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At Proper Local we specialise in properties to rent in East London, but wherever in London you are looking to rent a property, this useful guide will help you save time.

Rental contracts in the UK typically contain two month notice periods for both landlords and tenants, although if the original fixed term of the contract has expired (and has lapsed into what it is termed a ‘statutory periodic tenancy’) tenants are only required to give one month’s notice to vacate.

You may not think that tenancy law has a bearing on when you should start your rental search, but it comes back to this: when do agents start marketing properties to let?

We all know that Canary Wharf, and the E14 area in general, is going through a period of unprecedented change right now, but are you actually finding it difficult to rent your property?

Whilst we have written this article with the E14 area at the forefront of our minds, we do believe it contains advice which is transferrable across different sets of market conditions and geographical areas.

 

1.    Excessive stock levels mean everything is taking longer to let

We’ve worked in all kinds of rental markets over the years, in different geographical areas across London, so whilst we’ll stop short of saying that we’ve seen it all, we have seen a fair bit.

When any large new development completes there are always those landlords that get ‘lucky’ and rent their property very quickly, but by the same token there are always landlords that get unlucky and it takes longer for their property to let. And often there’s no particular reason why some properties take longer than others – its purely down to over-supply of a particular unit type in a distinct geographical location.

Supply is one of E14’s biggest problems right now, particularly an over-supply of two bedroom apartments, but it will rent eventually. Let’s put some numbers behind it so you can see where we’re coming from.

OK, so good marketing might not sell your house, but it will make the phone ring and the email enquiries come through. Good quality marketing is more important now than it ever has been, with the vast majority of buyers and tenants using the internet to conduct their property searches.

Like you, we spend lots of time looking through online portals such as Rightmove, Zoopla and Prime Location to keep up to date with new properties in the area. And again like you, we keep spotting the same properties still on the market for months at a time.

We’re not the most loved of professions, estate agents, but why is that?

Is it the perception of underhand sales tactics? The unreturned phone calls and emails? Lateness to appointments? Or, perhaps, the needless flashy suits and the general ‘geezer’ image?

To be honest, we don’t care, because we’re not like that, and to be fair we don’t think there are many who fit the approve profile left (but there are a few, so be warned!)

A good estate agent should be your ‘trusted advisor’. A person who knows his or her area, knows the market, knows the ins and outs of the legalities, and isn’t afraid to pick up the phone when the news is bad (funnily enough, we all find it easy to make ‘good news’ phone calls).

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With the high level of demand for rental properties in E14, it is easy to see why many people think that acting as a landlord will be a good way to generate income. If you have funds available to invest in property, or you have a satisfactory credit history and financial status that you can obtain a mortgage for property investment, acting as a landlord can provide you with a better lifestyle.

However, it is important to be aware that being a Landlord isn't easy. There is a difference between good Landlords and bad Landlords. Over time, good Landlords find that the process becomes simple and they can make good money without a lot of work and effort, but unfortunately, there are a lot of bad Landlords out there. Bad Landlords don't provide a good standard of service and expect to make money from little work or effort. In the long run, they lose out and often ending up in debt or losing out on a lot of money.

Being a Landlord is a good idea if you are committed, and here are some top tips on how you can achieve this: 

The Property Ombudsman TSI Trading Standards Client Money Protection Rightmove Zoopla Primelocation Move Bubble