As the UK comes to terms with the decision to exit the EU in the wake of the referendum, our attention focuses on the local rental market.
The public sentiment seems to be that things will be uncertain for a period of time. This is completely understandable and a natural thought process in response to a historic landmark decision.
So what does this mean for the Northwich lettings market? My prediction is that there will be a slight cooling off period over the summer in terms of property values as demand dampens. The thing to remember with rental stock is that a longer term view needs to be taken.
My personal opinion is that once the local housing market has had time to adjust to life outside the EU the economy will be in a stronger position. The lettings market goes hand-in-hand with the jobs market and if the local economy is performing well then demand for rental properties will continue to be strong.
The semi-skilled and skilled workforce in Northwich is an asset to the local economy which underpins the demand for both owned and rental property. There is particularly strong demand from the graduate market at present; those who want to stay near where they grew up and who commute to work in and around cities such as Chester and Manchester.
As a landlord the key is to carefully plan youir strategy with your investment property, particulaly in light of the recent changes in government legislation. Tenants these days are more discerning about what they rent and the standards they expect are high. This is why it is important to choose the right property in the first place, keep on top of maintenance issues and ensure you’ve planned your exit strategy correctly.
At Belvoir we provide all the necessary advice, not only on the poperty itself but with the wider-reaching implications in terms of tax planning and financing.
