Midlands rent increases higher than in the capital
59% of Midland agents observed a growth in rent in September 2015 compared to London where less than 25% of agents experienced an increase according to ARLA. This combined with the lack of housing in the local area means tenants are struggling to secure their desired properties. Laura Fiddes-Baron from Robert Oulsnam and Company, the leading letting agent in the Midlands, has said “until the large difference between supply and demand improves tenants will carry on experiencing the same issues.”
Another trend that has become apparent is that many prospective buyers are struggling to both save for a deposit and/or get a mortgage. This in turn increases the pressure on the lettings market.
This is why it is such a good time to invest in a buy to let property- not only are rents high but there are also a huge amount of quality applicants looking for rental accommodation which means properties are also letting quickly.
Remember, tenants, like buyers, are looking for good quality homes. Generally the better the property is maintained and presented, the higher the rent, the better the quality of tenant and the longer the tenants will stay.
If you are interested in exploring the buy to let market and would like some advice then we would love to hear from you. Please contact Laura, Neville or David in our letting team on 01214457410.