Buoyant spring market
“Lots of new buyers registered with us over the Easter break, most of whom are very motivated and have been out viewing a number of our available properties,” says Paul Herring, Director at Snellers Teddington. “We are handling competitive offers for flats and houses, including multiple bids on some properties.”
Lettings is equally busy, according to Twickenham Manager Richard Gunning; “The number of properties we are letting is up by 30% on this time last year, proving that the buy-to- let market is strong in the face of Stamp Duty Land Tax, with property still outperforming other asset classes.”
Both tenants and landlords are committing to longer-term tenancies, with Snellers’ average tenancy length now exceeding 24 months. “This is thanks in part to the number of corporate tenants,” says Richard. “We spotted a noticeable increase in the number of corporate tenants out looking for property over Easter, which is good news for landlords. Landlords often request corporate tenants for their properties as they are aware that, generally, rent is paid in full, on time and that their rental return is maximised. Properties let to corporate tenants are well maintained and looked after as the occupants are a reflection of the company they work for. Corporate tenants are often contracted to work for several years, minimising void periods for landlords.”
It's not just Twickenham that’s popular with corporate tenants, according to Teddington Lettings Director Jon Mulshaw. “We have seen an increase in the number of blue chip companies that we are now working with and the searches are ranging from studio flats to large family houses. It’s a very buoyant market over here, with the best quality and competitively priced properties going before they reach the internet portals. This proves the importance of tenants being registered with a proactive agency such as Snellers.”
“In line with this increase in corporate tenants, we’ve noticed and increase in the number of landlords choosing to use our Property Management service,” continues Richard. “Landlords are keen to attract corporate tenants, many of whom prefer to rent a property in the knowledge that it is being managed by a professional. Laws on rental properties is always changing, so landlords are increasingly opting for professional management to ensure their properties are let in line with new legislation.”
Find out more about Snellers Corporate Lettings.