Tenant demand continued to spiral according to research by specialist buy-to-let lender Paragon. The private rented sector trends report for the third quarter gives a summary of current landlord views on rental performance. Almost half of landlords believed that tenant demand had increased during the third quarter and only 4% thought it had declined.
When asked on the outlook of the market over the next 12 months, almost half said they expected it to continue. This is positive news for landlords who are looking to expand their portfolio or accidental landlords who have yet to conquer the rental market.
In addition, rental income remained healthy with 34% of landlords reporting an increase between 2% and 4%.
The report also reveals the shift in property types that landlords are looking to purchase. It went on to say terrace houses were the most popular choice at 41%. Coming in second were flats and finally bungalows.
In Maidstone, we are finding that there is high demand for competitively priced houses, apartments, bungalows and properties that allow pets.
Recently we have been overwhelmed with enquiries for good quality studio apartments, top end one bed apartments, two bed houses and bungalows with parking and gardens, two bed apartments with river views or more than one parking space and three/four bed houses suitable for sharers.
Nigel Terrington, chief executive of Paragon, said: “Tenant demand has continued to increase for a third quarter, which is perhaps not surprising considering the current squeeze on the UK housing market as a whole.”
In Maidstone, many tenants are now looking for an home rather than a stop gap. They are therefore viewing more properties in order to find the one that’s right for them (price, location, layout, specification, etc.).
With the existing downturn in the sales market, more and more people are relying on the private rented sector. This provides an optimistic view for landlords and is reassuring for new landlords who have made the transition from an homeowner to the ‘accidental landlord’. It has provided a financial solution for many homeowners that needed to move but could not sell.
With this positive outlook and whether you are looking to expand your current portfolio or are a first time landlord, talk to Martin & Co (Maidstone). We are a dedicated letting agent and can provide you with expert advice on renting out your property.
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