How long does it take to let a property in Greater Manchester?
We get asked this question by new and existing landlords often. The answer is key to our rental businesses. Voids mean less income and therefore less profit. So we all want to own and rent houses in areas where there is demand so our property will not be vacant for long.
In light of being asked the “how long will it take to let my property” question so often, in 2015 we began compiling data in a spreadsheet, we call it our “Time Frame to Let” document. We are building invaluable data about areas, types of properties and types of tenants and how long a property takes to let.
This is what our spreadsheet looks like!
On this blog I will update the information we record in our Time Frame to Let, so you can start to build a picture of what areas are renting well and what areas are not. We can explain why some properties are sticking and what landlords are doing to get their properties let.
We record the address, area, condition, location, marketing start date, let agreed date, move out date, move in date, this then gives us our marketing time, to let agreed time and empty time. Empty time is the true void time. We then add comments to explain anomalies.
Taking a sample of all the data that we have recorded to date, 137 properties have taken an average of 18.3 days to let.
The anomolies and outliars that we have found are as follows:
1 x 2 bed in Salford – 2 days to let agreed and 1 day empty – well presented flat in great location
1 x 2 bed in Wigan – 2 days to let agreed and 18 days empty – well presented property in a good location
1 x 2 bed in Eccles – 2 days to let agreed and 0 day empty – well presented flat in great location
1 x 2 bed in Oldham – 117 days to let agreed and 123 days empty – poor property in a poor performing area within Oldham
1 x 2 bed in Wigan – 58 days to let agreed and 49 days empty – poor performing area within Wigan
1 x 2 bed in Chadderton – 49 days to let agreed and 58 days empty – poorly presented property but in a good location
What this shows is that to let your property quickly it needs to be well presented and in a good area. The above mentioned property in Chadderton is in a good location and we had a number of viewings but the condition meant it was a struggle to let.
I will endeavour to update this blog monthly to show the best and worst performing properties that we have let in the previous month. that way, together we can build a picture of areas that are hot for letting right now. We can see what other factors come into the speed of letting a property, other than more than location and presentation.
If you have any information on how long it takes you to let your properties and any particular reasons why lets have taken longer than you would expect then please do share by contacting me here.
Monthly Blog Updates
For our January 2017 figures please see here – How long does it take to let a property in Greater Manchester?