Increase In Demand For Property To Rent
Not since the Edwardian age when 90% of all housing was rented has the demand for rented housing been so high. A struggling housing market continues to impact on owner occupiers who want or need to relocate, leading to an increase in those considering letting out their property and renting themselves elsewhere. Continuing recession and rising unemployment is driving those homeowners to seek employment wherever they can find it and an increasing number of our clients are making the decision to let their property under an Assured Shorthold Tenancy, rather than seek a buyer to purchase the freehold. This option is helping to fulfill the need for choice in housing, for flexibility and mobility.
Couples, often both working, have no time to take on the full responsibility of finding a tenant for their property and the accompanying responsibilities of being a landlord whilst juggling a relocation themselves. The increasing need to budget carefully, and the desire for freedom to move around as employment dictates has become apparent in all economic classes and age groups with an increasing number of both potential landlords coming to us for advice and help in letting their property and in applicants looking for property to rent.
There is also an increasing frequency, for those retired or approaching retirement, for whom the ongoing rental revolution has made life simpler with many choosing to let out the larger family home and opting to rent a smaller home themselves.
Gone are the days when people choose to let and manage their properties themselves. By instructing us as their agent we take away the stress and hassle involved in letting property by ensuring that they are complying with statutory requirements (i.e. registration of the tenancy deposit in our compliant tenancy deposit scheme – a requirement introduced in April 2007; organising safety and regulatory certificates; issuing appropriate legal notices to initiate termination of a tenancy agreement) as well as undertaking regular inspections and arranging general maintenance repairs.
Potential landlords, having made the decision to let their property, must undertake the process of converting to a buy to let mortgage and knowing the management of the property will be in the hands of a professional agent enhances the proposition when put before mortgage lenders. This is just one of the areas where the advice of our experienced property agents shows it’s value.
Despite the challenging times ahead, we are thriving on the growing demand for our services, with property management teams throughout the firm providing top quality Tenant Find and Full Managed Services. The expertise of our property managers is enhanced by our use of the latest property management software.
With the demand for rental property being so high, never has it been more important to find the “right” tenant who will pay their rent on time, leave the property on time and in a proper state. By taking away the worry and “hassle” of letting out property, our clients are able to relax and focus on moving on themselves.
s.18 of the Landlord & Tenant Act: why do you need to be aware of it?
With BREXIT on the horizon and with no certainty as to what impact it may have upon the econo... Read More
Residential Sales: 40% increase in sales despite national decline
The Residential Agency team in George F. White Alnwick, have experienced an increase of 40% i... Read More