Is now the right time to invest in the Property Market?
The lettings market in the West Midlands has been buoyant for some time, but a sharp increase in the number of applicants expressing an interest in available properties to rent in the early part of the year suggests that this is a rising trend for 2017.
The lettings team at Oulsnam took on 21 new tenant applicants resulting in 21 let properties in a single week in March 2017, all of whom were searching for properties in the Birmingham and Worcestershire areas, highlighting just how robust the Midlands rental market is. For would be investors this will be very welcome news.
Historically the beginning of the year is quieter for the lettings industry as a whole, with property availability beginning to increase through the Spring months. Even with 42 new rental properties listed in February and over 100 valuation undertaken in the early part of the year, the team are still seeing that demand for properties is outstripping supply, a trend that is being mirrored across the UK.
For landlord’s this is positive news, meaning that vacant tenancy periods are less likely to occur and for tenants this trend may encourage more would-be landlords to invest – especially those who may have previously been put off by the recent changes in landlord tax.
If you are thinking of investing, you will need a strong understanding of the local rental market conditions as well as the types and locations of properties that are in demand. By talking to a local letting’s expert, such as the Oulsnams’s lettings team, you can access this information and make informed choices based on current market conditions. Going forward, a good relationship with a reputable lettings agent will also prove invaluable as they can provide you with an ongoing pool of good quality tenants and if you decide to, manage your property for your tenants.
Speaking about the advice on offer is Laura Fiddes-Baron - Branch Manager for Oulsnam Lettings
“Investing in property for the rental market for the first time can be nerve racking for would-be landlords. Changes to the financial support provided by the government for the private rental market coupled with legislation surrounding property maintenance can appear overwhelming. Taking the time to talk to a local lettings expert will allow you to get a clearer picture of the local market to ensure you get maximum return on your investment and be guided on the legal obligations of becoming a landlord.“