Buy to let market surges

As the UK residential sales market continues to remain static, the rental market is continuing to surge. This positive buy to let market is encouraging an increasing number of first time landlords to enter the market and they’re coming to us for landlord services.

In many parts of the country, tenants are finding it’s more financially effective to rent rather than buy. Renting is now seen in a different light with many people no longer aspiring to own their own home and preferring the flexibility of renting a property. This is despite the fact that the cost of renting has increased over the past 12 months. It’s a good position for landlords who do their homework and have a good property to let.

According to property website Zoopla: “Almost 750,000 would be first time buyers have reluctantly ended up as renters over the past three years as a result of being unable to get a mortgage.” As a result of this demand more landlords are being encouraged to let out a property. A Rightmove Consumer Confidence Survey suggests: “46 per cent of prospective landlords state it is their first foray into property as an investment.”

It looks like a positive climate for landlords and competition amongst tenants is set to get more fierce. Tenants offering the highest rents with good references are likely to secure the best homes, which is good news for landlords. If you’re new to the buy to let game, Legal 4 Landlords offers a range of landlord services, from landlords insurance to tenant checks to Energy Performance Certificates. If it doesn’t work out with your tenant, Legal 4 Landlords can take care of evictions if this becomes a necessary course of action. We’ll undertake all the legal work on your behalf. Call the team if you need any advice of any aspect of letting out a property.