If you can’t beat them, don’t join the queue
The stamp duty holiday, introduced last year and currently due to end at the end of March, undoubtedly helped to fuel the sales market over the last seven months or so. However, as the deadline approaches and with the current time to completion sitting at 126 days, many buyers will not benefit from the stamp duty discount.
With the chance of completing a sale by the end of March declining, some sales are falling through as buyers and sellers are starting to realise they may miss the deadline. A survey by the Guild of Property Professionals showed that nearly a third of buyers would ditch their potential purchase if completion took them beyond the deadline, and recent Rightmove data shows that the proportion of property sales that fell through in January was 7% higher than the previous year.
On the other hand, the number of new listings in the rental market is down by 14% despite a significant increase in demand from tenants. Indeed, our phone and email enquiries from prospective tenants was 19.2% higher in January this year than in 2020.
Failed sale? Let instead.
With such strong rental demand in Oxfordshire, letting your property out could give you the flexibility to move home, even if you’ve failed to sell or if your sale has fallen through. If this is all new to you, working with a qualified, professional agency would mean they take the majority of the legal and administrative burden.
Not only is Finders Keepers a member of ARLA Propertymark, a professional body for letting agents, but we have voluntarily put 91% of our team through the industry qualification. This means our team is able to offer professional, expert advice and ensure that you and your property remain compliant with the hundreds of laws governing the lettings industry.
Finding the right tenant
We qualify our applicants to ensure we are matching the right tenant with the right property, which results in a happier tenancy for both tenant and landlord. We find that offering the best properties in the best condition attracts the best tenants who will pay rent on time and take care of the property. Our thorough referencing and hands-on property management has meant that our average rent collection rate in 2020 was 99.02%.
You may need to spend some money on getting the property ready for the rental market, but if you go on to sell in the next few years that investment could help lead to a quicker sale or perhaps even increase the market value. Letting your property to facilitate your onward move could be done on a short-term basis and then you could try to sell again in 6-12 months (earning income in the meantime and potentially benefitting from capital growth longer-term).
If you would like to explore the option of letting out your property, we will offer a valuation and provide you with a breakdown of what would need to be done in order to rent your property out – without obligation.
t: 01865 297999