Lettings Market Brief: Now is a great time for landlords to get ahead
With the summer holidays now in full swing, the lettings market has started to quieten down slightly, although there is still a steady turnover of properties.
Last month we reported that the introduction of the Tenant Fee Ban had run smoothly and I’m pleased to say that this is still the case. We have started to notice an increase in demand from new tenants as a result. This is because they don’t need such a large deposit at the start of their tenancy, so they’re able to start thinking about moving much sooner and are making decisions more quickly.
Summer is a great time for landlords to give their rental properties a bit of a refresh if they’re between tenancies. A new coat of paint and a spruce up of the garden can make all the difference when it comes to achieving the maximum rental yield from your property in a very competitive market. We always advise our landlords to take a proactive, rather than reactive, approach to property maintenance to avoid any bigger, more expensive issues occurring.
It’s also a great time of year if you’re thinking of investing in buy-to-let property. There are typically fewer active buyers during the summer holidays and if you purchase a new property now, you can be ready to hit the rental market in September when we expect there to be a peak in interest from new tenants as people return from their summer holidays.
If you have any questions about the lettings industry or would like to find out more about investing in buy-to-let, please call us on 01904 629629.