The market is changing. We're leaving behind the extreme highs and lows that put the 2023 market so wildly out of balance. What does that mean for you? Here are our key takeaways for landlords with spring listings.
There are more listings, demand is cooling and the market is finally returning to business as usual. We believe this direction is good news for everybody, as we predict more sustainable rental growth, just around 0-2%. This should allow more landlords and renters to make their moves this year.
▶ Watch: Gareth Atkins Managing Director - Lettings, shares a few key tips for landlords coming into the spring 2024 market:
Link: Lettings Market Report - February 2024
Planning to rent out your property this spring? Let's make it a success:
• Competitive pricing: you're looking for a good return, renters are looking for good value. We use real-time data to continually ensure your property on the market has the best pricing strategy, taking opportunities into account across the local and greater London market.
• Proactive marketing: Gone are the days you can just throw a few pictures online and expect a good return. Our Negotiators are out there, generating buzz and securing extra viewings. We work tirelessly to get your property in front of qualified renters who are ready to move.
Don't settle for sluggish - get in touch and we'll get it done.
A closer look at the data
Looking at the headline statics, the February market saw:
• 20% higher new instructions compared to February 2023.
• Average rent achieved up 3% from January, reaching an average of £561.
• Applicant demand down 15% from February 2023.
If you want the details, read the report in full.
To get the bigger picture, get in touch with Foxtons lettings department here.
Source:
The Foxtons database: Foxtons has one of the largest databases in the London property sector, with 5.5 million contacts and over 25 years of valuable data insight. Our experts analyse London’s micro-markets for you, using AI to predict customer behaviour and show your property to renters who are best suited to it.
What our data can do for you: We can also use data analytics to find you the best strategy to buy and let in London, as well as real-time resources to keep your tenancy optimised and your property compliant with all of London’s laws and regulation.
