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Here we share news and views on both the local letting market in & around Oxfordshire and all planned and recent legislation.
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.
As with many things in life, you get what you pay for and ‘cheap’ is not often associated with ‘good service’. We totally understand why a landlord would be tempted by an agent claiming to offer the same level of service for a cheaper price – we’ve been lured in by attractive pricing ourselves.
Quarter 2 (April, May and June) sees the annual letting wave build towards its peak of the summer months. In general terms, this means there is more variety and fewer ‘trends’ in terms of what lets best and who is renting in Oxfordshire – over the last three months we have let more than 600 properties across the county and these have ranged from 1 bedroom annexes in the grounds of the owner’s home up to 7 bedroom houses. However, there have been ripples of difference across our eight offices.
Sometimes things can go wrong when letting property – it would be naïve to think it will be smooth sailing 100% of the time – but how you deal with these situations is the true measure of success. Our Abingdon team recently demonstrated their calm, decisive expertise when a tenant vacated a property without warning. The Property Manager and Letting Specialist – both based locally to the property – worked together to get the property back to standard, relist it and let it within a week.
Overall we have had a positive start to 2018, although across our eight offices it is apparent there is an overall air of caution in the market. We have been proactive in advising our clients on rent and presentation of their properties in the current market and we are still successfully letting homes across the county. As the Japanese proverb says, “The bamboo that bends is stronger than the oak that resists” and the most success has been achieved where landlords have been flexible to meet current demand.
The peak time to let your property is between May and August. Get your property on the market now.
With the long weekend ahead of us, it’s time to think about what activities are available for our families this Easter. Whether there is rain or shine, here are our favourite events coming up.
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© Finders Keepers Ltd. 2019