The Green - January 2009
Agent speaks
Susan Fitz-Gibbon looks forward to 2009 and shares her thoughts on the property market
WE HAVE PLANNED for an unpredictable market in 2009. Savvy clients accept that rents will reduce for a period of time and landlords should be realistic to achieve the best price. Agents must be honest with clients and customers as it's likely to take a longer time for the lettings market to bounce back than the sales arena.
Over the next twelve months testing times will sort out the experienced, established agents from opportunists and this will result in some casualties. Long term investment strategies and healthy renewals are significant as established agents have long term relationship with leading corporate clients and landlords who trust their help and advise.
We will also see a shake-up of opportunistic investors who don't have strong investment strategies. The disappearance of buy to let lenders like Mortgage Express will limit the choice available and strict lending criteria will mean only investors with long term plans will be able to buy and let properties. The mortgages are there if you have a high percentage of funding to start with and as we're seeing a trend towards mortgage lenders offering lending to existing clients only, funding will revert back to the way it was five or six years ago.
In any downturn, let alone recession, every aspect of business must carry on 'as usual'. We continue to extensively market our clients' homes, sponsor local schools and direct financial assistance to charities. 2009 will be very interesting and highly positive for the specialised letting agent and the informed investor - we are looking forward to a solid first quarter and a successful year ahead.
Susan Fitz-Gibbon, Partner, Fitz-Gibbon 020 8892 8921