Brexit definitely creates uncertainty in the property market.
But what does this uncertainty mean? Well unless you absolutely have to move, you just don’t. This is putting a tremendous strain on supply and limited good housing stock coming to the market. If you are in contract, most likely you will renew, as this is easier than committing to a brand-new tenancy.
So, is there a perfect way to navigate the current market? Should we assume that because of Brexit the market is down, and renting is cheap? The short answer is NO. We don’t have enough housing stock, and prime properties will always be in demand. That said, we need to bridge the gap between Landlord and Tenant in terms of price. So how do we take a balanced approach to negotiating in this market.
Best advice to Landlords, if you like the Tenant, but maybe less keen on what they are prepared to pay, I would go with it. We don’t know where the next Tenant will come from, and whether they pay more. Remember the old saying, a bird in the hand is better than 2 in the bush…And if your property is not presenting well, in a competitive market it is unlikely you will secure a Tenant at all, or they will want to pay very little.
For tenants, as we know we have a short fall in supply, and prime quality properties are always in demand. So, if you see something you like, pay the asking price and secure it. It only takes one other person to fall in love with your ideal property, and you’re out of the game. And the search starts all over. As much as I would like to think you thoroughly enjoy spending time with my consultants, I’m sure you would rather be doing anything else.
In summary, there is not a one size fits all approach to the current market, and whoever you talk to, you will get a different view. In my opinion, it comes down to 2 things to consider:
Likeability - As a Tenant, is this my dream home? As a Landlord, is this my dream Tenant?
If the answer is yes, it leads us on to:
Affordability - As a Tenant can I afford the Landlords price? As a Landlord, can I afford to NOT take the offer in front of me, not knowing when the next perfect Tenant will turn up?
If you are looking for your dream Tenant, or your dream home, please feel free to get in touch with one of our branches. We appreciate these are challenging times, and negotiating in this market is not easy, but we will make the process as honest, transparent, easy and simple as possible.