While the UK weather continues to defy all expectation, with scorching temperatures raging across the country, the rental market in London is also beginning to heat up again.
According to board company Agency Express, the number of new rental property listings ‘to let’ in London increased by 22.4% during June compared to the previous month, while the volume of properties ‘let’ was up 12.3% during the same period.
With the peak summer letting season almost upon us, landlords need to be ready if they are to capitalise on the seasonal increase in demand from tenants.
With that in mind, Draker, the prime central London letting agency, offers the following top tips for landlords.
Tip 1: Consider a short let if you need a last-minute getaway
Whether you have been given an unexpected window for a last-minute trip abroad, have a country house to escape to or you need a timely pick-me-up after the excitement of Wimbledon and the World Cup, the cost of getting away from it all can be mitigated by offering your property for a short let.
As long as the property is fully furnished, a short let can be a great way of bringing in some extra income while you are away for a few weeks or months. The summer is peak season for short lets, which on average generate up to 60% more in rent per week than a long-term let.
Tip 2: Find out if your tenant is going away
Regardless of whether you are going away, it is worth finding out if your tenant has a trip planned, especially if it’s for longer than a month. Some insurance providers won’t cover a buy-to-let that is going to be empty for more than 30 consecutive days – but that’s not the only reason to ask the tenant if he or she has planned any trips away…
Tip 3: Schedule in your renovation projects
There are potential benefits of lining up renovation projects for the summer, aside from the possibility of scheduling the work to take place while the tenant is away to minimise disruption for all parties. Plumbing and insulation work in the summer can make the property more energy efficient in the winter and save money in the long run. For interior renovations our partners at OKA are currently offering incredible special offers for Draker landlords.
Tip 4: Take it outdoors
Now is a perfect time of year to spruce up your outside space, giving the tenant an opportunity to enjoy a glimpse of the sun before the shorter nights close in. Whether it is a balcony, patio or garden, remodelling the area with stylish and comfortable furniture will enhance the feel of your property, make outside space much more of a feature and ultimately increase the rental value.
Tip 5: Add some colour
If you want to add a bit of colour to a space outdoors, low-maintenance shrubs like Daphne, Lavender and Holly don’t require constant attention - unlike bedding plants. However, it is worth noting that faux potted plants work well in terms of bringing a space to life.