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21st July 2011

Martin & Co Chesterfield have been invited to comment on the lettings market in the Derbyshire Times Property Guide

Article below:

The 2011 rental market started with a big freeze ! Somewhat due to the slow December – remember the difficulties we had with the heavy snowfall? The market has risen steadily over the last 7 months, with record numbers of lets in June and July. August looks set to continue the trend.

Building on this, the buy-to-let market could soon see a boom in property investment as landlords look to take advantage of continued rising demand. A recent survey by specialist lender CHL Mortgages sheds positive light on the rental market. The findings show “a third (33%) of landlords are looking to invest in more properties over the coming 12 months”. This is not only good news for landlords but tenants as well; it will provide them with more choice of properties at competitive prices.

This boom is due to rising confidence in the buy-to-let market, with many landlords predicting that already high tenant demand will continue to rise. In Chesterfield we have seen a strong demand for 2 and 3 bed properties and this is likely to be the case for some time. The requirement for high deposits for mortgages is driving more people to choose renting their home rather than buying.

Our Landlords, however, are not just buy-to–let investors, many of today’s landlords have chosen to rent their properties as they have been unable to sell. This makes complete sense in a slow sales market, the average length of time for a tenancy in the Chesterfield area is 15 months, with some Landlords preferring longer term lets to secure their rental income over a longer period. This results in lower tenant turnover, less marketing costs and reduced wear and tear through constant removals. The Landlord is then able to free up their equity or move on without a downward chain or dependency on the sale of their property.

From a Tenant’s perspective, this means a wider choice of rental properties. Which in turn has seen an increase in the quality of the rental properties available. Rental values have remained constant in our area, but will undoubtedly rise in line with any interest rate increase.

Martin & Co continue to be market leaders in the property rental sector, with over 170 branches nationwide, we are part of the award winning network of specialist letting agents. Whether you are a Landlord or prospective tenant, call us today to discuss your rental requirements.

Vernon Hall

Martin & Co – Chesterfield 77 Low Pavement Chesterfield

S401PB Tel: 01246 220160 email:chesterfield@martinco.com web: www.martinco.com