UK Rentals on the Rise
Recently the Royal Institution of Chartered Surveyors published their predictions that by 2025 1.8 million more households will be looking to rent property rather than buy.
We’ve seen housing prices continue to rise exponentially over the past few years, resulting in homeownership becoming increasingly unaffordable for many in the UK. Back in 2001 there were 2.3m households in the UK renting, however this number had doubled by 2014 to 5.4m. Not only that but recent figures suggest that there has been a 15% drop in house sales to first time buyers over the past 6 months alone.
In early 2016 the Government reduced demand for buy-to-let investments by making adjustments to the Stamp Duty threshold. As a result this further reduced the supply of rental properties, making a rental supply crisis look potentially more likely for the future. In 2017 we don’t expect to see any improvements either due to the removal of the landlords’ right to deduct mortgage interest from their income tax bill.
Due to this the rental sector is said to be struggling to keep up with demand. The demand from households looking to rent property rather than buy is higher than ever, with more opportunities for landlords than ever before. Whilst a rental supply crisis could be concerning, landlords should be feeling incredibly confident about finding tenants for their current or future properties.
HOW LIME CAN HELP
That’s where we come in – as the no.1 letting agency in the region we have vast experience in attracting the best tenants possible. Let us help take the stress, effort and hassle out of your property.
At Lime Property we offer a fully expert tailored letting service, designed to provide landlords with the highest quality of support possible. Whether it’s a single property of a full portfolio management service you require, we can help.
For a free, no obligation chat with a member of our experienced team, call 01482 216060 today.