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The Reality for Bath’s Young People: Where Do They Live and What’s Next?

Posted on by prateek

It is an open secret that Bath’s younger generations are struggling to get themselves onto the property ladder. With the ever-increasing cost of living and stagnating wages, alongside stricter mortgage criteria, it is no wonder that fewer under 34s’ are becoming homeowners.

How bad is the situation? Is there any hope up on the horizon for young people to find a place to call home?

BATHS HOUSING CRISIS: THE STRUGGLES OF THE UNDER 34s.

According to statistics from the Bath and North East Somerset Council (BANES), there are 79,250 households in total. Of these, 1.8% are headed by individuals aged between 16-24, whilst 10.6% are between 25-34.

Compared with the 2.6% of all UK households that are made up of people aged between 16-24 and the 13.5% made up of people aged between 25-34.

Looking specifically at the 16-24 age bracket within Bath, the households can be broken down as follows:

  • Owned outright: 3.3%
  • Owned with a Mortgage: 14.6
  • Social Housing: 22.5%
  • Private Rented: 59.5%

Nationally, this compares owned outright 3.6%, 10.2% owned with a mortgage, 22.8% social housing, and private renting 63.5%.

Next, moving onto the 25-34 year old age bracket breakdown:

  • Owned outright: 3.8%
  • Owned with a Mortgage: 43.8%
  • Social Housing: 11.2%
  • Private Rented: 41.2%

Nationally, this compares owned outright at 4.1%, owned with a mortgage at 35.5%, social housing at 17.7% and private renting at 42.7%.

For a city like Bath, these numbers paint a bleak picture of property ownership in the younger generation. But why is this happening?

Well, the answer is multifaceted. It is not just an issue around the rising price of housing. Wages have not risen in line with inflation and with lenders becoming more conservative, the amount of deposit required to secure a mortgage is higher than ever before. For young people who are already grappling with student debt and rising rental costs, saving for a deposit is becoming an insurmountable task.

THE SHIFTING SANDS OF HOMEOWNERSHIP:

Yet, while the prospect of homeownership for the under-34s in Bath is slipping further out of reach, it is worth putting these figures into a wider context. Homeownership is not something that young people have done en masse, at least not in recent decades of the 2000’ and 2010’s.

While the Baby Boomer generation often bought homes in their early to mid-twenties back in the 70s and 80’s, the dynamics of homeownership have changed dramatically since then.

The average first-time buyer in 1980 was 26, now the average age has gone up to 31, and 34 in London.

In the 1980s, when the housing market was more accessible, people were more likely to buy a home at a younger age. However, as times have changed, so have social and economic conditions. The cost of housing has skyrocketed, whilst wages have not kept up at the same pace. Furthermore, younger people today are often burdened with additional expenses that weren’t as prevalent a few decades ago such as student debt loans and a cost-of-living crisis. This combination is making it much harder for younger people to save for a deposit and thus secure a mortgage offer.

Now, whilst this may sound doom and gloom for Bath’s younger generation, there is a silver lining if we look beyond the short term and consider the longer term market conditions. I countries like Germany, homeownership doesn’t typically happen until later in life. Germans tend to rent for longer (often well into their 30s or 40s) and then purchase a home later in life. When they do finally buy, they have more financial stability, and higher incomes and often make larger down payments. The result of this? Less debt and more security later in life.

This delayed homeownership is becoming more common in the UK, and Bath is no exception. What we may be seeing is not a permanent decline in young homeowners, but a shift in the timing that people buy. Instead of purchasing homes in their 20s, more people are waiting till their mid-30s or even early 40s to buy, when they have some more financial stability.

THE HIDDEN £28bn BATH AND NORTH EAST SOMERSET EQUITY:

One key factor we cannot ignore is the £28bn worth of equity tied up in the homes of the 50+ years old generations in the BANES area.

