Landlord newsletter winter 2023
Last year was one of our busiest years on record and this year is set to be no different, as demand to live in the capital remains at an all-time high.
International demand is continuing to rise. We are receiving hundreds of enquiries every week through our Corporate Lettings and International Relocation team from global companies looking to relocate staff to London this spring. This means that we can put your property in front of high quality professional tenants.
With vast numbers of people still returning to the capital, and more than 70 per cent of tenants choosing to renew their contracts, this has created a shortage of supply that has pushed rent upwards at an average of 22 per cent. It is becoming the norm for people to stay in the private rental sector for longer as the average age of a first-time buyer is now in the late 30’s, contributing to the lack of available property.
London remains an excellent place to invest in property and Frank Harris & Co. is here to support you throughout your property journey - whether that’s managing your investment, advising on your portfolio or helping you navigate the latest government legislation. Should you be considering expanding your portfolio or need an up-to-date valuation of your property, contact us.
Keeping you informed
Many London boroughs are introducing new licencing schemes or extending existing schemes. As your managing agent, we will work closely with you to ensure that your property is correctly licenced should it fall into a licencing area. If you have opted to manage your property yourself and it falls within a licencing area, please visit your local authority website or speak to our Licencing Team on 020 8296 1606 who would be happy to help.
Smoke and carbon monoxide alarms:
Since the start of October, all rented properties must now have a carbon monoxide detector in any room which has a gas appliance (not including gas hobs). If you have taken up our management service, then we have taken care of this for you. If you currently manage the property yourself, please make sure you have installed the necessary alarms. Replacing batteries in smoke and carbon monoxide alarms remains the responsibility of the tenant. However, if your tenant reports that their alarms are faulty, please act immediately for their safety. If you require more information, please contact your Property Manager or local office.
Protecting your investment:
A well-presented property not only entices high quality tenants and higher rents but also encourages tenants to stay in the property for longer. Frank Harris & Co. can provide a bespoke property management plan, tailored to you and your property needs. Properties being managed by our dedicated team of Property Managers receive expert care and attention and are located no more than 15 minutes away from the properties in their portfolio. If your investment isn’t currently being managed by us and you’d like to find out more, contact us.
Here to help
Should you be considering expanding your portfolio, Frank Harris & Co. is here to assist you. We have close relationships with independent mortgage advisors who are experts in buy-to-let mortgages and passionate about finding you the best deal. To speak to one of our mortgage specialists, contact your local office who will put you in touch.