Rental Market Takes Off
Demand for rental property has really taken off since the beginning of this year reports Andrew Oulsnam, Managing Partner of Robert Oulsnam & Company. Calls to our lettings department are running at record levels week in week out with no sign of any let up. Viewings are up, applications are up and fortunately there has been a steady increase in the supply of homes to rent.
There are severe restrictions on getting a mortgage with most lenders look for a deposit of 10% to 15% that many couples simply cannot consider buying commented Andrew Oulsnam.
Many homes let within days of coming to the market although there have been no signs yet of the bidding for rents experienced in London such is the demand there.
For landlords it couldn’t be a better time, with more lenders now providing buy to let mortgages, there is an increasing demand from landlords to buy property to rent out. Returns are generally running at around 5% if they buy wisely well in excess of the return they can expect on the money market and with the possibility prices will rise in the coming years.
If you are thinking of renting or would like to let a property, contact out lettings department on 0121 445 7410 or email@example.com.