In a notable shift within the London property market, landlords are placing a greater emphasis on the long-term quality of tenants over short-term financial gains, according to Jo Eccles, founder and managing director of Eccord Consultancy, a prominent London-focused agent and property consultant.
Eccles acknowledges that the supply shortage of rental properties has somewhat eased in recent months. Despite this, her clients are experiencing an average of seven percent rent increases upon re-let. However, she asserts that landlords’ priorities are undergoing a transformation.
“With the easing of mortgage rates, some landlords who had contemplated exiting the market are now reassessing their options. Those choosing to remain are primarily focused on securing a hassle-free tenancy. Many landlords approach us, having been scarred by their experiences elsewhere,” explains Eccles.
She points out a growing trend where some lettings negotiators prioritize short-term commission gains, potentially compromising the long-term quality of tenants. This, in turn, leads to the selection of unsuitable tenants and results in negative and costly experiences for landlords.
Eccles underscores the importance of meticulous care and expertise in matching each landlord and property with the right tenant for a successful tenancy. Citing an example, she shares a recent success story where Eccord Consultancy worked closely with an American client who had previously resided in a cherished house in Chelsea. The team oversaw significant electrical upgrades and property enhancements to meet rental standards, while also carefully vetting and personally meeting every potential tenant.
“Our client, who relocated away from London, entrusted us to find tenants who would appreciate the unique qualities of his former home. The private equity couple we secured instantly fell in love with the property. Our landlord is now reassured that they will respect and cherish the house as much as he did during his years of residence,” Eccles concludes.
This evolving trend in landlord priorities suggests a broader shift in the London property landscape, where long-term considerations are gaining precedence over immediate financial returns.