Torpor may be falling on the sales market, but when it comes to lettings, there is a whirlwind. In the space of a week, we have moved out 3 sets of tenants, moved in 6 and agreed lets on further 4 properties. We have also prepared particulars on 3 properties ready for marketing in the new year.
That said, we’ve never seen such a stock shortage. We’ve 50 % fewer properties than a year ago but no fewer registered tenants. Some properties are being snapped up in hours, not days.
We’re also noticing an upward trend in the number of tenants wanting to sign for longer periods. Quite often tenants are seeking to sign tenancy agreements for 18 months plus. For renewals, some tenants are asking for up to 3 years with fixed rent increases every year at around 5%. For landlords, this means a guaranteed rental income with no voids and a locked in rental increase every year.