Happy New Year - I was in Spain as usual for Xmas and New Year - boy has it become very expensive with the Euro Exchange Rate - not something I have been used to over there - it is actually cheaper to be at home.
So what’s happaening this year rental wise ? We have, as usual seen a very busy start to the year, plenty of enquiries and we have already tied up 10 new deals. We know the first six months is always busy but the crucial part of this year will be the second half, I do not have a crystal ball but I see no reason that we will not achieve growth on turnover of + 10-15%.
We achieved + 11% on turnover last year in a difficult period and obviously now face increased competition but I am sure we will hold our position as the largest independent letting agent in Hoddesdon and Hertford.
We should, however see a big return of buy to let investors this year, with gross yields improving, rents will remain about 10% down on this time last year for the time being but this should improve in line with the sales market in due course.
For the time being we are dropping our sales side of the business and concentrating on our position as specialist letting agents, we hope to grow the business by expanding further, I am looking at potential new premises in Loughton, Essex and the feasibility of another branch.
We also have new lettings software being installed at Hoddesdon and Hertford by the end of February and as we have renewed the lease at Hertford we will be having the office newly decorated and will be updating the exterior fascia and lighting to reflect our modern image.
Anyway happy New Year to everyone, yes 2009 will be tough but I am sure it can still be profitable in the property market.