Many older residents, who bought homes decades ago when property prices were affordable, are now sitting on this substantial equity. As these homeowners begin to downsize or pass down their properties to their children and relatives, we may yet see a significant transfer of wealth to the younger generations. This could provide a lifeline for many would-be homeowners who are currently priced out of the market.

In Bath, where family connections are strong, and homeownership is passed down through generations, this transfer of wealth is likely to have a profound impact on the housing market in the coming years. Many younger people will likely find themselves with the capital to afford a downpayment on a home or be able to inherit the estate their parents currently reside in.

WHAT DOES THIS ALL MEAN FOR THE FUTURE OF BATH HOMEOWNERSHIP:

The future is not all doom and gloom. Yes, the current statistics suggest that homeownership is out of reach for the majority of under 34s, but this is not a permanent trend. There are several reasons to be optimistic about the future. Firstly, as more young people prioritise their savings and look for ways to access the property ladder, we could see a shift in homeownership rates among the under 34s. Previous schemes such as Help to Buy and shared ownership can also provide much-needed assistance for young people to get onto the property ladder.

Secondly, the aforementioned generational wealth transfer will hopefully provide younger people more opportunities to purchase homes, either through direct inheritance or financial gifts. Regardless, the generational shift will most likely play a significant role in shifting the current market trends.

There is absolutely no denying that the current market conditions are making it incredibly tough for young people to get onto the property ladder, but for those willing to plan and save strategically with the right help and support, many young people across the UK and Bath will find that they can, in fact, become homeowners.

It is clear the property market in Bath is changing and will continue to do so. Young people may not be buying homes at the rate they used to, but by staying informed, seeking the right opportunities and staying patient, you will be able to afford your first home.

The situation is far from hopeless, Baths future homeowners are out there, they’re just waiting a little longer to step onto the ladder.

To view our latest Sales Properties in Bath, click here – Properties for Sale in Bath (residebath.co.uk)

To view our latest Rental Properties in Bath, click here – Properties – Reside Bath

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Renter’s Rights Bill – What does it mean for you?

Posted on by prateek

The renter’s rights bill was published last week. It is important to note that the following is not yet law as it must be passed through parliament. Many Landlords are apprehensive about these proposed sweeping changes to the private rental sector. So, let’s explore the bill’s key points and what this means for tenants and landlords.

THE ABOLITION OF SECTION 21 NOTICES –

Section 21 evictions have been long used by landlords as a means of terminating a tenancy agreement without any reason.  This system will be replaced by a new measure that will only permit evictions under certain conditions, such as rent arrears or the landlord wishing to sell up. Whilst this may initially be seen as restrictive, it has been on the horizon for a while as this was also a measure proposed in the Renters Rights Act, the previous bill by the conservative party, and we have previously spoken about the limited impact this change may have.

Going back to the point, landlords in Bath and beyond will now need to follow stricter legal grounds for eviction and ensure that they are treating their tenants fairly and making sure they are not displacing their tenants.

RENTAL INCREASES AND BIDDING WARS –

Rent control mechanisms in the Bill aim to standardize rent increases across the board. It has been proposed that landlords will only be allowed to raise rents once a year and tenants will have the power to challenge this, if they deem the rent increase as excessive, at a tribunal. The aim here is to prevent unfair rental hikes from being used as an undercover eviction. Despite this, Landlords will still be free to increase the rents in line with market rates.

Another significant proposed change is the prohibition of bidding wars. In recent years since the rental market demand has far exceeded supply, there has been an increase in these rental bidding wars where tenants are bidding higher than the advertised rent to secure a property they may know has been garnering a lot of interest. Under the Renters Rights Bill, this practice will be outlawed. Lettings agents and Landlords will be forced to publish a clear asking price for rent and will not be allowed to accept offers over this rate.

