THE NEW LET ON THE BLOCK
HOLIDAY LET, SHORT LET OR LONG LET? THAT IS THE QUESTION!
In the old days it used to be either a traditional holiday let or a long let (an assured shorthold tenancy or abbreviated as an AST). Today there is an increasingly popular let - the short let or as we like to call it - the interim let or mid-let. The interim let fits snugly between the holiday let and the long let. It is a furnished let that can last anywhere between 3 weeks and nearly 6 months.
So why “the new let on the block”?
Property is sticky and many sales transactions aren’t moving too fast right now and if sales transactions aren’t happening, then rental transactions often spike....We have looked at all the reasons why this interim let is taking traction and here are a few of them…
“We are thinking of moving and we are looked at Hampshire, Berkshire or the Cotswolds and hey, we plumped for the Cotswolds, mainly as the education in the area is so good but we decided to rent as we don’t really want to sell in a London yet, and we want to take time to look around before we commit to a purchase."
- The Investor
“I can’t get the yield in London so I’ve sized up the Cotswolds and it makes sense. So what we are going to do is rent somewhere, try before we buy, for a few months and use it as a second home."
- Can’t Move, Won’t Move
“We just can’t afford to move right now, I’m certainly not paying stamp duty at that level, so let’s improve what we’ve got, we’ll go to planning and refurbish/renovate. It may mean we’ve got to rent for a couple of months."
- Work Placement
"I can’t believe it, work have posted me in the Cotswolds! Awesome! They’ve asked me to sort out the Chipping Norton office! Plus they’ve put me in a gorgeous cottage in Great Tew (just a moment from Soho Farmhouse, darling!)"
- Insurance Jobbie
“Ahh the boiler just blew up, the pipes are burst, what a disaster, we’ve got water everywhere, but don’t worry dear, those lovely people at the NFU have sorted us out with a great four bedroom house near Stow-on-the-Wold for a couple of months while the house is repaired.”
- Want to Move but Timing Out
“We’ve sold our house but the one we are buying has dragged on a bit, so now we are homeless! We just need to find a stop-over for a couple of months….thank goodness for StayCotswold!”
And these interim lets are good news for landlords & tenants....
Less hassle than a holiday let, less turnarounds, less cleaning, less laundry, tenant familiarity, more secure and better looked after, better prices than an AST particularly in low season, tenants responsible for utilities, etc.
For tenants mid lets can offer more flexibility than a traditional AST would. We have a range of properties available so do get in touch for more info!
In conclusion, the rental bubble in the Cotswolds is ever changing, landlords should remain flexible and consider all forms of letting. Make sure you focus on key cornerstones including quality, smart marketing and great service!