IT'S OFFICIAL, RENTING BEATS BUYING IN POOLE

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05th July 2011

IT'S OFFICIAL, RENTING BEATS BUYING IN POOLE

Renting beats buying in Poole!

Latest research from property website Zoopla.co.uk compares the current asking prices and rents of two bedroom flats and interest-only mortgage payments of 5% per annum around the country.

The collection of results provides an optimistic view for the rental market in a number of locations. Being ranked right at the top of the list, it is currently more effective to rent inPoole than buy with renting 27% cheaper.

TOP 10 LOCATIONS WHERE RENTING BEATS BUYING

Rank	Location	Avg. Asking Price*	Avg. Monthly Rent*	Rent vs Buy**
1	Poole	£243,466	£744	-27%
2	Plymouth	£157,134	£573	-12%
3	Stockport	£145,502	£558	-8%
4	Oldham	£122,716	£477	-7%
5	Bristol	£188,893	£753	-4%
6	Huddersfield	£123,538	£497	-4%
7	Bournemouth	£183,225	£745	-2%
8	Lincoln	£126,470	£519	-1%
9	Swansea	£169,773	£702	-1%
10	Cardiff	£157,610	£656	0%

Source: Zoopla.co.uk (May, 2011)

* based on 2 bedroom flats in May 2011

** % variance between average monthly rent and average monthly cost of 5% p.a. interest-only mortgage

The astonishing market research figures released very much back up what is happening in the local Poolemarket. Poole property is largely dominated by flats and houses. The rental market is strong and an increasing hotspot for investors.

Steve Ballam owner of Martin & CoPooleoffice commented: “Tenants no longer feel like the poor relation and renting is seen in a totally different light. With the workforce having to become more mobile in order to get the best jobs, owning your own home can in fact be a millstone around your neck and the fact that inPooleit costs you a lot more is an added negative.

He added: “Renting in Poole is booming at the moment (although it is never quiet) it is also boosted by the large numbers of homeowners discovering that letting out your own home (which won’t sell) and renting somewhere else is the best way to get round the problem”.

The cost of renting has increased over the past 12 months a clear benefit for ‘virgin landlords’ forced to become a landlord. The on-going growth is down to homeowners not achieving their desired asking price so they’re opting to double rent and inherited property.

According to Zoopla:“Almost 750,000 would-be first-time buyers have reluctantly ended up as renters over the past 3 years as a result of being unable to get a mortgage”.

In addition to this, the latest finding from the Rightmove Consumer Confidence Survey suggests “46% of prospective landlords’ state it is their first foray into property as an investment”.

These figures present an excellent and positive outlook for current and prospective landlords. As rents appear to be looming for many tenants and lack of stock, competition is fierce. Tenants offering the highest rents with quality references will secure the homes they want; this is great news for landlords!

Contact:

For further information about Martin & Co nationally please contact Marketing Director Jayne Codling 01202 405543 or email jayne.codling@martinco.com

Notes to Editors: ABOUT Martin & Co:

Martin & Co is theUK’s leading dedicated residential lettings specialist with over 175 offices throughout theUK.
Started in Yeovil in 1986 by Chairman Richard Martin the company was franchised in 1995 and is a full member of the British Franchise Association.
In recent years the company has been recognised with awards such as Franchise of the Year 2008 and Best Large Lettings Chain 2009, winning the silver award in 2010 and 2011.

www.martinco.com www.propertyfranchise.co.uk