DECENT HOMES STANDARD AND AWAAB’S LAW –

The introduction of the Decent Homes Standard into law aims to make sure that all properties in the private rental sector abide by a minimum safety and quality standard. Landlords in Bath and beyond will need to make sure their properties comply with these standards or they will risk facing penalties. This is an expansion of the existing standard that applies to social housing, ensuring those in the private rental sector are entitled to the same level of safety and decency in their homes.

Awaab’s Law, named after a traffic case of a child who died from exposure to mould in social housing, will also be extended to the private rental sector. This will place a legal requirement on landlords to address serious health hazards within a specified time frame. Whilst this may seem like a major regulatory burden, many landlords are already maintaining these standards so will find compliance with these new regulations relatively straightforward.

RENTING WITH PETS –

Another headline from the bill is the enhanced ability for tenants to keep pets. Landlords will no longer be allowed to refuse pet requests without reasonable grounds. However, to address concerns about the potential damage a pet may cause to the property, landlords can now require pet insurance to cover any damage.

STRENGTHENED LOCAL AUTHORITY POWERS –

Local councils will be granted additional powers to enforce the rules laid out in the Bill. This included the ability to levy fines of up to £7,000 for initial breaches of the above, and escalating to £40,000 for repeat offences. Whilst these new powers may be daunting, they are largely targeted at rouge landlords, and those who already comply with existing regulations are likely to be unaffected.

If you have any further questions, then do not hesitate to get in touch and if you would like to read further into this then click the link below ⬇️

https://www.gov.uk/government/publications/guide-to-the-renters-rights-bill/82ffc7fb-64b0-4af5-a72e-c24701a5f12a

Property Insights: How to sell your property faster in 2024

Posted on by prateek

One of the most crucial indicators of the health of a property market is the length of time it takes to sell a property. The metric provides insight into supply and demand dynamics, and the market confidence that people have, and also is a market of the efficiency of estate agents in an area.

For homeowners in Bath and investors alike, a better understanding of these trends can help with decision-making. When properties sell quickly, it is indicative of a strong market and reflects a high demand. However, a long sale time often reflects either a surplus of properties on the market or decreased buyer interest.

So, in summary, monitoring the performance of the market is helpful when wanting to make informed decisions about buying or selling.

AVERAGE TIME TO SELL A PROPERTY IN BATH:

Whether you are a Bath Landlord looking to liquidate your buy-to-let investment or a Bath homeowner contemplating selling your home, understanding the latest market trends is crucial. Recent data from Q2 of 2024 provides us with valuable insight into how the local property market has been performing.

Recent independent research indicates that of the 624 Bath homes sold in Q2 of 2024, it has taken an average of 41 days to agree on a sale (Sold STC). This is a notable improvement on Q1 of 2024 where we saw an average time to sell STC of 56 days.

However, this is an average so not all properties sell in this time frame. It is important that we break down the time to sell STC into separate price brackets so we can see what types of properties might sell quicker than others.

PERFORMANCE BY PRICE BRACKET:

The time it took to find a buyer in Bath in Q2 of 2024 by price bracket:

  • Under £100k: 25 days
  • £100k-£200k: 41 days
  • £200k-£300k: 36 days
  • £300k-£400k: 34 days
  • £400k-£500k: 40 days
  • £500k-£1m: 54 days
  • £1m+: 44 days

The time it took to find a buyer on average across the UK in Q2 of 2024:

  • Under £100k: 69 days
  • £100k-£200k: 63 days
  • £200k-£300k: 69 days
  • £300k-£400k: 62 days
  • £400k-£500k: 64 days
  • £500k-£1m: 81 days
  • £1m+: 92 days

TIPS FOR BATH HOMEOWNERS TO EXPEDITE THE PROPERTY SALE:

If you are a Bath homeowner looking to sell quickly, then there are a handful of strategies you can employ to speed up the process.

