According to the UK’s largest independently owned letting agency, Leaders, the lettings industry in the South East is currently flourishing as a result of what is happening in the sales market.

Leaders report a good supply of rental properties currently on the market, alongside a strong demand from people wanting to rent.

Leaders’ Managing Director, Gayle Morgan explains the main reasons for this:

“With house prices having risen so much over the last few years, and with the current mixed signals as to whether they are likely to continue rising or come down, many people who don’t yet own a property have decided to hold off before buying to see what happens.”

“There are also many more who are unable to afford the current high prices and costs of buying, such as stamp duty, solicitors fees, deposit, etc, and therefore have to rent.”

“At the same time, many home owners decided a few months ago to put their properties on the market in order to capitalise on the increase in the value of their property. But in the last couple of months sales have slowed and many have been unable to achieve their asking price. Rather than dropping their prices to sell, many of these owners have decided to keep their properties as an investment and benefit from a regular monthly rent payment instead.”

According to Leaders, this situation benefits both landlords and tenants: landlords are reassured that there are plenty of potential tenants around and their property is less likely to stand empty, whilst tenants can enjoy a wide choice of properties and are more likely to find the right home for them.

However, Leaders, who have been in business twenty years this year, warn that landlords should not be complacent about finding a tenant and must present their property in the right way.

Comments Morgan: “Tenants are becoming increasingly choosy over the type of property they want to live in, and the more properties there are to choose from, the more picky they can afford to be.”

“It’s no good trying to let a shabby, tired-looking property in today’s market, landlords need to bring their properties up to the standard that today’s tenants expect.”

“The current popularity of interior design TV programmes shows how important it is to people to have a home that reflects their tastes and lifestyle, and this applies equally to people who rent as it does to owner-occupiers. Just because you rent doesn’t mean you’re not interested in having an attractive home you can be proud of.”

Leaders are well known for having the widest choice of quality properties available and offer the following pointers to landlords and prospective landlords on how to make their property appeal to tenants:

• The property must be in good order inside and out: no damp patches, no overgrown garden, no worn out carpets. Ideally it should have gas central heating, double-glazing and an electric shower.
• Decorate in neutral colours such as cream, white, magnolia and pale shades that will fit in easily with most tenants’ furniture. Decorate in between tenancies to ensure the décor remains fresh and new looking.
• If the property is furnished, the furniture should be in good condition, neutral in colour, and modern. Think of the popularity of Ikea style furnishings and aim for that modern, clean look; the dated look puts everyone off. All furniture must comply with Fire Safety regulations.
• Never underestimate the importance of the kitchen. Today’s tenant wants an attractive kitchen with all the mod cons - fridge/freezer, microwave, washing machine, dishwasher, dryer, etc. You don’t have to provide all these appliances - the expected minimum is usually a fridge/freezer, cooker and washing machine - but if you do your property will undoubtedly be more appealing and help it to stand out from the rest.
• Don’t be put off by thinking you have to spend a lot of money, sometimes a kitchen can be transformed simply by replacing the cupboard doors or handles with something more modern, and adding a few chrome accessories. Likewise, a fresh coat of paint and new carpets all round can transform a property. In cases where a significant amount of money does need to be spent, it is usually worth making the investment in order to let the property quickly as a void period can often cost landlords more in loss of rent.

As always, 1 bedroom flats are in huge demand, but Leaders are currently experiencing strong demand for all types of properties, from studio flats to larger 3-4 bedroom family homes.

“The key is that the property is well-presented. If it is, we have a lot of good applicants waiting to snap it up,” says Morgan.