Terry Lucking owner of one of Cambridgeshire’s most successful letting agencies and buy to let advice centres looks at changes in the buy to let market.
Dismal interest rates for savers from banks and building societies are causing growth in the number of people choosing to invest in the buy-to-let property market. This is now the busiest period of buy to let activity since 2007.
House prices in many parts of the UK still lag behind the peak in 2007 causing a number of residential householders who need to move to become an accidental landlord and take advantage of strong rental income with a low mortgage payments.
Aim at a specific market, whether it’s students, young professionals, corporate tenants or families. Different markets will have different needs; students will need clean and basic accommodation; young professionals might not want the hassle of a garden and will want to be near good transport links; and families will expect the house to be of a high standard and not too far from schools
For the investor looking to take on a bit more risk to increase their returns it’s always a good idea to try and identify future hot spots. Keeping up-to-date on regeneration plans and new transport links provide opportunities for house prices to increase above the average rate
Seek lettings advice from an ARLA agent and look out for the logo. If your only option is to rent your home then talking to an experienced and accredited letting agent will enable you to get a good idea of the kind of rent your property should achieve as well as providing you with vital information on the legalities, regulations and obligations that apply to landlords and tenants.
Terry Lucking is the owner and director of Belvoir Cambridge. Terry and his team are willing to help investors and accidental landlords offering free pre purchase visits and rental assessments.
Belvoir Cambridge are accredited and regulated agents. Members of ARLA, Safe agent, Safeagent and the Property Ombudsman. It is a requirement for a member of ARLA and Safe Agent to have Client Money Protection and have their accounts independently audited annually.
For more information or to ask Terry a question send an email to firstname.lastname@example.org