Panorama Got It Wrong, Says Accord Lets
3 June 2008
Panorama got it wrong, says Accord Lets
THE statement made by BBC1's Panorama programme on Monday (June 2) that Birmingham has too many apartments and too few tenants has been hotly refuted by Carl Mimmack, managing director of one of the city's leading letting agencies.
The West 2 based agency, Accord, says if landlords are having difficulty finding tenants it is most likely down to unrealistic expectations, or failure to present their property in line with what today's tenants want.
"The average length of time a city centre property is on our books untenanted is just two weeks and many let almost as soon as they become available," said Carl Mimmack.
"There are plenty of people out there wanting to rent either because they can't afford to buy, don't wish to in an uncertain market, or know they will not be staying in the city long enough to make the costs of purchasing viable. And they aren't stupid.
"If they have a choice between a well-presented, fully furnished apartment at a realistic rental and an unfurnished property at a much higher rent they will go for the one which offers better value. The landlords who follow our advice and take advantage of the deals we can offer for furnishings reap the benefits by safeguarding their rental incomes.
"Landlords who over-stretched themselves at the height of the property boom might now be finding the rent they can achieve does not provide the profit it once did, as rental prices have stayed largely stable in the city centre, but it's far better to have money coming in every month than leave the property empty because you're demanding too high a rent.
"Far fewer people are buying their own homes at the moment, but they still need somewhere to live. This fuels the rental market and Accord is dealing with record numbers of would-be tenants.
"Given the demand, no landlord should have an empty property."
For further information please contact:
Carl Mimmack, Accord Lets - 0121 643 9505 OR 07971 091677
carl.mimmack@accordproperty.co.uk