  1. CHOOSE THE BEST BATH ESTATE AGENT: Selecting a reputable Bath estate agent with a proven track record for providing the best service possible is crucial. Ask all the agents you approach their average time to find a buyer. An experienced agent will be able to provide detailed information that can be tailored to your specific inspiration.
  2. Ensure your Bath Home is a high-quality listing: Make sure your property is listed on all the major property portals. Make sure any agent you use is getting professional photography as a standard as the first impression is crucial. Alongside this make sure that your property has a well-crafted description, allowing readers to better assess if the property is of any interest to them. All of these aspects allow a home to stand out and are vital when coming to a competitive market.  
  3. Effective Marketing: Given the increased number of listings coming to market in recent times (Over 200,000 more homes listed nationally now versus two years ago), additional marketing efforts can go a long way. When listing your property, consider additional marketing efforts that agents may offer such as premium listings, video tours/virtual tours, and social media promotional videos.
  4. Competitive Pricing: Price your property competitively. Overpricing can lead to longer times on the market, while a well-priced property can attract more immediate interest.
  5. Flexibility and Presentation: Be flexible with viewing times. Always make sure that your property is clean and presentable at any time when on the market. For potential buyers, first-time impressions are crucial and a well-maintained and presented property will impress buyers and can potentially expedite the sales process.

TIPS FOR LANDLORDS LOOKING TO SELL:

If you are a landlord looking to sell your rental property, then it is important to weigh up the pros and cons of keeping your tenants during the sales process.

PROS:

If your property is likely to attract another potential investor rather than a homeowner, then having a tenant in place can be advantageous as it can attract another potential landlord due to the appeal of having rental income from day one. Alongside this, tenants who have kept the property well maintained can showcase the value of the property well.

CONS:

On the other hand, if you have tenants in a property who may not cooperate with viewings and do not maintain the property to a high standard then this can deter potential buyers.

Overall, it is crucial to determine the approach that is best for your specific situation. It is crucial to consider factors such as current market conditions, and the type of buyers you are trying to attract. For example, if the property is in a high-demand area with a robust rental market then keeping tenants in may present itself as an attractive quality. However, if your target market is owner occupiers then keeping tenants is going to deter buyers and vacant possession might make the property more appealing.

PROPERTY MARKET CONTEXT:

It is important to note that these statistics only relate to the properties that have successfully sold. Nationally, only about 53% of properties that have been listed have ended up selling through to completion. This means nearly half the properties that come to market don’t achieve a sale. This is often due to poor marketing and agents overpricing the property. As committed property agents in Bath, we are here to help give you the best advice when it comes to either listing your property for rental or for sale and would be happy to help any time.

BATH AND UK PROPERTY MARKET OVERVIEW FOR Q2 2024

Posted on by prateek

As property agents working in the wonderful historic city of Bath, we feel we must provide a comprehensive and realistic perspective on the market. Despite reports at the back end of 2022  that the market was expected to crash, the actual data reveals that the national and local markets are holding steady and have even continued to see substantial growth.

NATIONAL HOMES FOR SALE:

To better understand the current state of the market, we must look at the influx of new properties coming to the market. In the second quarter of 2024, 450,486 properties were listed for sale across the UK. This figure is higher than the 411,927 properties listed in Q2 of 2023, and the Q2 average of the last 7 years prior.

The average price of a UK property coming to market in Q2 of 2024 was £454,223. For comparison, the average price in Q2 of 2023 was £438,551.

NATIONAL SALES AND PRICE BANDS:

In Q2 of 2024, 308,969 properties were sold subject to contract (STC) in the UK. Much higher than the 269,989 properties sold STC in Q2 2023. This figure too is above the 7-year average of 299,324.

