Booming Lettings Market
At the same time as we get reports of a depressed housing market For Sale commented Andrew Oulsnam, Managing Partner of Robert Oulsnam & Company we can report the lettings market is booming as we have never seen it before.
Tenant demand for property has been growing steadily for several years and there seems no end to this increase, the only problem being a potential shortage of properties to rent.
Properties can be let within days of coming on the market and rents are starting to creep up.
It is almost impossible for young people to get a mortgage without parental help and they are all thinking only of renting. Mortgages are so difficult in fact that many people who would be traditional buyers are turning to rental property.
Fortunately there has been a noticeable increase in the number of landlords purchasing properties to rent to fund the demand and it is hoped this will continue. A gross return of 5 to 6% can be expected on the right property which is far in excess of the return from other investments.
Schemes emerging to help the situation include one where ordinary people can transfer their pension fund into an investment vehicle which buys property to rent out, ensuring a much greater return for the pension than ordinary funds can offer.
If you would like advice about this or letting out a property please contact our lettings department at email@example.com or telephone 0121 445 7410.