have jumped up the priority list with people adjusting to new ways of working and new styles of living.
Following on from the post lockdown June market, July has seen stock levels in the rental market at record highs which has been putting some downward pressure on the achieved prices in the sector. The current high stock level is giving applicants far wider choice with the average tenant now viewing over 20 properties before making an offer. The wider choice available for tenants will caused many landlords to think long and hard before rejecting a good tenant with few requests and a swift move in date for the hope of higher rent from an alternative applicant.
Price sensitivity is now the enduring theme in the market and with more choice landlords need to make sure they are getting the very best advice from a local agent that knows the market inside out. With over 40 years local market knowledge Landstones are perfectly positioned to help landlords secure a good tenant and to guide those in need of a little assistance through this more challenging market. Everyone at Landstones is committed to working harder for our clients than any other agency out there in order for us to help you achieve the most from your property.