The Green - January 2010
A LENGTHY STAY
Fitz-Gibbon reports strong demand for longer tenancies.
By Susan Fitz-Gibbon
Given the increasing amount of complex legislation affecting our industry, it's vital lettings staff are trained to fully understand the various types of tenancy available and advise clients about everything fro energy performance certificates to houses of multiple occupation and understanding the tenancy deposit schemes.
We've also received multiple requests from tenants wanting tenancy agreements without a break clause. Given our proximity to the German school in Richmond, this has been particularly true for German families whose children will be attending the school for a number of years.
The Lettings Division in our St Margarets office has now been up and running for a year and Senior Negotiator, Katie White, reports increasing demand in both St Margarets and the surrounding areas so our office footprint has increased to cover Twickenham, Teddington and Whitton.
Four years after our rebrand we're currently in the process of refurbishing all of our offices, including knocking through the Richmond Office to create more desks for staff. In fact, 2009 was our most profitable year in twelve years thanks to our solid reputation and valued clients. Demand for Property Management services in these areas is strong and we have recently completed an £80,000 refurbishment in Holland road, W14. Meanwhile Vanessa Reast, our Chiswick Office Manager, reports a buoyant start to the year and continuing demand for our property management services. In W4, we have now completed a £13,000 refurbishment in Riverview Grove.
In the current market, reasonably priced and well presented properties are generating a lot interest and even attracting multiple offers. Property stock levels are ever-changing in reflection of these conditions and movements in the local sales market, where some rental properties have gone under offer for sale. The lettings market around Chiswick and Richmond remains solid and rental yields have increased upwards of 10% in the past two years. A typical flat worth £400,000 with a 5.2% yield in 2007 would give a yield of 5.7% in today's market because although the capital value may have dropped to £325,000 rental prices remain the same or higher.
In Richmond, Assistant Manager Louise Smith has highlighted the need for an increased supply of family homes as our stock levels have depleted following the traditional rush for four, five and six bedroom properties. One bedroom properties are currently achieving between £220 and £288 per week, two bedroom properties are valued between £277 and £460 per week and family homes start at £690 per week for a three or four bedroom property and £1,000 for a five or six bedroom home. We're looking forward to a busy market in 2010.
Contact any of our offices to arrange a market appraisal.
Contact Louise Smith for Richmond and the surrounding areas on 020 8940 9920 or lsmith@fitzgibbon.co.uk
Contact Vanessa Reast for Chiswick and the surrounding areas on 020 8995 9333 or vreast@fitzgibbon.co.uk
Contact Katie White for St Margarets and the surrounding areas on 020 8892 8921 or kwhite@fitzgibbon.co.uk
Contact Aimee Bruce for Kensington, Fulham and the surrounding areas on 020 8892 8921 or abruce@ftizgibbon.co.uk