The Richmond Magazine - October 2008
Susan Fitz-Gibbon, Partner at Fitz-Gibbon, puts the current lettings market in perspective
Have our attitudes to renting changed?
In this country renting was historically seen as the poor man's option. However, this perception has changed in recent years, as the quality of rental accommodation has improved.
Today renting is seen as a viable medium-term solution, and the downturn in the UK sales market has further accentuated this trend with many new landlords opting to let their own home instead of selling.
As these properties join those already furnished to exacting standards by investors, tenants find themselves presented with a superb choice of accommodation. In many cases, they are renting just moments away from their own homes. Indeed, we have recently let a house to a local family who have upsized and rented out their property. More generally, the number of new instructions for this time of year has almost doubled in 2008, with high levels of supply matched by strong demand.
Landlords are keen to know how the global credit crisis is affecting the corporate markets. Well, although this sector has been quieter than usual, Richmond continues to be the first port of call for a steady stream of corporate tenants, due to its good location, transport links and schools. The most popular family homes are valued at anything from £2,500 to £4,500 per calendar month, and are located near good schools.
The buoyant market in Richmond is certainly having a positive ripple effect on the surrounding areas. Just six months after Fitz-Gibbon opened up in St Margarets, the office has let a huge total of properties in the vicinity, as ever-increasing numbers of people wait to see what will happen to the sales market. This trend looks set to continue.
What advice can you give to landlords in the current market?
Although local lettings agents require a great many quality homes to meet demand, landlords should ensure that every property is exceptionally well presented. The discerning home-searchers who fuel the current market include corporate and private tenants with high expectations so clean lines, neutral décor and quality appliances are key.
New landlords can avoid common pitfalls by taking good advice from a specialist lettings agent. Ensure you are up to speed on everything from Energy Performance Certificates (EPCs) to insurance policies, safety certification and inventories.
Fitz-Gibbon St Margarets
127 St Margarets Road, St Margarets Twickenham Middlesex TW1 1RG
Tel: (020) 8892 8921
Fitz-Gibbon Richmond
128 Sheen Road, Richmond, Surrey TW9 1UR
Tel: (020) 8940 9920