TENANT DEMAND CONTINUES TO INCREASE

Tenant demand for property in the UK continues to increase; a study carried out by the National Landlords Association (NLA) has shown.

The research, conducted by the NLA Quarterly Landlord Research Panel, found that the need for tenant housing, depending on the area, has generally stabilised or increased over recent months and years.

The research pointed out that around one in five landlords were uncertain about the demand in the letting market in their area, perhaps because they had no recent experience with new lettings. However, in total, an average of 40 percent of landlords had seen an increase.

The results showed the East of England to have the highest net growth in tenant demand, coming out at a 48 per cent increase. The South West saw the second biggest growth, at 45 percent. Third was the South East, with a 41 per cent increase and lastly outer London had a growth of 40 per cent.

However, there is some uncertainty about the future for both landlords and tenants. As of April 2017, the tax reliefs equalling either 40 per cent or 45 per cent of a landlord’s interest payments on buy-to-let mortgages will no longer be available. Over a four year period, these rates will instead be set at a maximum of 20 per cent. The impact of the government’s decision to reduce support for buy-to-let landlords is yet to be fully seen, but the potential ramifications could see landlords having to sell off their property or increase their rent prices to cover the additional costs.

With tenant demand on the rise, it is important that your property provides exactly what prospective tenants are looking for and that you’re marketing yourself at a competitive price for both the home and its location. You can find out exactly how much that is by speaking to Orchard & Shipman and taking advantage of our FREE Rental Valuation service. By getting your property professionally assessed you are putting yourself in the best possible position to make the most of your investment. Simply call your local Orchard & Shipman property experts and book yours today.