Summer has finally arrived! We've experienced our week of good weather, the Olympics is going about setting world records for morning commuters, the school holidays are upon us and the students are firmly on their way to rent any affordable large property they can get their hands on.
The Summer is traditionally the busiest time of the year in the lettings world, specifically July, August and September. There are a number of factors that contribute to this busy period, but perhaps not everyone is aware quite how busy the entire market becomes. For instance the influx of students looking for larger properties directly effects one bedroom properties, ensuring they are in very high demand, you may be wondering how.
Think back to that Thursday morning double History class when you first started in on World War 1. We all remember the trigger for the war was the assassination of Archduke Ferdinand, and this led to Austria-Hungary invading Serbia, leading to World War 1. But was it really that simple? There is always a chain of events that leads to any given outcome; in this case the assignation of Archduke Ferdinand was not necessarily our starting point. In 1914, whilst the Archduke was on a visit in Sarajevo there was a grenade attack, his security personnel went about changing the planned route they were to take. The Archduke's driver did not get any message regarding this change of route until it was too late and in a bid to get on to the new route the driver became lost. It was at this time that Gavrilo Princip (A Serbian Nationalist) had just exited a sandwich shop after taking a break from his patrol; recognizing the archduke and seized the opportunity to shoot.
The assassination of Archduke Ferdinand was the trigger to World War 1, but without the grenade attack, the missed message regarding the change of route, the lack of area knowledge from the driver, Princip choosing to take a break at that specific time and take it at that specific café he may never have shot Archduke Ferdinand and perhaps the War would have never happened. This may sound a little farfetched, but the point is that there are always a number of factors to consider to any outcome.
The lettings market isn't busy simply because it is summer, although the summer is the market trigger. Many students find their accommodation months before they need it, some have even been known to take properties 10 months in advance. That said, the students descending in to the market do certainly ensure any properties suitably priced and large enough, located within close proximity to any academic centre are snapped up (landlord permitting). It's fair to say that the students play their part, they certainly ensure that any professional groups of sharers attempting to find a large property will often miss out, as there is simply nothing available. Then there's the knock on affect, often the group of professional sharers will find itself reducing in size to try and find other suitably sized properties. Maybe they split in to two groups and try to find two or three bedroom properties, this leads to less availability in the two and three bedroom bracket, and you guessed it, through this knock on affect the whole market is affected by increased demand.
Of course, as with the Archdukes assignation there are more factors to consider. The summer traditionally involves some occasional sunshine, which inevitably leads to people wanting to be in a garden, maybe having a Barbeque. The winter months for many can involve an increased level of spending, normally around Christmas and New Years, this can affect November and December as people try to save and certainly January and February as people try to get back on track. The summer on the other hand doesn't generally involve these expenses so is seen as a good time financially to move.
Of course there is one more factor to consider in this busy season, are you working with the right Lettings Agent? A busy market can be a difficult one to manage, it can lead to inexperienced agents making mistakes, not managing their clients expectations correctly and over promising on what is achievable. Thorgills have the right level of staff covering every aspect of the lettings field, with years of experience working in a busy market place, being a lettings specialist we are set up to deal with every foreseeable market for our clients and achieve the best possible result.
If you are a landlord or tenant and require any advice whatsoever please contact your local Thorgills Branch. Remember we are voluntary members of both the National Landlords Association and the Property Ombudsman, so our work is always carried out to the highest standards. Thorgills advice and valuations are free so please do not hesitate to get in touch.