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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.

Struggling to Sell? Act now

The number of properties advertised for sale in Banbury has increased 29% year-on-year1, so it’s not surprising that the average time on the sales market has increased to 114 days1. As a result, we have seen a rise in the number of people contacting us because they are considering letting as they have failed to sell. A recent example is a 3 bedroom stone-built cottage in the popular village of Byfield.

We had let and managed the property since 2003 and the landlord informed us at the start of this year that he wanted to try to sell in the spring. We kept in touch every couple of months, advising that if they wanted to re-let the property it would be best to make the decision before the ‘summer wave’ started to wane. If the property isn’t getting much interest on the sales market it’s important to be decisive about whether you’re going to persist (perhaps dropping the sales price) or whether you’re going to let the property for another year or two before trying to sell again – you don’t want to leave the property languishing on the sales market all year and then decide in the quieter months to try to let it.

Due to Banbury experiencing a quieter sales market, the landlord decided in the middle of July to re-let the property for another 12 months. We listed the property on the same day and received an enquiry immediately. After qualifying the applicant the only potential issue was that she had a 12 year old cat and the landlord had previously expressed that they were not keen to have pets at the property.

We were eager not to lose a good applicant so we talked our landlord through our policy around letting a property to tenants with pets: we do not charge an extra fee for pets, however, we do ask for an increased deposit as a backup and there is a clause in our tenancy agreement that we retain £300 from the deposit two months after the tenancy ends in case there are fleas in the property (fully refunded if no issues arise).

The landlord was happy to proceed based on our advice so a viewing was booked on the same day. The applicant loved the property and garden – she wanted a cottage in a village location with an easy commute to work – and applied straight away. The landlord was understandably pleased: listed to let in one day!

If you are struggling to sell your property and are considering letting instead call your local letting specialists on 01295 276766.