Landlords have been hit with a number of changes with in the private rented sector following the addition of the ( Private residential Tenancy) in 2017, we won’t delve too deep into the PRT in as a separate article on this would be sufficient on its own. We will focus on how this has impacted the market in Ayrshire.
The question that most often arises is how to safeguard your property and ensure there are no void periods?
The simple answer to this is that there is no full proof way of ensuring voids but there are ways to minimise this. Firstly, ask yourself what kind of tenant you are looking for? A working professional? a student or perhaps even teaming up with a relocation company. These may be some questions that cross your mind. Filtering the process can seem onerous so you could ask what their long-term aims are, do they have secure employment or is it a short-term position? Profiling a tenant has never been more important.
In simple terms most people do no wish to move frequently as the costs can run into considerable sums. They may have schooling to think of, and financially it can be very difficult to move at short notice. The thing to bear in mind and is key to successful long-term tenancies is providing good quality accommodation, this ensures tenants are likely to stay longer. Following a rigorous application process can sometimes be difficult for landlords who manage their own portfolio.
Our own experience shows us that tenancies that are secure are the ones that offer the best of both, location and presentation tend to be at the forefront. When we market properties, we ask a number of critical questions and follow this up through our professional reference process. Part of the reason we are successful in minimising this is that we follow the formula and keep a consistent data base of applicants who are pre-qualified. Once the data is captured, we can communicate with them on their preferences and match them to our properties.
With Favourable priced properties and good buy to let yields, investing in Ayr and surrounding towns is very popular. The average one bedroom flat in Ayr would achieve something in the region of £400 to £425, with a 2 bedroom somewhere in the region of £500 £525 pcm.
In comparison the larger towns across Scotland are showing signs of oversupply with a focus on purpose-built student accommodation taking market share. Whilst the groundwork is being laid to implement the Ayrshire Growth deal over the course of the next decade, there will be an added emphasis on economic growth through the region.
New projects which have been mooted include an 80-million-pound investment in aerospace at Prestwick, which will position Ayrshire as one of the UK’s leading centres of Aerospace and Space activity. With a need to grow digitally, local educational institutions such as UWS and Ayrshire College will be in a prime position to fill the training gap that will be required moving forward.
With this injection the housing market will be a prime beneficiary to this new demand with added opportunity for employment from the local market and internationally.
With the initiatives garnering pace it is a positive time for the housing market, the next decade will surely be interesting.
If you have any questions on this article or wish to come in for a chat to discuss your portfolio as a new or existing landlord, then please call into our office on 24 Park House street in Ayr. Our office number is 01292 619 539 or we can be reached by email firstname.lastname@example.org . We will be delighted to assist you.