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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.

A busy start to November

The announcement that the housing market could remain open during the second national lockdown in England was welcome news. We have had a very busy few months across all of our offices, with applicant enquiries up year-on-year. Some applicants are, of course, moving out of London as they work from home more, while some are relocating for work and others are moving within Oxfordshire to upsize or downsize. This solid demand has meant that we have seen many properties letting very quickly – sometimes even before we market them online. Last week was particularly successful across our offices:

Our North Oxford office quickly let a spacious 2 bedroom apartment in the Waterways last week. They had let the property for a number of years until the landlord tried to sell. When the sale fell through, we suggested that they try to re-let the property and proposed listing it at £1,650pcm. They agreed, and we immediately let the apartment to a professional couple moving out of London. We had been working with these applicants for a few weeks and when we spoke with the landlord about re-letting the property we were confident it would suit the couple perfectly. We arranged a viewing and the property was let before it was officially listed.

This is not the only case of a ‘failed sale’ returning to the letting market; our Central Oxford office had a similar situation last week. We had let and managed a 3 bedroom end-of-terrace house off of the Abingdon Road in Oxford for nine years before the landlord decided to try to sell. After sitting empty for a couple of months the landlord decided to let it again for six months to bring it round to a better time for the sales market. Our Central Oxford team recommended listing it at £1,450pcm and within 24 hours we had found a perfect match – a couple who had relocated from abroad, were staying in a hotel, and wanted a base while they looked for longer term accommodation in Oxford. The six month tenancy works perfectly for them so a let was agreed and the landlord is thrilled.

In the last week we have also been able to quickly re-let two properties where the current tenants have surrendered their tenancy. Agreeing a let quickly is great for the outgoing tenant as well as the landlord. Our Witney team listed a beautiful, detached 2 bedroom cottage (above) on the edge of the stunning village of Great Rissington at £995pcm and were overwhelmed with interest from both London-leavers and locals. They booked five viewings, three of which made an offer. A let was agreed with a single professional who was looking to move from a nearby village because their landlord was selling.

In Oxford, the tenant of a quirky, top floor 2 bedroom apartment in the city centre (top photo) surrendered their tenancy as they were relocating. The letting team in Central Oxford suggested marketing the property at £1,350pcm and promptly re-let it to an existing Finders Keepers tenant who lived close by and whose landlord had decided to sell their property. The current tenant, the new tenant and the landlord are all delighted.

If you are struggling to sell your property, or just need a great tenant for your rental property, call our team to get started: 01865 297999.