The average price of a UK property sold STC in Q2 204 was £369,373 compared to £367,030 in Q2 of 2023. Examining listings by band price also provides us further insight into the market:

  • 33.9% of new listings were priced up to £250,000, yet this segment accounted for 40.4% of sales.
  • 40.3% of new listings were in the £250,000 to £500,000 range, and 40.3% of sales were also in this price range.
  • 13.8% of listings were priced between £500,000 and £750,000, yet only 11.6% of sales occurred in this band.
  • 5.7% of listings were priced between £750,000 and £1m, yet only 4.2% of sales occurred in this band.
  • 6.2% of listings were priced £1m +, yet only 3.6% of home sales occurred in this band.

The data highlights that there is stronger performance among the lower-priced properties, indicating that affordability is driving the market.

MARKET DYNAMICS AND PRICING STRATEGY:

Pricing realistically from the outset is essential in the current market. In Q2 2024, there were 225,745 price reductions on the 673,973 properties on the market. This indicates that initial realistic pricing needs to take place to avoid subsequent price cuts. Price cuts can sometimes be necessary, however, it is advisable to avoid these price cuts as they often indicate that there is an underlying issue with the property and can deter potential buyers.

Overall, despite the continued higher mortgage rates and economic uncertainties, the Bath property market has now surpassed the sales levels pre-pandemic. Despite this good news, sellers should still aim to price their properties competitively to attract buyers where there are more homes for sale.

BATH PROPERTY MARKET SPECIFICS:

Locally, in Bath (BA1/BA2), 995 properties were listed in Q2 2024 with an average asking price of £694,857. In this local market, the most active price bracket was the £400,000-£500,000 range with the highest number of new listings at 151 properties coming to the market.

Sales in Bath during the same period totalled 720 properties, with an average purchase price of £599,053. As expected, the same price bracket of £400,000-£500,000 was the most active with 122 sales agreed.

CONCLUSION:

Ultimately, any house move is and should be primarily based on personal circumstances rather than just purely market conditions alone. So, if you are contemplating a move, then be sure to get in touch with the team here!

The Future of the Bath Buy-To-Let Market in 2022

Posted on by prateek

The headlines…

  • Bath rents up by 6.5% in the last 12 months
  • Bath house prices up 15.3% in the last 12 months
  • Bath landlords helped by ultra-low mortgage rates and a stamp duty holiday
  • Yet, some landlords anxious about a possible end to no fault evictions
  • New EPC rules could cost landlords £10,000+ per property

In this article, I will look at what happened in 2021 in the Bath buy-to-let property market and give you my opinion as to what lies ahead for Bath landlords in 2022 and beyond.

On a positive note, Bath house prices have rocketed, rents have risen faster than inflation, at the start of the year we had the benefit of a stamp duty holiday and finally, ultra-low mortgage rates, meaning Bath landlords had lots to be happy about in 2021.

On a more cautious note, the laws regarding renting are currently being debated in Parliament which will see the end of no-fault tenant evictions, and changes in regulations will require landlords to make their buy-to-let rental properties more eco-friendly at a cost of up to £10,000+ each.

So, let’s have a look at these points …

Bath Rents will Continue to Rise in 2022

Bath buy-to-let landlords have seen the average rent of a Bath rental property rise by 6.5% in the last 12 months.

The number of Bath properties available to rent on the property portals (e.g. Rightmove, etc.) at any one time is roughly 35% to 40% below the last decade’s average, meaning there is greater competition for each rental property.

Demand has increased for several reasons.

Firstly, some homeowners cashed in on the high prices, sold up and moved into rented property.

Secondly, some Bath buy-to-let landlords have also cashed in on the buoyant property market and sold their rental property when their existing tenant handed in their notice.

Finally, the rental sector has an inverse relationship to the state of the general British economy, meaning with the uncertainty in the British economy in the early part of 2021, this meant more people decided to rent rather than tie themselves into a mortgage.

Looking at the supply side of the Bath rental market, in the short term, rents will continue to grow as some Bath landlords are abandoning the rental market – some because of the impending regulation changes which I will talk about later, and others with the natural flow of people cashing in their investments on retirement.

