The hot topic of conversation about 10 years ago was all about property – how house prices had risen and what a great investment a buy to let would be. Some bought at the top of the market and a few of these had to carry their buy to let through the recession.
Many are now investing in property once again, but this time the economic reasons they are doing so are different to all those years ago.
Back then we were in a booming market and investment properties were being purchased at the top of the market. Lending rates were high and property values were also high. As the economy was doing so well, many would-be tenants were also opting to buy rather than rent.
Property values are now competitive, interest rates are low and mortgages are harder to come by from the high street banks. Landlords are therefore benefiting from the situation as more and more people are going down the rental route.
Demand for rental properties is growing from tenants who find themselves unable to raise the kind of deposit needed to get on the property ladder and recent figures from the auction house market show that properties are being snapped up at the largest rate since 2007/8.
The gap between supply from landlords and demand from tenants looks set to keep putting upward pressure on rents too, but we do need to keep the rental prices within an affordable level as tenants are also having to deal with rising costs of utilities and their shopping bill.
With the rental boom showing no signs of abating and property suitable for buy to let continuing to be snapped up, talking to the staff at Belvoir Dunstable about suitable areas and property types that are attractive to the rental market and rent easily should be your first port of call.
At Belvoir Dunstable we specialise in Lettings only and can therefore keep on eye on suitable property that becomes available on the sales market with an unbiased view about its rental potential.
If you are thinking of investing in a Buy to Let property and would welcome some unbiased advice about an area or property you are considering purchasing, please feel free to call into our shop on Church Street in Dunstable.
