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8_11_May_2017online

Increase in landlords exiting the market The latest report from ARLA Propertymark has revealed that there has been a rise in the number of landlords selling up and quitting the Private Rental Sector which is a trend we have seen in Chiswick. “Over 50% of our property sales this year have been investors disposing of their rental properties due to immediate difficulties with re-financing and longer term issues with pending tax changes” suggests Andrew Nunn. According to the report, during March, agents reported a rise in the number of landlords selling their buy-to-let (BTL) properties, with an average of four selling up per branch, compared to three in February. The last time the number of landlords selling their BTL rose above three per branch was in November last year, when the letting agent fees ban was announced. ARLA Propertymark also reported that the number of tenants negotiating rent reductions rose month on month in March. Furthermore the supply of rental stock has increased by eight per cent over the last 12 months. “Our evidence is that there has been an increase in rental supply here in Chiswick presenting tenants with more choice. The impact of this is existing tenants feel they can negotiate hard at the point of renewal and new tenants are making low offers when trying to secure property” comments Katherine McDowall “so best advice again to our landlord clients is present your property in its best light and be sensible on the pricing as voids can be very damaging to cashflow”. Sales Market Newsflash “Since Easter and the signing of Article 50 we have seen a significant uplift in buyer registrations and viewings” reports Andrew Nunn “this increase in activity has led to more offers being made and in turn sales achieved which is a positive sign for the Spring Market”


8_11_May_2017online
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