What a great time to consider a move or rent for the first time. With savings to be made via new government legislation since June it has made it really easy for renters to re-evaluate their existing tenancies and move around a bit more freely, finally allowing people to seek real value for money when it comes to renting.
Whilst the demand for rental properties in the area does have surges and drops in demand, this area mainly offers accommodation to the ‘transient professional’ who choose to move in and out of the area on shorter contracts. So, what the changes have meant to us is that, more so than ever, the quality of accommodation is having to improve. Renters want, and deserve, good quality, well maintained housing.
We have seen a number of Landlords choosing to sell their properties, some even to their tenants, which has been rewarding to see, but this has however started to show a restriction of rental stock. Thus far this has not seemed to have pushed prices up. But as we all know, just as one house or flat sells, another gets purchased. Some of our career Landlords and investors are taking advantage of the Brexit uncertainty, and are looking longer term to increase their portfolios whilst the property prices are low. So, whilst we are seeing a decline in people investing in properties as nest eggs, we are seeing an increase in other areas. What I think this change will show is a general increase in standards. It is perhaps the more seasoned ‘professional’ Landlord that will be able to weather the storm of the tax and stamp duty changes a bit better than the ‘accidental Landlord’.
What we can be certain of is that Feltham remains an affordable and ever improving area. The reinvestment in the town centre can be seen all around us, and whilst we have seen some banking branches close, it is rare for any of our high street retail units to close, shut and remain so. In fact it appears business in Feltham is booming with lots of new shops and small businesses opening up to serve the local community.
When the building work and redevelopment of the town centre and station has been completed this year and all the mess of the building work is over we’re positive we’ll see the area really start to blossom with further redevelopment promised to the leisure facilities in the future also. So although the doom and gloom of Brexit still hangs over the country, it appears as though behind the scenes Feltham is just ‘getting on with it’.
2018 has been a year of peaks and troughs. With a strong start to the year, once again we’ve been fortunate to attract the business of some super new Landlords. It’s been interesting to observe that regardless of changes to stamp duty and mortgage interest tax relief, there are still an impressive number of new Landlords choosing to invest in property. On the other hand, we have also seen a large number of our current clients reduce their portfolios or leave the sector all together so we have experienced a bit of a shake up with our rental stock.
It has also been a year of rents falling slightly in the area. Whilst developments close to Feltham train station have remained ever popular with rental values staying stable, other areas of Feltham have seen prices levelling out or even reducing.
Feltham has always been a popular area for investment due to our close proximity to London and Heathrow. Some of our tenant’s travel hundreds of miles to live in the area, both from within the Uk and overseas, for work placements, contracts and schooling, and we have for a long time been considered the best placed agent in the area for overseas professional tenants looking to secure both short and long-term accommodation in the area.
We’ve therefore felt, more so than ever, that rental properties need to be well maintained and attractive and that our Landlords are kept fully updated on all of the new legislation affecting the sector this year. Landlords will need to continue to be observant of coming rental trends. Those who can remain flexible and realistic about asking prices will see their property investments remain reliable, and we continually encourage our clients to improve the quality of their properties to attract the very best of tenants.