As the year draws to a close, I hope that you are all set for the festive celebrations ahead with your families and loved ones. 2022 has been far from easy for many people with predictions for next year being even more difficult to steer through.
I am however pleased to report that overall, the York and surrounding property rental market continues to go from strength to strength. In our portfolio alone, over the last 12 months the average rent level has increased 12.8% to £903 per month. Those landlord clients who have experienced a change of tenancy in this time will recall incredibly high demand activity as soon as their properties were listed and in certain circumstances rental increases of 20%+ were being achieved. We will continue to monitor the markets and look to review each of your properties throughout the year and make rental adjustments where possible. It shouldn’t go unmentioned how grateful we are for having so many fantastic tenants in your properties and we will continue to support them as and when the need arises.
As for the business, when we set out under the Littlefairs brand back in 2018, the target was to reach 400 managed properties. The reason for this was to ensure we could maintain our trademark personal, hands-on service our clients rightfully expect. I am pleased to report this target will be met early next year and already we have taken the decision to no longer take on any more Bronze service levels (Tenant find only) so that our full attention can be given to properties under management. As you will appreciate, the cost of running a business has skyrocketed over recent months so we continue to monitor our outgoings through these turbulent waters but not to the detriment of our service to you.
I would also like to take this opportunity to thank Donna, Brigitte, Becki and Sophie for all their hard work and effort throughout the year. Without their support we wouldn’t be the business that we are today. We are also currently on the lookout for a sixth member of the team to help Sophie with the property management side of the business. We will be sure to share their details as soon as they are brought on board. The photo above was taken of us all on our Christmas work’s night out earlier in the month.
As a final note I would like to personally thank you very much for all your support. As Littlefairs leaps forward into our 5th year of trading, we are as excited today as we were on day one to serve you as clients and ensure your tenants receive the best service possible so they continue to make their monthly rental payments and remain in their homes.
Merry Christmas to you all and all the very best for 2023..!!
Warm wishes, Scott.