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articles > Rental Trends May10
Article > Current Trends in the UK Rental Market April 2010

Article kindly supplied by www.cashback.co.uk

Buy to let property owners have been hit hard during the recession. Although it would be fairer to say that the credit crunch that preceded the recession probably had the biggest impact since it was this that led to the withdrawal of a number of attractive buy to let products and severely increased the cost of borrowing and reduced the competition in the mortgage market.


Those that entered the rental market hoping for long term gains with little or no risk have had a severe wake up call. Those with fixed mortgage deals at low rates that are now having to remortgage face a significant increase in monthly rental as new terms are much less favourable than before. And that is if they can find a fixed rate deal - many are now having to pay standard variable mortgage rates and are exposed to the vagaries of the money markets.

But there is always a silver lining to any cloud. For those landlords able to weather the storm the rental market has seen a strong upsurge in demand as consumers find it hard to raise the necessary deposit required to secure a mortgage. That means that many more are looking to rent and that has fuelled a strengthening of the rental achievable.

Whilst good news for landlords, the increased demand from tenants means that there is a scramble to secure the better properties at reasonable and affordable rents. With the usual bills to be added on top of rental, it would be more rewarding to have a mortgage and at least see capital appreciation over the long term as opposed to just outgoings.

But whilst the mortgage market remains closed to many, landlords can at least be choosy as to their tenants and can see capital and rental values appreciating. To get more, landlords should not be greedy and be professional about how they market and manage their properties.

Be specific in your marketing and target the customers to whom your property will most appeal. Consider a specialist management company too since this added professionalism can improve tenant relations and provide the proper documentary and inspection services to protect your property. Selecting the right company to market your property can save you time and effort in the medium term since even in this internet enabled age, many tenants still work through letting agents.

Pre-emptive maintenance can save money in the long term. Don`t wait for things to break before replacing them - this annoys tenants and cost you emergency call out rates. Today`s tenants look for modern and contemporary white goods that have good efficiency ratings to help them

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