The Renting Rush

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As some of you may already know, the rental market has sky rocketed, pushing it to a Landlords market, due to the scarce amount of rental properties available compared to actively looking tenants. Within Ashford, rentals are coming on the market and tenants are swooping viewings up straight away. Due to Coronavirus, the viewings are slightly different than before, meaning that only a certain number of possible applicants can view on one day, which is first come first served. So, where there is a lack of properties, compared to possible applicants, with a lack of viewing slots and some properties having to be vacated before these possible applicants can visit. Virtual tours and video tours have been very helpful throughout Coronavirus, but currently with possible applicants being able to virtually view first, it has meant only those with a high interest for the property are booking in viewings, which also limits numbers of contact within the property and with agents.

Currently in London, especially inner London, rental prices have dropped by around 4%, compared to last year. This drop could be due to an increase in short lease properties becoming available as long-term lets, due to the sharp decline in tourism. Therefore, as there are more properties now in inner London, this means they are less sparse, dropping the prices. However, this also means that these Air BnB type of lets are seeing direct hits to their income, as a nightly rate is significantly more than the price of a 24-hour period in a long term let. Those Air BnB’s in areas near the sea are doing significantly well, as a lot of Brit’s are enjoying a staycation in the UK.

READ MORE: https://www.homesandproperty.co.uk/property-news/renting/average-rent-in-london-falls-a139861.html

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