A recent report* shows that homes in Oxford take the longest to sell, with properties being on the market for an average of 152 days – more than five months – before being sold. At the same time, we have seen an increase in the number of landlords and home owners contacting us because they are considering letting where they have struggled to sell in recent months.
Home owners letting to buy
Let-to-buy is when a home owner rents out their existing home and buys a new one to live in. This can benefit those who have found their next property but are struggling to sell the existing one due to market conditions. Letting out your home could facilitate your onward move and free you up to purchase your ‘dream home’. You could then revisit selling the original property once the market improves, potentially even selling with a tenant in situ.
Letting while you relocate
We deal with many clients who move away from Oxford temporarily for work. They plan to move back to their home in future, so letting provides a great solution which also generates a regular income. This is why we set up our ‘home owner’ service; we understand that this is the client’s own home rather than a buy-to-let investment. We offer extra inspections from our hands-on property management team to ensure your home is looked after properly.
We recently helped the landlord of a 1 bedroom apartment in the Osney area who was relocating for work. We listed the property at £1,150 pcm and let the property one week later to a professional coming to work at Oxford University.
Couples keeping both properties
Let-to-buy also works for couples who want to move in together but each has their own property. We have worked with many couples who have moved into one property and let the second property out. They see the benefit of retaining an investment property in an OX postcode and have the bonus of earning an income from it.
A vacant property earns nothing
Strictly speaking, an empty property not only earns nothing, it actually costs money when you consider you have to cover council tax and utility bills while it is unoccupied. Not only that, but if you are trying to sell a vacant property you need to consider cleaning and garden maintenance costs to keep the property looking good for viewings (and don’t forget your vacant property insurance).
We recently had success letting a property for a landlord who is in the process of selling. We had let and managed the 1 bedroom apartment in central Oxford for more than 10 years. The landlord wanted to sell, but in the current climate we advised them to consider continuing to let the property while keeping it on the sales market. We listed the property (see top photo) for let and quickly found a professional tenant who loved the location of the apartment, right in the city centre. The property remains on the sales market – with a tenant in-situ – which suits all parties.
We have many prospective tenants eager to rent good quality property.
If you would like more information on letting your property please get in touch.
t: 01865 297999
Published October 2020