Today's experts are Natalie Shalson and Nicole Ratzker from Aston Chase.
Q; I have recently purchased a one bedroomed flat in central London and am intending to let it, but I am not sure if I should wait until the Autumn, or does the timing make no difference to securing a tenant and the return I will get?
A: Whether you are putting your home on the market to rent or whether you are considering buying a property with the intention of letting it out, the time of year the property comes to the lettings market is vital to a successful let. Historically the Spring/ Summer is the busiest time for lettings because people tend to move home to tie in with the school year, whether it’s a family moving over with children going into new schools or whether it’s students looking for quality accommodation.
Generally, we advise our landlords where possible, to begin marketing their properties from March/April through to end of July/August. Later than this and you risk your property sitting empty for some time. Naturally there is still activity throughout the year, but bear in mind that the market can be unpredictable. When a property remains empty on the market for a few months, there is a risk that it will receive over exposure from marketing. When applicants or relocation agents see a property that has been available for a long time, they question why and tend to assume there must be something wrong with it.
The price achieved for the property can also be adversely affected due to the timing of its availability. If it is available during ‘prime time’ it is likely to achieve a higher rental figure than if it were to go on the market during November/December. With this in mind, if you are renting out your property, be wary of agreeing to a tenant break clause which will leave your property empty between October - February.
For more information visit Aston Chase.