Higher yields and more flexibility, are you able to benefit from Short Lets?
As we fast approach June the focus is on Short Lets and Foxtons Islington office have recently sealed a deal that shows the huge demand we are experiencing at the moment.
We asked Amie Roberts, Islington Lettings Valuer, to explain why Short Lets are so lucrative. "In Islington we receive a large number of enquiries for Short Lets and for a variety of reasons. The more obvious searches are where applicants are looking for a hotel replacement; either for work placements or an extended holiday. We also have a large number of searches from applicants based in London who need a temporary housing solution; perhaps because they are having major works done to their property or their need to find somewhere short term to free up the chain where they are selling their existing property and buying a new property."
Amie recently let this fantastic modern three bedroomed house in St Paul Street, Islington. It went for £200 a month over asking price to a family needing short term relocation due to an insurance claim. Amie tells us: "This house above achieved over asking price from an applicant generated by our corporate services department, the rent was covered by the applicant's insurer as they had an issue in their own home and required a like-for-like property whilst theirs was being renovated. We often find Short Lets very useful for insurance claims like this."
This was actually the first time this property has been let out on a short term basis. The property had been on the market for both long and short term to give the landlord more flexibility, Amie adds "we are now arranging a let for when this current Short Let tenancy ends and which type of deal we secure is completely dependent on the applicant interested. However, by marketing the property for both options our clients are opening themselves up to more competition, higher offers and much better yields on their investment."
Find out how much your property could achieve on a Short Let basis.
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