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Under the skin of the letting market

Here we share news and views on both the local letting market in & around Oxfordshire and all planned and recent legislation.

Are you sleeping on a goldmine?

Basement and studio apartments

What do you picture when you think about a landlord? Do you imagine a multi-millionaire with several properties across the country, if not the world? Of course, some landlords do own multiple properties, some of them have one investment and some of them have just decided to let out an annexe or basement apartment adjoining their own home. We help all types of clients to become successful landlords.

Our North Oxford office has helped landlords to find great tenants for these types of neighbouring properties for years. Our letting team always focuses on finding the right tenant for all properties, but we particularly appreciate that when tenant and landlord are living in such close proximity it is vital that we match the best tenant (not just the first one). We helped one landlord to let out her basement in Stratfield Road over a 15 year period before she sold the house and moved away from Summertown. Her neighbours next door came to us five years ago for help with letting their studio as did the neighbours across the road!

Over the years we have matched tenants who worked for Thames Valley Police, were PhD students, and were researchers at the JR Hospital. Renting an adjoining studio apartment can be the ideal solution for some tenants; some are only staying in the area from Monday to Friday for work; some like the fact that the rent includes council tax and utilities and allows them to control their finances; for some it may be their first time away from home and they (along with Mum and Dad) may feel more secure in these properties.

Last year another resident of Stratfield Road who is friendly with one of the owners of a property we already let asked us to come and value his modern studio apartment. At the time he opted for short lets however these have since dropped off and he has decided that a longer, fixed term tenancy will give him peace of mind that he needs. He contacted us last week and, once he verbally instructed us, we booked in a viewing with a great applicant who is coming to Oxford to train as a pilot. We let the property on this first viewing and the landlord is delighted.

Debbie Blanchard, Senior Letting Manager said “Summertown is a highly desirable area for tenants. A basement conversion is a great option in this area, particularly if you don’t want to invest in a separate property.”

If you are considering converting your basement, or if you need a carefully selected tenant for your studio or annexe, then contact Debbie for a no-obligation chat on 01865 311011.