J’AIME MARCH/APRIL 2024

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PROPERTY Property news JAMES GREAVES, DIRECTOR AT JAYMAN LETTINGS AND PROPERTY MANAGEMENT IN LICHFIELD, SHARES HIS TOP TIPS FOR RENTING OUT YOUR PROPERTY The demand for property to rent is at a historic high at present. With mortgage borrowing costs still at high levels and landlords having held off from buying in case of further drops in house prices, the supply of available property to let has reduced dramatically. The consequence of this imbalance is that rents have increased very quickly across the whole market. Many properties are now achieving rents 15 to 20 per cent higher than in 2022. For landlords, this is good news as the return on investment is increasing and for those who are in a position to now purchase another buy-to-let, they can do with knowing that the average property now takes three to seven days to go under offer from a would-be tenant – and often for above the asking rent. For tenants, this means competition when you are looking for a property is fierce. My advice would be to ensure you have all your supporting documents (proof of earnings, previous landlord references) lined up and that you monitor Rightmove closely for new properties coming on the market. When you see a property you like, bear in mind that you are competing with many others and you should be as flexible as possible to attend a viewing at the earliest chance. If the property is the one for you, I would advise you to apply immediately with all your supporting documents and follow up with a call to the agent to ensure your application is complete and no information is missing. Also keep an eye on the date the property becomes available to move in. A landlord will want it occupied as close to this date as possible, meaning if you can’t leave your existing property until a few weeks after this date, you are likely to miss out. Many applicants now, in order to secure the property, find themselves signing papers and starting to pay rent on their new property while still having a week or two to also pay on their existing one. We work with landlords across Staffordshire and the West Midlands to help advise on the current market rent to ensure you are achieving the best rent given this current market imbalance. We also have over 200 pre-vetted tenants seeking property to let so please get in touch if we can assist you with finding your new tenant. PROPERTY OF THE MONTH Melrose Avenue, Sutton Coldfield, B73 6NT: £1,500 pcm On the market with Jayman Lettings and Property Management: 01543 417559 A three-bedroom detached bungalow with large driveway, garage and rear garden, available to rent now. For further information or to arrange a viewing, contact Jayman Lettings and Property Management. 14 www.jaimemagazine.com
Multi-Award Winning Agency Covering: Four Oaks, Lichfield and surrounding areas Jayman Lettings have just won The British Property Lettings Award for Lichfield! Their team performed outstandingly throughout the extensive judging period, which focused on customer service levels. Jayman Lettings have now been shortlisted for a number of national awards which will be announced shortly. The British Property Awards provide agents throughout the UK with an invaluable opportunity to compare the service that they provide against the service provided by their local, regional and national competition. Agents who go that extra mile and provide outstanding levels of customer service are rewarded with our accolade, which acts as a beacon to highlight these attributes to their local marketplace. FREE LANDLORD INFORMATION PACK with tips and advice on renting out your property. Contact us on 01543 417 559 or email lettings@jayman.co.uk and we will send one to you straight away and answer any other questions you may have regarding letting out a property. James Greaves LLB Director
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J’AIME MARCH/APRIL 2024

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