Friday, 18 August 2017

Tenant renewals hit record highs

BETWEEN January and March this year, the Henley lettings department of Savills saw a record high

BETWEEN January and March this year, the Henley lettings department of Savills saw a record high renewal rate of 95 per cent, where that proportion of tenants chose to renew their existing tenancies as opposed to moving elsewhere.

“This is very much indicative of current market conditions,” said Richard Maby, head of Savills Henley lettings. “We are seeing a great deal of uncertainty in the lead-up to the General Election and it seems that, until the results are known, individuals have adopted a wait and see policy where they would rather stay  where they currently are  than make a commitment elsewhere.

“In reality, this means that those tenants who are currently looking for accommodation have a very limited choice in what is available, with so little of Henley’s rented housing stock actually coming back to the open market.

“Therefore tenants are having to be prepared to make compromises which ordinarily they may not have considered.

“Our advice to these individuals is to view everything they can within their price range, irrespective of whether they think it fully meets their criteria and then make the judgement over what features they think they would be prepared to compromise on after viewing.



“It is also essential for tenants to register their interest with agents as the pace of the current market often means properties become available and let before there is time for full marketing to commence.

“Whilst these market conditions may appear favourable to landlords, pricing does remain sensitive with tenants simply not prepared to pay over a fair market price for property.”



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