The Richmond Property Magazine - October 2009
Susan Fitz-Gibbon, Partner at Fitz-Gibbon Richmond
What market trends are we currently seeing in Richmond? The rental market remains solid, and yields have increased upwards of 8% in the past two years, because although capital values have dipped, rental prices remain the same or in some cases higher.
Reasonably priced and well presented properties are attracting a lot of interest, and are even receiving multiple offers. After the traditional rush for large family homes before the start of the school term, Fitz-Gibbon is seeking to replenish its stock levels of larger properties.
Two and three year tenancies are becoming more commonplace as families seek added security in uncertain times. Many tenants simply need to budget ahead, but some are requesting tenancy agreements without a break clause as many landlords have decided to let rather than sell their home in the current market.
As agents who are losing market share in sales lean towards more 'opportunities' in lettings, it is vital landlords do their research and appoint the right letting agent given the amount of complex legislation affecting the industry. Lettings staff must be comprehensively trained to provide the right tenancy agreements, and advise clients on everything from 'Houses of Multiple Occupation' to 'Tenancy Deposit Schemes'.
Here at Fitz-Gibbon, we have been investing heavily in ARLA training for twenty years. This month we are delighted to welcome back Jane Wheeler to her role as office manager. Having worked with us for eleven years, she returns following maternity leave. Jane re-joins the local team: Louise Smith, our assistant office manager, Charlane Wilcox and Alice Brunel-Cohen, our experienced negotiators and our long-term administrator Jo Lee-Lacey whom clients have come to know well.
The autumn/winter market is in full swing as we press on with refurbishing all our offices. In Richmond we're pleased to be knocking-through the existing wall to create additional desks for staff and a more spacious environment for clients and tenants.
We have been in the local office now for twenty years and having seen the market through numerous peaks and troughs. We are delighted to witness an overall increase in the lettings market and are looking forward to a busy run-up to Christmas again this year. Currently one bedroom properties are valued up to £288 per week, two bedroom homes achieve up to £460 per week and, whilst family homes start at £690 per week, five and six bedroom properties are valued upwards of £1,150 per week.
For more information about the local market call Susan Fitz-Gibbon on (020) 8892 8921 or visit www.fitzgibbon.co.uk