Most of the year has seen vendors putting their properties on the market for far more than the amount sellers are willing to pay, but vendors are now beginning to accept that their asking prices are unachievable. The average asking price now stands at £231,543 which is significantly higher than the average selling price of £203,528.
It’s reported that some sellers and their estate agents have been overpricing properties by as much as 41 per cent. However, they’re now realising that if they want a sale, they will have to lower their prices. Access to mortgage finance is low and sellers are having to make their prices more affordable to buyers.
As a buy to let landlord, if you can find a property where the vendor is keen to sell, you may well be in a position to get an extremely good deal. With rental income continuing to rise, many of the landlords on our books, have found that now is a good tome to grow their buy to let portfolios. Whilst we’re reading about asking prices being lowered, there’s also new statistics that show student accommodation income is rising. The average student rent across the UK now stands at £84.05 a week.
With the right property and the right landlords insurance in place, if you can get mortgages and finance, now could be the perfect time to take advantage of market opportunities. If you do take on a new property, and get a good deal, make sure you always carry out tenant checks and get all the certificates you need – if you don’t get Energy Performance Certificates for all your properties, you could be in trouble. Call us for advice and all landlord services.