Property advice in ‘The London Magazine’
The lettings market is changing rapidly. That’s the conclusion of a recent article in ‘The London Magazine’, which included insights from Lurot Brand’s Head of Lettings, Lynsey Schipper. So, if you’ve been thinking of letting your mews home or purchasing a mews house as a buy-to-let, it’s essential to get the right property advice. The first step is knowing how much your home will fetch if you let it.
‘The London Magazine’ reports that recent revisions in taxes and regulations affecting buy-to-let properties are driving changes in the lettings market. As a result, many buy-to-let landlords have decided to switch from long-term lettings to short lets to offset any loss in profits.
The article claims that changes to mortgage tax relief on rental properties have caused many landlords to rethink the way they market their rental properties. The capital is a popular destination both for international visitors and professionals working on short contracts, and canny landlords are starting to take advantage of the booming market for short lets and holiday lets in London. This arrangement benefits both parties. Tenants are able to enjoy accommodation that is more like a home than a hotel and landlords are able to charge higher rents because the turnover of tenants is more frequent.
However, if landlords try to ‘go it alone’ by managing their own properties, they may find that holiday lets are not for the faint hearted: the increased turnover of tenants means you will need to give greater attention to cleaning and maintaining your property as well as marketing it to likely tenants. Lynsey Schipper told ‘The London Magazine’ that one landlord in particular reported his experience with holiday lets as “profitable but exhausting”.
There’s no doubt that landlords can reap financial benefits by offering holiday lettings in London and the process doesn’t need to be stressful provided the property is well managed by a reliable lettings agency. According to Lynsey Schipper, some owners have even used short lets as a stepping stone to selling their London mews properties.
Whether you are looking to let or sell your mews home, it’s vital to be in the know in this fast-changing marketplace. For almost 50 years, Lurot Brand has been Central London’s only dedicated agency specialising in the sales, residential letting and management of mews properties, so you can rely on us for the market insight and up-to-date information you need to make the right decision.