PRESSING CURRENT CHALLENGES FOR THE PROPERTY MARKET!

Since the end of the Covid Pandemic Rents had been consistently rising each year between 5 to 10%, at least. Properties to Let were applied for many times over and time was always of the essence for Rental Applicants.

Currently Rents are seriously having to be reigned in to attract interest, generally Tenants aren’t rushing! The Middle East War is making a considerable amount of people very nervous about its fuel cost implications, which have drastically already pushed up Petrol and Diesel prices.

Net Lawful Immigration we are advised is drastically reduced so potentially less new Tenants will seek Homes. So, levels of Rents being offered have to be contemporaneously spot on, to attract interest and the appropriateTenants. Lawful Reviews, under the new laws will similarly have to be correct, to be upheld if challenged and to retain the ideal Tenants.

Presentation standards always must be at a high level and very importantly kept so, to retain Goodwill and make sure any Selective License requirements are complied with especially with potential random checks being undertaken by the Local Authorities appropriate Officers.

On the Sales side, in London Negative Growth is being, in general, reported, so similarly prices have to be correct to achieve interest and ideally a quick uncomplicated Sale. It isn’t an Ambitious Market. Obviously if a properties condition is below Average, a fair reduction must be allowed for to cover current expensive Materials and high Labour charges.

It won’t be long, we are sure, from our over 40 years’ experience, that the Market will change, but the above is a true reflection of Now!