Is now a good time to become a landlord?

The Elmbridge lettings market hasn’t been without its challenges over the last 12 – 18 months, namely very high demand and not enough properties. And whilst demand still outstrips supply, James Dodds, Lettings Director at Davies Property Partners, explains why this is exactly the right time to become a landlord.

As the saying goes, ‘once bitten, twice shy’, which is the approach existing and would-be Surrey residents have seemingly taken to heart. 

And to be honest, it isn’t a surprise after the previous 12 months saw properties snapped up as soon as they hit the market – if not before! Demand for property to let has been, and remains, incredibly high. Too high, in fact, for the number of properties available.

Now, determined to be at the front of the queue, tenants and prospective tenants are already registering for a summer move.

Fail to prepare, prepare to fail

After being pipped to the post at the last minute, or simply missing out on new-to-market properties altogether, we’re currently seeing an influx of people registering for properties two, three and even four months ahead of time.

People saw the dynamics of the lettings market change in 2023, and aren’t prepared to miss out again in 2024. This isn’t restricted to a particular price point, either. Individuals are registering for properties at every price band – from those with the highest rentals to those with the lowest. 

Of course, this leads to another question: if people are already registering for summer now, isn’t demand going to be overwhelming in relation to what’s available?

The answer is ‘yes’, potentially. Unless, of course, there’s also an influx of landlords to meet that demand.

Drip feed vs waves

Given the number of tenant registrations we’ve already had, it’s fair to say that summer is going to be a busy period for Davies Property Partners’ lettings team. 

Equally, it’s shaping up to be a good time for landlords (and prospective landlords) who have a property to let. After all, there’s a captive audience out there; one that just needs a wider selection of properties to choose from. 

The typical staggering process, whereby there’s a continual drip-feed of tenants registering balanced out by a continual stream of properties to let coming to market, isn’t happening at the moment. The drip-feed has been replaced by waves.

So yes, if you’re a landlord and are considering growing your portfolio, or if you’ve never let a property before but are now thinking about becoming a landlord, now is very much a good time.

And, if you are a first-time landlord, Davies Property Partners will be launching a service later this year that walks newcomers through the process and provides a greater level of support. Not only that, but we’ll also be launching an international lettings service specifically aimed at UK landlords moving overseas.  

If you’re interested in receiving more details prior to the launch, have a property to let or would like to register as a tenant, feel free to contact me on james@daviespropertypartners.co.uk or by calling 01932 588288.

Looking for a lettings partner in 2024? Contact your local Davies Property Partners office to discuss how we can help you.

Cobham 01932 588288

Claygate 01372 462323

Hinchley Wood 0208 3980265