With increased demand and restricted supply, this will only lead to competition becoming more severe between renters, thus making Bath rents continue to rise.

Bath House Price Growth Will Slow

Bath house prices grew by 15.3% in 2021, but slower growth is anticipated during 2022

For those that own property, the way house prices grew in 2021 surprised most people.

Bath house prices, according to the Land Registry, grew by 15.3% in 2021, with the typical Bath home reaching £425,500.

Many local landlords have been helped by this increase in Bath house prices and will be in a place to cash in on those capital gains by either selling their buy-to-let property (as mentioned in the previous section) or releasing some equity by re-mortgaging.

Whether Bath house price rises carry on at such a rate in 2022 will mainly depend on whether the imbalance between the number of properties that come on to the market (supply) is by the number of buyers (demand).

Most commentators believe that nationally house prices will be between 3% and 5% higher by the end of 2022 and I can see no reason why Bath house prices won’t be in that range by the end of the year either.

Mortgage Rates Will Rise

The reduction in tax relief for Bath buy-to-let landlords with mortgages in the last five years hit some landlords hard, yet this has been tempered by the inexpensive ultra-low mortgages available to buy-to-let landlords.

Yet even with the Bank of England increase in base rates, landlords with big deposits of 40% or more can benefit from low rates. For example, at the time of writing, you can get a BTL mortgage at 1.49% fixed for 5 years with a 40% deposit (meaning borrowing £180,000 on a £300,000 purchase would only cost you £719 per month on a 25-year mortgage – or £224 per month on interest only).

However, those with only a 25% deposit must pay slightly more, but only at a mortgage rate of 1.64%… Who can remember mortgage rates of 14% to 15% in 1992?

With inflation rising, the Bank of England has already indicated further interest rate rises are on the cards. I suspect they will be around the 1% mark by Christmas 2022. Therefore, if you are one of the one in five landlords on a variable rate mortgage, your margins will be squeezed as your variable rate mortgage will rise in line with the Bank of England interest rate rise.

Maybe it’s time to consider fixing your mortgage?

The End of No-fault Evictions?

The Renters’ Reform Bill in England and The Renting Homes Act in Wales are both set to abolish Section 21 (no fault eviction). Section 21 laws allow landlords to take back possession of their rental properties without having to prove fault by the tenant.

Yet in 2022, Westminster will issue plans for a change of this law which will probably incorporate the eradication of Section 21, which would signify a major change in the balance of power between the landlord and tenant.

Some doom mongers are worried that with the abolition of Section 21, landlords may be unenthusiastic about renting and therefore sell up and leave the rental sector altogether. Yet these people said the same when tax relief for landlords was changed five years ago.

The Scottish equivalent of Section 21 was abolished at the end of 2017.

At the time, there was some anxiety about how this would affect the Scottish rental market, as anxious landlords and letting agents felt that they could lose control of their rental properties under this new law. Nonetheless, just over four years later, the rental sector has not collapsed in Scotland. The buy-to-let market remains upbeat, and there are signs that a Scottish landlord’s right to evict their tenant has been reinforced by these changes in the law.

The reason the Scottish changes worked was because the new grounds for repossessing rental properties was clear and wide-ranging. The Scots sped up the slow and unwieldy eviction process where the landlord had a legal and genuine reason to re-claim their property.

All I hope is the same changes to court procedures are made south of the border.

New EPC Rules Could Cost Bath Landlords £10,000+ per Property

The law currently stands that landlords need an Energy Performance Certificate (EPC) with at least a rating of E.

Westminster is anticipated to increase the EPC requirement for private rental properties in England and Wales to an EPC rating of C for all new rental tenancies by 2025/6, and for all existing tenancies by 2028, whilst Scottish landlords are also expected to see energy efficiency measures in their new proposed Housing Bill.

The problem is 1,959,045 of the 2,965,455 registered rental properties on the EPC database have an energy rating of D or below.

