Just looking through my emails and came across this article that states that levels of tenant demand in the private rented sector (PRS) are at a record high, according to new research.
The latest report from Sequence claims the average monthly rent has increased by four per cent over the past 12 months, with the growing number of people looking to rent a major factor in this.
Stephen Nation, head of lettings for Sequence, stated: "Demand to rent across the UK has reached record highs, with six prospective tenants competing for every available rental property.
"This has caused rents to rise four per cent annually and now accounts for more than a third of the average UK salary."
According to Property Reporter, the lettings expert said the number of buy-to-let mortgages is now at the highest level in 2014 so far and increased 14 per cent year on year in June and 12 per cent since May.
"Change to pension annuities has also encouraged more investors to look to property for their pension pot as house prices and rents continue to rise," Mr Nation stated.
Locally we are finding that tenant demand is very high, particularly with two and three bedroom properties very much in demand and yet there is far less new rental stock becoming available. Therefore this is a perfect time to invest in property.
With average yields locally between 5% & 6% the return on investment is still a lot better than having your money just sitting in the bank and with the right direction you could get it working a lot better for you.
So if you are considering investing in property for the first time or perhaps expanding your portfolio, feel free to give us a call or pop into our High St office, we will be glad to help
"Your local lettings experts, our advice is free but our knowledge is priceless"
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”
