In this quarter, we have seen a lot of good professional tenants moving into Exeter for example teachers, doctors and staff members working at the Met Office; a great professional market.
Tenants are now expecting more and more each year and from time to time we do see some properties that stick on the market. To this end, each year it is becoming more and more important to keep the quality of the property in its best order. We advise all landlords to have a long-term maintenance plan in place and do a little each year. Ideally it is a good idea to program in to update kitchens and bathrooms as well as general decoration, maintenance, carpets and keeping up to date with the normal safety certificates.
We are starting to see a slight slow down of enquiries coming into October but this is normal coming into the last quarter of the year and the dark winter evenings.
Generally, we have also seen rents slightly increase throughout the year I would say between 1.5 and 2%, and we have reviewed rents on our managed properties throughout this year. I expect to see demands staying strong into 2018 and still expect to see a shortage of properties in to next year.
If any landlords are looking to increase their portfolios or new landlords looking to enter the market, we would be delighted to advise you accordingly.
Whilst writing this newsletter I received an email from one of the professional bodies they have picked up a speech in the Tory conference this week, announcing that they intend that all landlords will need to be licensed. As this seems an important and relevant announcement, I will do November’s newsletter on this topic.