<1.6Mb)Lettings
'Invisible' lets are a growing trend in the market
Executive Appeal: This seven-bedroomed house in North Oxford could be let before it goes on the market.
A TREND usually associated with the sale of prime properties is now being seen in the county's lettings market.
Period houses in the most desirable roads and glitzy new penthouse style apartments are being snapped up without so much as a picture appearing, according to Oxford letting agency Finders Keepers.
Renting to be in the right place at the right time to buy has been commonplace for years, but there is a new type of applicant renting short-term or just waiting until their agent can slot them into their 'tick all the boxes' property with the intention of staying there for up to five years.
Lucy Lawton-Smith, of Finders Keepers North Oxford office letting department said:“There is a determined expectation from these applicants. They are uppermost in our minds whenever a substantial property is about to be listed.”
“By spending time with the applicant face-to-face, on the phone or by e-mail we build up a rapport and trust. We know that we have got the measure of exactly which property will be 'the one' for them.
It puts quite a responsibility on us, but we get a buzz when we find the perfect property after people have relied on us so heavily.
One example is an impressive villa in Park Town, North Oxford. Marketing had been discussed with the owner and was about to be put into action.
However, four 'queuing' applicants were contacted in advance. A rush to view followed and a let was agreed in the region of £6,000 per calendar month - before the marketing plan even started.
The common denominator for the applicants was schooling and the University combined with the lifestyle and proximity to London.
Most of the applicants have homes elsewhere and the move to Oxford is purely for the duration of their children's education.
Colin Berry, a manager at Finders Keepers, said: “High-flying professionals are attracted by the novelty of renting a penthouse apartment and have been prepared to wait until one comes up.
“We received instructions and keys to let a penthouse this month. It was let to one of our existing tenants within 24 hours. He overheard us mentioning the property in the office!
“We have seen people with no children who are prepared to pay premium rents from £2,500 to £3,500 per month for something different without the long term commitment of buying. They know that the 'wow factor' wears off, or the country beckons, there is always a tenancy that will run out.”
Finders Keeper's director Frank Webster said: “The latest hot property in North Oxford, close to the Dragon School, looks set to get the pulse racing in executives who have a high-budget for relocation. We have not seen anything of this standard on the North Oxford rental market for a long time.
“It is a classically-designed, new build house with seven bedrooms, four bathrooms, a Bulthaup kitchen, limestone and wood floors, ambient lighting and a central sound and projector television system.
“The garden has been superbly landscaped and there is a restored Victorian greenhouse too.»
He added: It will be interesting to see if this property becomes the next 'invisible let'.