So, here we are, approaching Spring.
Better weather – hopefully, lighter morning and evenings, happier moods. All the things you come to expect from Spring.
In the property market it is usually a busy time. Buyers looking to be moved by Easter, people moving into Cornwall for Summer jobs and looking to secure rental homes and, of course, the holidaymakers on their way.
But will Spring 2022 be different?
Inflation, higher petrol/diesel costs, higher food prices, higher utility bills and the inevitable increase in Council Tax are likely to contributing factors towards a reduction in what people do, or can afford to do.
If you are a landlord, how will this impact on you should you need to find new tenants?
That all depends on your letting agent, assuming you use one. If you don’t, now would be a good time to consider using one. If you have a current letting agent, make sure you are getting the right advice. Many agents, both in lettings and sales, will get caught out by the adjustment to the marketplace. They will merrily continue with the prices of late 2021/early 2022 rather than looking at what the market has done since Mid-February where prices have adjusted, come down slightly and, in some cases, come down quite a lot.
Take, for example, a 2 bedroom house in Threemilestone. Late 2021, it was achieving £850-895 pcm. Now it’s available for £795-£825pcm.
Prospective tenants are not willing to pay over the odds for a property. They would rather wait for something in a sensible price range than just jump into the first thing they view. Similarly, many are offering at a viewing, again not prepared to pay the asking price. This is indicative of a calming market, of a market that was bound to adjust its levels after the furore of 2021. Anyone who tells you different doesn’t understand market forces.
As you a landlord, you want long-term tenants. Having tenants who only stay 6 months can be costly. Void periods, loss of income, utilities to pay. Having good long-term tenants is essential to a landlord and their income stream.
Therefore, if we told you that we have over 200 prospective tenants registered with us, looking for long-term rental homes, across Cornwall, would you believe us? Because WE DO.
In November 2021, we launched a campaign to help find rental homes for NHS staff. In January 2022, we extended that to keyworkers. All our tenants are thoroughly referenced and we have a saying – ” we wouldn’t put someone into a property that we wouldn’t put into one of ours”. A simple ethos, but one that works effectively to ensure quality tenants.
Our prospective NHS and keyworker tenants are looking across the length and breadth of Cornwall, from Penzance to Wadebridge, from Lostwithiel to Helston and they are looking for a wide range of properties from one bedroom flats to 4 bedrooms houses or bungalows, from town locations to rural spots.
If you are unsure as to what 2022 will bring you, in terms of tenants, reliability of service and, above all, an honest approach to letting your property, then you should be talking to Homequest Lettings and Property Management. We have over 25 years of looking after people just like you.