Renting beats buying in Lincoln!
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 8th on the list, it is currently more effective to rent in Lincolnthan buy with renting 1% cheaper.
TOP 10 LOCATIONS WHERE RENTING BEATS BUYING
Avg. Asking Price*
Avg. Monthly Rent*
Rent vs Buy**
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
This latest research transmits a hard-hitting message to the people of Lincoln; it’s no wonder why the rental market in Lincoln has been higher than ever before!
Lincoln property is largely dominated by flats and houses. The rental market is strong and an increasing hotspot for investors.
Franchise owner Mark Creswell commented: “The rental property market today is busier then ever; with more and more home owners putting their properties up for rent in hope of renting in a more desired location and the greater feeling of being mobile. Many more new homes are being bought with the intention to Let, and new flats and developments are being built to accommodate for the ever-growing investor and rental market here in Lincoln”.
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!
For further information about Martin & Co nationally please contact Marketing Director Jayne Codling 01202 405543 or email email@example.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.