Mackenzie Smith Property Lettings and Management has gone from strength to strength in 2014. The portfolio of property we are letting and managing continues to grow even though the lettings market was significantly affected by the sharp rise in house prices in the middle of the year which led to some interesting results.
Due to the upturn in the housing market, landlords who had previously decided to let due to low house values were able to sell at a very good price allowing them to come out of the private rental sector. However, at the same time we experienced a large increase in new investment landlords coming to the market eager to purchase before prices went up even further.
As the housing market picked up speed there were some prospective tenants who decided that the time was right to buy rather than rent, but as the mortgage market tightened and the threat of interest rate rises faded, more and more tenants decided it was not immediately necessary to buy and happily stayed put.
There is definitely a change to the way we perceive rented accommodation with more and more people happy to rent long term and also use rented accommodation as a viable option to break a selling chain. With a lack of available properties to buy vendors moving into rented accommodation is becoming increasingly popular.
Investment landlords see our area as a particularly good area in which to invest, benefiting from commuting links and family friendly communities, with some fantastic opportunities at developments such as Queensgate and The Convent. Several investment buyers purchasing more than one property on the same development have been impressed with the demand from prospective tenants and the rental return.
2015 looks set to continue with the same momentum as last year as the general election approaches. It is always the case that in uncertain times people will rent rather than buy so we are braced for another extremely busy year. Even if property sales do increase there is a constant influx of new tenants either moving to the area or growing out of their parental homes and looking for space of their own for whom renting is the best or only option.
I am delighted with our results for this year which have been entirely based on excellent customer service. We do make a conscious effort to take on good quality properties of all sizes and we want to work with our landlord clients to attract the very best quality tenants. This will continue to be our aim next year as the warm words of appreciation found in many of our testimonials drives us forward.
If you would like to discuss placing a property on the lettings market, please do not hesitate to give Jayne and myself a call on 01252 514000 or email us at firstname.lastname@example.org.