The Richmond Property Magazine - June 2009
In the lettings market, prospects for the quarter ahead look bright. Susan Fitz-Gibbon, partner at Fitz-Gibbon, celebrates with an upward glance.
The lettings market is growing! At Fitz-Gibbon, we currently have enquiries ranging from the lower end of the scale right up to £16,000 per month, and tenants are signing up for long tenancies. There is a particularly strong demand for one and two bedroom properties from £150 per week, both on a corporate level and by private individuals. Despite the recession, we have secured the contract of a major government department, the personnel of which are seeking studio and one-bedroom flats in the South-West London area.
In the current market, we're broadly seeing two types of applicant: those looking to move at once, and serious tenants searching for rental property months in advance. These discerning tenants are spending considerable time searching for the property that exactly suits their requirements, and landlords should be realistic, taking their agents' advice in terms of the asking price and furnishings. Following the huge success of its property furnishing service, Fitz-Gibbon is responding to market demand again by launching a new range this summer. This includes a choice of fresh new items, and landlords and tenants can rent furnishings for the course of their tenancy.
Lettings has historically been seen as the black sheep of the property market, but as ever-increasing amounts of legislation and schemes bring the rental market to the fore, the UK continues to see more and more people viewing it as a feasible long-term solution. In May, the Association of Residential Letting Agents (ARLA) launched a new licensing scheme to establish the highest standards for lettings agents in the UK. All ARLA members now need to be licensed as part of their membership which is very good news for the industry - both in raising professional standards and in protecting consumers form unethical lettings agents. The scheme represents a major step forward, affording greater confidence to landlord and tenant alike.
Under the scheme, each licensed member will hold a gold standard professional qualification in lettings, undertake continued professional development and ensure that he or she has client money protection schemes in place. Agents will agree to abide by a strict code of practice, sign up to an independent redress scheme and have professional indemnity insurance. All client funds will also be subject to an annual independent audit.
As an ARLA bonded agent, Fitz-Gibbon is renowned for following best practice and leading the industry forward, so we're delighted that ARLA has lobbied the Government to assist in the establishment of higher standards. We look forward to a busy third quarter of the year.
For Fitz-Gibbon Richmond call 020 8940 9920