Research of the current rental market shows that 51% of new lets in London are agreed while the property still has a tenant. This is a rise from 41% in 2014. In areas with the highest level of demand, landlords are able to secure new tenants in the shortest time periods. This has resulted in the majority of landlords in the capital being able to re-let their properties before the existing tenant vacates. Currently, the average property is being let in 32 days, which is the lowest figure on record. The research carried out by Countryside shows that so far in 2015, 33% of all new lets were agreed before the tenancy concluded, which is an increase from 27% last year.
The average let agreed with tenants still placed equates to a staggering 105% of the established rental amount. When a landlord continues to receive rent from the vacating tenant, it reduces the pressure to negotiate. When a landlord and tenant agree a deal, there is generally an average of six days between the existing tenant leaving and the new one taking up residence. In 10% of cases, however, the new tenant moves in the same day the previous tenant leaves.
When a rental property hits the market, the majority of highly motivated potential tenants organise a viewing within the first seven days. The rental market in London is fast-paced and landlords will rarely have to wait until the weekend to secure a new tenant. The amount of new tenancies agreed on weekdays in London is double that of anywhere else in the UK. The rental market in the capital is competitive, which offers landlords numerous advantages. The buzz created by the availability of a new property enables landlords to secure the most motivated tenants and the highest rents possible.
We specialise in guaranteed rent in Hounslow and the rest of the UK, and we are the preferred option for landlords and investors across all the London boroughs. We can help facilitate successful transitions and ensure trustworthy tenants and maximum rental payments. In the unlikely event your property spends any time without a tenant, you will continue to receive your monthly income with no interruption.