What can be done about the current rental market in London? It’s an issue that concerns potential renters, who are statistically one of 25 enquirers viewing a London rental listing when it’s put up for rent. The volume of people wanting to look at a property can be challenging for letting agents and landlords to organise and stay on top of, creating difficulty for every stakeholder.
Why the London Rental Market is in Peril
There isn’t enough supply to meet the current rental demand in the capital; this is true for much of the UK, too, but the issue is exacerbated in London due to its population. In the five years from 2019, property viewings have increased three-fold.
One of the main reasons this is happening is because mortgages and deposits to buy property are unaffordable for many. While many people would like to step on the property ladder themselves, they cannot afford this because housing prices are far pricier than they used to be (despite a recent house price drop in some areas) and interest rates are very high.
However, news of the most recent interest rate cut will be music to prospective buyers’ ears because mortgage rates will likely be cheaper. The same people will eagerly wait to see if another interest cut occurs.
Many people secured their fixed-rate mortgage terms when interest rates were meagre, but many of these contracts are coming to an end soon. This means that some people considering letting their property out have decided to sell instead.
How PropTech Can Help
How do you stay on top of the number of requested lettings if you are a letting agent or landlord? Using forms of PropTech can help alleviate a lot of the scheduling and correspondence issues, rather than needing to input everything yourself manually.
London landlords who list their property on Krispyhouse, rather than other property sites, can communicate with people directly and virtually, sparing you time and effort. When you consider the highest proportion of renters in London today are young adults who use instant messaging and digital platforms for other aspects of their lives, it makes perfect sense to assume they will want to with their property search as well.
As a landlord, you or the letting agent can guide the viewer around the property from the comfort of a mobile device so you can refine your search for a prospective tenant rather than needlessly organising viewings that might not go anywhere.
PropTech is beneficial for those looking to rent who no longer need to call a letting agent and wait for them to contact the landlord when both parties might be jam-packed. Still, a direct message can be sent to the landlord for faster communication, removing a considerable degree of administration for letting agents.