To take a property from an EPC D rating to a C rating might only cost a few hundred pounds, yet the average for all rental D and E rated properties has been calculated at just over £10,000 per property.

My advice to every Bath landlord is to look at the full EPC report of their rental property (and if you haven’t got it, contact me and I will send it to you – whether you are a client or not) as that will tell you whether this will be a big or small job.

Renovating the UK’s rental stock to meet the Government’s carbon neutral targets will be a big trial for landlords. There is talk of exemptions, which may apply to a great many Listed buildings, as there currently is for the existing minimum EPC E rating – yet only time will tell on that front.

Maybe those landlords currently buying properties to add to their rental portfolio should reconsider their buying strategy? In the past, it has been normal for Bath buy-to-let investors to be attracted to the inexpensive older properties that need an overhaul. However, with the potential energy efficiency laws coming into the game, it’s rational to suggest that buy-to-let landlords will be more predisposed to buying slightly newer properties rather than have the cost for the upgrades to meet the potential energy targets.

Conclusion

Roll the clock back 20 years and making money from buy-to-let in Bath was as easy as falling off a log. Yet with increased legislation and regulation, together with the changing dynamics of the British economy and the requirements tenants want in a rental property, making money won’t be as easy over the next 20 years.

It amazes me that 11 out of 20 landlords do not use a letting agent to help them with their rental portfolio, considering the cost can be offset against your tax.

Moving forward, savvy landlords will increasingly utilise their letting agent not only to collect the rent and manage the property, but also build up their portfolio to withstand the regulatory and demographic changes on the horizon, and to ensure that their investment is fit for purpose in the medium to long-term.

If your existing letting agent does not offer such advice, or you are a self-managing landlord, let’s have a chat about the future of the Bath rental market.

Whether you are a Reside client or not, if you would like me to look at your rental portfolio and see where you stand, then drop me a line and maybe we can meet for a coffee (or we can meet virtually over Zoom) to discuss the matter – all at no charge.

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.

Tenants: 5 Tips To Help You Secure That Property

Posted on by prateek

Reside’s Toby Martin on how to get to the front of the queue in such a competitive market.

Since the beginning of 2021, the rental market has been overwhelmed by demand from tenants looking for new homes. At the same time, supply of available properties has dwindled, thereby creating a very difficult environment in which to secure your next move.

Here are our top 5 tips to beat the competition and secure that perfect property:

1. Register with the local letting agents

If we have a registered tenant on our books who we think would suit a newly available property, we will share it with them before the property comes onto the open market; our last few properties have all been let in this way, without the need to list them on Rightmove. If you are scanning Rightmove or On The Market on a daily basis, or waiting for their property alerts to arrive in your inbox, you will miss out on a great many properties.

Speak with the local agencies and make sure you are registered and known to them; you might just be given the opportunity to rent a property that never comes to the market.

2. Embrace technology

Video technology has really come to the fore during the pandemic, and our video tours have enabled a great many people to view and rent properties without needing to leave their homes. As we are now emerging from lockdown restrictions, these video tours have taken on a new use – enabling tenants to be the first to view a property, and get ahead of the rush. We are still agreeing many lets without carrying out physical viewings, thanks to our high quality and comprehensive video tours.

3. Be decisive

If you think you have found the right property, don’t waste time in expressing your interest and submitting an offer. If you take too much time to consider your options and view other properties, you may well miss out.

4. Make your first offer your best offer

In a normal market, we are quite accustomed to receiving an ‘initial’ offer from a prospective tenant, who is anticipating a negotiation with the landlord before agreeing terms. In the current climate, we are frequently seeing tenants submit their best and final offer from the outset, in the knowledge that they may face competition to secure the property.

5. Express yourself

Don’t be afraid to let your personality come across to the landlord. Landlords are not purely swayed by the terms of your offer, they are also looking for tenants who come across as friendly, reliable people – someone who will care for the property in which they live.

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.