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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?

The housing market is slowing as sales recently fell to their weakest level in five years1. 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.

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). Recent research by The Royal Institution of Chartered Surveyors (RICS) shows that the rental market across the UK has bucked the trend in the sales market, with demand rising for the fourth successive month2.

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 contemporary 4 bedroom house in Freeland (see lead image) which was on the sales market for 6 months before our Witney office let it on the first viewing. Elsewhere, our North Oxford office had let out a 4 bedroom house in Summertown for 13 years before the landlord decided to sell earlier this year. Despite being ‘priced to sell’ it had no interest and so a few months later the landlord came back to us and we let the property again.

Own home
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. We recently helped a landlord in central Oxford who was relocating to another area but wanted to let her home in the meantime, rather than selling it. She was impressed by our hands-on approach to property management by a team based locally to her property. It gave her peace of mind that her home would be looked after – particularly as she was new to renting and letting. We listed the 2-bedroom house and a let was agreed within a day.

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 302302 to discuss your property.