News of Rent Increases
The news for the lettings market is mixed reports Andrew Oulsnam of Robert Oulsnam & Company with the property portal Findaproperty reporting a further rise in rents for the fourth month in a row and the RICS reporting a showdown in the number of properties coming onto the market which will mean less choice for prospective tenants but is better news for landlords.
This is probably the result of less homeowners wanting to rent their property. Many of these were desperate to sell and turned to renting to pay their mortgages. The upturn in the sales market makes it possible for them to sell.
There are also reports of a dramatic decrease in the number of mortgage products available to Buy to Let landlords with banks targeting safer borrowers for their limited mortgage funds.
Overall the medium to long term future of the letting market looks promising, commented Andrew Oulsnam for existing landlords with potential for rises in rents and house values.