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’.