“There’s never been a better time to let your property in Marylebone this year,” says residential lettings and property management specialist, Manors, the area’s longest established independent firm of estate agents. Indeed, the residential lettings market in Marylebone is currently following an upward path, with tenant enquiries at Manors up 17% compared to last year and demand in the second quarter of 2015 a whopping 58% higher than the same period in 2014.
According to Ross Harvey, Residential Lettings Manager at Manors, “For landlords, it’s an extremely lucrative and appealing time to be letting a property in Marylebone. W1 has long been popular with tenants, but the recent surge in demand in Marylebone has, in part, been caused by a rise in enquiries from quality overseas applicants who are coming to London to work or study and want to live in prime central London.”
Interestingly, assuming that the enquiries Manors is receiving for properties to rent in Marylebone are representative of the area as a whole, it appears that all types of property are in high demand, from bijoux one bedroom apartments to large 4-5 bedroom townhouses and lateral conversions, along with everything in between.
“Increasingly, we’re finding that tenants, especially those from overseas, have a definite preference for properties to let in Marylebone that are professionally managed,” adds Ross. “This is because the tenant knows that if anything goes wrong during their tenancy, the problem will be fixed in a timely fashion. We’ve also found that tenants tend to stay longer in properties that are looked after by Manors’ Property Management Service, whilst landlords using our service also experience shorter and fewer void periods between tenancies.”
Using a professional property management service is certainly an appealing option for time-poor landlords or those who don’t live locally. Manors’ Property Management Service is impressively thorough and not only ensures that managed properties comply with the constantly changing legal requirements of the lettings market, but will organise an inventory clerk, change utilities, organise the annual Gas Safety Certificate, register the deposit and collect the rent, thus saving busy landlords a significant amount of time. Manors’ Property Management Service also ensures that properties are well-maintained to protect the value of the landlord’s investment, arranging access and overseeing all repairs and maintenance.
Acting as an intermediary between landlord and tenant, Manors has a considerable amount of influence over tradespeople in the Marylebone area, which ensures that any emergency repairs are attended to quickly and outside office hours if necessary.
2015 is expected to be a very busy summer for lettings in W1 and with an office in a highly visible position on the corner of Portman Square and Baker Street in the heart of Marylebone, moments from the world-famous Selfridge’s department store, no lettings agent in the area is better located than Manors.
“It’s true that Manor’s comprehensive Property Management Service is a little more expensive that our Let Only Service,” says Ross, “but for busy landlords who appreciate the fact that time is money, it makes sound financial sense, particularly as our management fees are tax deductible.”