New data and research appearing on the market recently is suggesting that 2009 could be a getting
better for landlords and letting agents.
Residents of the U.K. and Ireland are much more likely to be drawn towards rental accomodation during the economic downturn. This year is an excellent opportunity for landlords to take advantage of the current housing collapse, as most first time buyers are cautious of entering the market, and are waiting for the housing ‘bottom’ - expanding the need for rental properties.
Many potential house sellers have been unable to sell with the tightening of the credit market, and rental properties have increased in availability over the last year - so landlords need to be flexible to remain competitive. Recent figures reveal that in the last quarter of 2008, rents fell by 9%. Rent fell in December for the first time in five and a half years. Over supply from reluctant landlords entering the market is the reason that rents have dropped - there are now more options for people looking to rent accomodation than in recent years.
Good News for Landlords
There is also ggod news for the landlords and letting agents - rents appear to have stabilised over the last month, and looks to be on a possible upturn. There has been a new influx of graduates onto the market, which has also helped with the residential letting upturn - and an increasing optimism in the buying market has led more experienced investors to move quietly into the market. Many commentators believe that now is the time to be moving back into the market.
RICS (the Royal Institute of Chartered Sureveyors) has commented that with a general improvement in housing prices, and the market looking as though prices may be stabilising, this could in turn affect rental values, and a bottom of the buying and renting market.
To see what’s happening with Residential Lettings in your home town, click here: http://www.sell-my-house-quick.com/search/index/minrental/1