Record-breaking quarter for Townends

he first three months of this year were the most successful quarter on record for the lettings department of Townends estate agents, which operates in and around Greater London.

Caroline Kavanagh, group lettings director, said: “With around seven applicants for every property on the market, it has undoubtedly been a great time for landlords who have not only had the opportunity to cherry-pick the best-quality tenants from increased choice, but also to achieve the best possible rent for their property.”

She said that buy-to-let funding had picked up slightly: “As a result of this increased availability, we have already seen a small rise in the number of new and current investors ready to take the plunge on that next property and grow their portfolios, and I expect to see this continue as we head towards the middle of the year.”

She added: “We have seen some record rents being achieved for those luxury and top-of-the-range central stock, but with the cost of living continuing to rise, an applicant will only pay what they deem to be fair and within their reach.
 
“We have seen situations recently, where landlords have been unwilling to be flexible on price or to carry out work that might enhance their property. As a result, landlords find themselves in a situation where the property ends up being over-exposed with too many viewings, leading to a significant price drop being required in addition to an extended void period.

“Unfortunately, there are too many people out there giving out the wrong advice to landlords because of what they see being written in the press, rather than feeling the market themselves and understanding it at first-hand.”