Reside General Manager Toby Martin rounds up rental market activity in June 2021.
Market Update
The rent trend of high tenant demand versus low property supply continued during June 2021. Competition for properties reached such heights that our average letting time between listing a property on the market and having an offer accepted by the landlord was just 3.45 days. The average rent agreed across those properties was 101.2% of the advertised rent.
The message from Reside is clear – if you are a landlord, there has probably never been a better time to bring your property to the rental market.
Landlords – are you compliant?
Whilst on the subject of interesting statistics, a recent article by property industry expert Paul Shamplina revealed last month that there have been no fewer than 47 changes to regulations affecting landlords during the Covid pandemic alone.
There’s been 47 changes to regulation and law in the UK during Covid and for the small portfolio landlords now everything has changed massively.
I believe it’s essential that they have a letting agent on their side albeit the correct agent by picking the right one, which is very important.
– Paul Shamplina
Meanwhile, new research by the National Residential Landlords Association puts the total number of laws with which landlords must comply at 168. In 2010, this figure stood at 118 – that is a 42% rise in 11 years. The rate at which regulations are changed has only accelerated over recent years, and more law changes will continue to come for the foreseeable future.
Without a professional, ARLA Propertymark qualified agent managing your property, it is very difficult for a landlord to be 100% confident that they have complied with all of their legal obligations.
Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.
Toby holds a Level 3 ARLA Propertymark qualification and runs the 'engine room' at Reside, making sure that properties are perfectly-presented and that they are let quickly at a good rent. When not working, Toby is happiest when enjoying a day's cricket.
