Welcome to your November edition of the Fish Need Water newsletter!
Here’s what we’ve got coming up:
- Renters are leaving London! What should you do?
- All the latest need-to-know news.
- Top tool: House Price Calculator.
Everyone’s leaving the capital!
So… record numbers of renters have left London over the past year – and it doesn’t seem to be because they want to “settle down” in the suburbs. (The majority are continuing to rent rather than buy – which implies it’s all down to affordability.)
If you’re an investor who has properties in the capital, what can you do to attract the tenants who are keen to stay?
Here are some tips:
Price sensibly – which means spend sensibly
The market dictates what rent you’ll be able to charge for your property – not your assumption that natural stone flooring or gold leaf taps command a premium.
So yes: make sure the place is clean, safe and durable, but be sure to leave it at that. You’ll already be making far more of an effort than plenty of other landlords in the area, which means your property will be one of the first to get snapped up at a price people are actually willing to pay.
Go to where people are searching
Your property definitely needs to be on Rightmove and Zoopla: that’s where people are looking, so make sure your agent uses both portals.
It’s really not that difficult to make a property look appealing and worthy of a visit: hire a great property photographer, mention the key selling points in the property description, and you’re good to go. Yet so many agents manage to make a pig’s ear of it – with photos that show messy or dirty rooms, or descriptions that barely say anything at all.
A couple of easy-to-implement marketing tips:
- The “feature” photo (the one that appears in the portal search results) should show an interior rather than exterior photo. Tenants don’t care what the outside looks like as much as whether they can imagine themselves living there.
- Work with your agent to figure out who your target tenant is (a couple, a young family, an older couple with grandchildren, etc.) and use the description to appeal to them. If you imagine a young family living there, they’re probably going to be more interested in the local schools than the nightclub scene.
Make sure the place is presentable for visitors
If you still have tenants living there, your agent will need to show up before viewings to check that everything looks clean, tidy and in good order.
If you want more advice on how to rent out your property in this less-than-friendly market, give us a call for a chat! 020 3199 3492
It’s been a busy ol’ month…
New report calls for a radical shake-up of planning in London to ease housing crisis. For once, the answer isn’t just to “build on brownfield”.
Government plans crackdown on “overpriced” property service charges. Some of these charges do seem ridiculous…
WinAbode: new property raffle website promises buyers a London home for less than the “price of a coffee”. Is it just a matter of time before the government clamps down?
The value of homes in this part of London fell more than £100 a day last quarter. Can you guess where? (It’s a toughie!)
Our useful tool of the month
The BBC has created a fantastic House Price Calculator that shows where you can afford to rent or buy according to your income and how much you can spend each month.
While it’s intended for those looking to rent or buy, it’s also a great tool for landlords looking for the next investment opportunity.
The end! (Until next month.)
See you in December!