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The housing market stumbled in September as new sales fell close to their lowest level since the EU referendum, according to the Royal Institution of Chartered Surveyors (RICS)1. Across Oxfordshire we have seen a rise in the number of people contacting us because they have decided to let the property as they have failed to sell. However, rental demand in Oxfordshire has been strong, with our lets across the county being up 4.7% year-on-year.
Slow sales market
When most people move home they sell their current property to facilitate the move. However, when the sales market is slow it may make financial or practical sense to keep the old home. Renting out your house could be a great solution, which also generates a regular income (and over time, the asset could also increase in value). Or perhaps you're not necessarily keen to sell; renting out the old home can make sense if you are moving temporarily (perhaps relocating for work) and you need to retain the property to move back into eventually.
Recent success
Across Oxfordshire we have multiple examples of our teams successfully letting properties which have failed to sell over the summer months. For example, a three bedroom apartment on a quiet Summertown side road. The owners were moving abroad and wanted to sell their investment property. After months with no success on the sales market they approached us to discuss letting the property. We listed the property, carried out some viewings and found great tenants who loved the location of the property, a short walk from Summertown's shops and restaurants.
If you've tried selling with no luck or are reluctant to sell now then we can help find a quality tenant and gain income on your empty asset. Call 01865 302305 to discuss your property.
1 https://www.telegraph.co.uk/business/2019/10/10/sellers-shun-housing-market-brexit-rhetoric-heats/
