Date Published 13 April 2010
Several letting specialists are reporting a resurgence of interest in buy to let in the South, with an increase in enquiries from landlords considering buying a property to let for the first time and those wanting to extend their portfolios.
Buy to let finance is still not easy to come by, but the situation has improved slightly in recent months, with more mortgage products and better deals coming onto the market. This, coupled with the extremely high demand for rental accommodation, has prompted many investors to take a fresh look at buy to let.`
Able Estates are confident that, done with the right advice and guidance, buying to let is an excellent long-term investment. Recent Government figures from the Communities and Local Government’s English Housing Report, published last month, confirm the increasing importance of the private rented sector (PRS) in the UK’s housing needs, with a growing proportion of households living in privately rented accommodation.
The figures show that the number of households renting privately has risen by one million since 2001, from 2.1 million to 3.1 million in 2008-09. The PRS now accounts for 14.2% of all households in England, up from 12.7% in 2007 and 10.1% in 2001.
This trend looks set to continue as renting grows in popularity. Our branches in Abbey wood & Thamesmead are seeing more people turning to renting, whether through necessity or choice, and renting for longer. Demand is outstripping supply, with good quality properties of all types and sizes being snapped up by waiting tenants.`
Despite the favourable outlook for buy to let, Able Estates advise all landlords – whether new to the market or experienced in letting property – to always seek advice from an independent letting specialist when looking to buy a property to rent out.
Market conditions vary from area to area and can change, so prospective landlords need to limit their risks by getting impartial, up-to-date advice from an expert. An independent specialist can help landlords make the best decision when choosing a property to let.`
Able Estates offer to accompany landlords when they view possible properties for purchase, to give their opinion on its potential as a buy to let investment. They also give objective advice on its rental value and what work might need doing to the property to attract the best possible rent.
Able Estates have a wealth of experience in Lettings & Management and are also members of ARLA - The association of Residential Lettings Agents - for all your enquiries please contact one of the Able Branches.