With the recent tax changes and the Brexit vote, there have been various changes that could negatively or positively impact the lettings market this year. Another matter at hand is the supply of rental properties which increased by 11.4% in October, after a sudden drop last September.
This may indicate that most landlords may have taken all the changes on board and decided that Buy-To-Let was still the best form of investment for them.
The increased numbers of rental properties on the market is coming from some landlords who may have thought about selling, but eventually decided to put their properties up for rent. This is a very good news for those people who are still looking for a place rent, as they should have a wide variety of options.
So what would be our advise to all the potential tenants out there?
There are numerous advantages in renting through a well established and experienced agency as we are, for it helps to guarantee a high level of professional standards.
For tenants to feel more secure, it is still a wise idea to look for longer-term lets, because this is a win-win situation for both landlords and tenants alike. Aside form that, renters will gain peace of mind above all else.
During an unsteady employment market, long-term tenancy period give renters an established address and makes them instantly available for interviews and eventually, employment. Also, it gives them a fixed rent fee for the duration of the lease.
Landlords would also be happy, as they enjoy the security that long-term lets offer too. Longer tenancy period drive higher net returns; for instance, a three year tenancy driving a higher 0.5 percent net return, compared to the equivalent yearly tenancy even at a fixed rent.
So in conclusion, renting through an established estate agent gives tenants a peace of mind, just as both renters and landlords can gain from having long-term lease period as well!