Landlord newsletter spring 2023
A busy spring market
Our local experts are seeing the busiest spring market to date with demand to live in Fulham and the surrounding areas at an all-time high. This surge in demand means we’re regularly receiving great offers from high-quality tenants and we expect this to continue throughout the spring and into the summer months.
More than 70 per cent of tenants are choosing to renew their contracts, creating a shortage of supply that has pushed rent upwards at an average of 22 per cent. It is becoming the norm for people to stay in the private rental sector for longer as the average age of a first-time buyer is now in the late 30’s, contributing to the lack of available property.
International appeal is continuing to rise and we are receiving hundreds of enquiries every week through our Corporate Lettings and International Relocation team from global companies looking to relocate staff to the capital. This means that we can put your property in front of first-class tenants.
London remains an excellent place to invest and Chard is here to support you throughout your property journey - whether that’s managing your investment or helping you navigate the latest government legislation. Should you be considering expanding your portfolio or need an up-to-date valuation of your property, please contact us.
Keeping you informed
The Government has recently introduced two pieces of legislation to clarify and strengthen the Fire Safety Order 2005. These are the Fire Safety Act 2021 and the Fire Safety Regulations 2022. Whilst the Regulations do not apply within individual flats or houses, they do cover the communal areas of any building with more than two residential homes.
The Fire Safety Order requires a responsible person to undertake a fire risk assessment of the building and maintain precautions that manage the risk of fire. The new Fire Safety Act 2021 clarifies that the fire safety order covers all buildings of two or more sets of domestic premises and the building’s structure, external walls, and anything attached to them, including balconies, doors and windows. Whereas, the Fire Safety Regulations 2022 ensure that all fire doors, including entrance doors into communal areas, can provide adequate protection.
If your property falls into the above category, a Fire Risk Assessment of your building will need to be carried out by the freeholder, block manager, or you as the landlord. The Fire Risk Assessment will confirm whether you will need to change any entrance doors to fire doors and install additional fire safety measures in your communal areas. You will need to then share the fire evacuation plan with your tenant. If we manage your property and you'd like some guidance, your expert property management team is on hand to offer you any advice relating to the fire safety of your tenants.
Here to help
Should you be considering expanding your portfolio, Chard is here to assist you. We have close relationships with independent mortgage advisors who are experts in buy-to-let mortgages and passionate about finding you the best deal. To speak to one of our mortgage specialists, contact your local office who will put you in touch.