Davis and Gibbs, www.davisandgibbs.com, have continued to see a lot of success in residential lettings over the past weeks with both supply and demand exceeding expectations, we believe this is mainly down to the economic restraints still affecting the housing market. July saw a dip in the sales market and since then house prices have fallen on average by £4091 due to supply out stripping demand.
The best advice we can give sellers at this point is to wait for the holiday season to pass and try to sell in the build up to Christmas break (September, October, November) those sellers still trying to secure a buyer form the start of the year may need to revise their market price due to the new competition.
The effects of the election may well be dampening the spirit of the sales market, however, when it comes to lettings, a storm is sweeping throughout London powered by young, single professionals anxious for places to rent. Apartments and in particular the larger properties, are being snatched off the market within a matter of hours. As a result, it is imperative that rental applicants act quickly…to avoid certain disappointment. Four and five bed houses are in short supply at present, although, the Davis and Gibbs Balham, Acton & Oval have a good number of these properties listed.
Our property management department have seen an increase in their renewals, with many tenants staying on in accordance with the annual rent increases, they have recently posted their best rental arrears ratio under 4% well within the national average and we are recommending many of our clients to use our rent collection service to avoid back dated rent payments.
For further information contact:-
Brian Gibbs – Managing Director
Davis and Gibbs,
94 High Street,