West Kirby Letting News

Welcome to the first West Kirby Letting update. These posts will inform our readers of our properties available to let, company news and changes, activity in the rental market and any changing legislation or landmark cases. If you would like to receive these automatically by email, please subscribe to our mailing list.

High Demand for Quality Property

According to research published by the Association of Residential Lettings in July 2011, there is a falling trend in the balance of rental property supply and demand. The report highlights, that there is an undersupply of good quality property which is impacting on the rental market as demand from increasing numbers of tenants are failing to be met.

In 2009 10% of ARLA members reported that there were more prospective tenants than properties available. In the second quarter of 2011 that figure had increased to 74% of its members, suggesting an undersupply of rental homes.

Unlicensed Letting Agents

It isn’t just the quality of rental supply which is lacking but also the quality of service for the letting. West Kirby Letting notes the comment from Adrian Wray, director of Bradgate Property Management in Leicestershire.

‘There is a lack of quality properties being made available through licensed agents. The rental properties available are often offered through unlicensed lettings agents, so we would urge prospective tenants or landlords to research their agent carefully, or else risk an unprofessional service,’ he explained.

Also Caroline Kavanagh, group lettings director for Townends Estate Agents, part of Badger Holdings suggested,

A lack of means or desire to buy has led to some agents looking to compensate for the sales market by diversifying into the rental market, meaning landlords also have greater choice of letting and management agencies. ‘Some of these accidental agents have little or no experience of this market but have attracted landlords with too good to be true agent fees, only to later close down and in some cases defraud their clients,’.

‘Landlords are in the driving seat and do have the opportunity to shop around for the best agent or management company and the best tenants. However, with a thriving yet unregulated market come an increased number of people looking to cash in on it, so landlords should remember service levels and price usually come hand in hand,’ she explained.

Company Outlook

The company is reporting a mixed performance during the quarter ending September. Despite moving premises and completely refurbishing the company website, the company has appraised around a dozen properties, securing a total of 3 tenancy agreements. Our most recent letting was a one bedroom ground floor flat in Shrewsbury Road which we let within 2 weeks of first advertising!

West Kirby Letting notes that the local property lettings market is in good condition however it remains cautious as to the likeliness in securing new residential stock for rent in the current climate, with existing rental properties taken or failing to meet client needs and buy-to-let investors sitting in cash.

Tenant demand appears to be focused on prime semi-detached property rentals comprising 2-3 bedrooms. There has been a clear trend of an increasing number of tenants wanting to stay on in what we classify as prime rental properties. These are defined as well located properties which are presented in a smart condition throughout attracting close to the FRV (full rental value).

The market has remained positive with demand in many places continuing to outstrip supply, giving landlords the choice select their preferred tenants to a certain degree. However there is a good supply of 2 bedroom apartments/flats in the West Kirby area which are attracting interest but are failing to secure a tenancy despite current rental prices. Rents are at a level which reflect that demand as a whole is exceeding supply, family sized semi-detached/terraced houses are in particular demand.

We are now offering a discounted rental figure for a number of our 2 bedroom properties which are all 6 month negotiable leases. For further information please contact David Mayhew, director of West Kirby Letting Ltd.