Many of our customers know that we like to take an analytical approach to the property market and we also know that everyone loves a good market prediction! So here is a short one for the next 3 months based on the latest RICS sentiment survey of chartered surveyors. Property and rental prices are expected to continue to climb over the next three months. Interestingly to see surveyors are more optimistic about the short-term outlook for rents, with +58 expecting rental values to increase over the next few months, compared to +21 for house prices.
Both the sales and lettings market are blighted by stock shortages and the rental market specifically is suffering from falling landlord instructions at a time when demand from renters is increasing, this could possibly be due to lack of stock in the sales market. I still believe that now is a great time to buy an investment property due to the ever-increasing demand and lack of new properties coming on to the rental market. If you need any advice on buy to let, please call the office and ask for Ben.
The 12-month outlook is starting to ease slightly for house prices but remains positive. The rate of growth in rents is expected to overtake that of house prices over the next 5 years due to the continued shortage of rental properties.
Source: Dataloft, RICS (net balance score is calculated by the proportion of survey respondents reporting a rise minus those report a fall in the given indicator)
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Tenants are looking to stay longer according to a recent survey carried out by Rightmove consisting of 1300 landlords.
As a landlord the main goal is to have long staying tenants that pay their rent and look after the property and according to this survey tenants are staying longer, did you know that the average length of tenancy is now at 2 years?
This is the findings from a recent landlord survey by Rightmove and the survey has indicated a change in renter behaviour against a backdrop of record rents and rising household bills. Over the last year 20% of landlords reported a rise in their average length of tenancy, with the most common average tenancy period being over 2 years (63%). We have seen this as an increasing trend over the last few years at Taylor Robinson with many tenants looking to stay longer, it is very rare we will get a tenant ask for 6 months.
Many landlords have recognised the challenges of rising household bills for renters, with the majority (63%) choosing not to put up rents. This is despite there being triple the number of enquiries than available properties.
Analysis of 20,000 build to rent listings revealed that the feature which has seen the largest increase in renter demand is to have all bills included at + 36%, it will be interesting to see if this is something that becomes more common across the board.
Source: Dataloft, Rightmove (survey of 1,300 landlords)
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- Although many organisations use app-based technology, the human touch remains an important feature of the estate agency sector.
- Over 70% of sellers, irrespective of age or previous sales experience, prefer using the phone when dealing with an agent for offers or agreeing a sale.
- Phone is the preferred communication for much of the sales process. The only exception is when signing contracts, where an equal split prefer email (38%) or meeting face-to-face (38%).
- One in 10 sellers prefer a WhatsApp or text message from their agent when booking viewings. A third prefer email to inform them of sales progression.
- Source: Dataloft, Property Academy Home Moving Trends Survey, 2021
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Ben Cannon has been recognised for delivering outstanding customer service to his clients, making the shortlist of The ESTAS - the biggest award scheme in the UK residential property industry.
The ESTAS sponsored by Coadjute honours the best, agents, conveyancers and mortgage advisors in the UK. The awards are powered by the ESTAS online customer review platform, which enables property professionals to demonstrate the customer service standards they deliver for their clients. ESTAS reviews can only be completed at the end of the property transaction and a strict verification process ensures reviews are genuine. This year’s shortlist has been calculated following the evaluation of 660,000 customer review ratings.
The People Awards category, which is sponsored again this year by PayProp, is a special category which puts the spotlight on individual staff who have consistently gone the extra mile to help clients. Just fifty individuals have made the shortlist.
PayProp’s Global Head of Sales Neil Cobbold said: “This year’s shortlisted candidates for the ESTAS People Awards come from all across the property sector, but there is one thing that clearly unites them – each one is dedicated to the highest standards of customer service. Despite the growing range of technology available to property professionals, there will never be any replacement for local expertise and genuine commitment to the client. That’s the principle that we live by at PayProp, and it’s what we are proud to support through the ESTAS People Awards each year”
Simon Brown, Founder of The ESTAS Group: “The ESTAS People Awards is a reminder that, despite the bricks and mortar, we all work in a people industry. These nominations are based purely on the thousands of comments we received through our customer feedback platform, so the nominees can be extremely proud of their achievement.”
Ten of those shortlisted will receive a ‘Highly Commended’ People Awards trophy to be announced at the 19th annual ESTAS ceremony held in London on 14th October. The awards will be presented by the UK’s favourite property expert Phil Spencer in front of 1,200 of the UK’s top property professionals.
ESTAS ambassador and TV Property expert Phil Spencer said “Great customer service can only be achieved through human interaction, so The People Awards really encapsulates what ESTAS is all about. To make the shortlist is a significant achievement in itself.”
Ben said “I’m absolutely delighted to be shortlisted in this category. I’ve always tried to remember that our clients have a choice so I always treat them with that in mind. I love providing great service and this is proof that I’m obviously doing something right.”
For more information about ESTAS please visit www.theestas.com or call 01892 610245
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- The average rent in the UK at the end of April 2022 was £1,091 pcm (per calendar month), up 9.5% on the same time last year and up 1.2% from March.
- Positive annual and monthly change in rental prices have been recorded in every region. London has seen the highest increases: annual (14.2%) and monthly (1.9%).
- After London, the regions which have recorded the highest annual rises are Scotland (12.3%), North West (11%) and South West (8.4%).
- The cost-of-living crisis could put downward pressure on rental growth. Currently, the imbalance between supply and demand continues to be the force behind rent inflation.
- Source: Dataloft, HomeLet
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