Being a landlord can be rewarding, but it isn’t an easy task. There are many challenges to overcome, but when you have the right tenant in your rental property, the process becomes a lot easier.
This is something we recognise at David Harris & Co, and we are more than happy to assist you. We know the local Finchley market well, and we work hard to connect landlords and tenants in the local area.
It seems as though this is important, as the findings of a recent study indicate.
What do landlords think?
Hodge, a financial institution that focuses on mortgages, commercial lending and savings, undertook a recent study, speaking with more than 100 portfolio buy-to-let landlords. All these landlords held a portfolio of property of under £5m.
Some of the most interesting findings from the study include:
· 53% of landlords believe finding the right tenant is the leading consideration in the role
· 42% of landlords said finding a good property manager is a concern
· 37% of landlords said being able to re-let property quickly was a big concern for them
Mike Clifford, head of commercial propositions at Hodge, said of the findings: “This research has highlighted to us as that no matter what challenges the market has thrown up over the last 18 months, the key concerns for landlord continue to centre around the base fundamentals of letting properties to good tenants and ongoing management. It is clear to us as a lender that we must work together with landlords and brokers to ensure that we continue to offer a service that simplifies the lending process and removes stress, rather than adding additional concerns.”
Cause for optimism for landlords
Information provided by The Deposit Protection Service shows:
· Average rents for detached properties in the third quarter of 2021 rose by £38, an increase of 3.52%. The average rent rose from £1,079 to £1,117.
· The average rents for detached properties in London rose by £92 in the third quarter of 2021, an increase of 5.27%. The average rent rose from £1,764 to £1,857.
· For rental properties on the whole, the average UK rent increased by £14, an increase of 1.74%. The average rent rose from £804 to £818.
Matt Trevett, Managing Director at The DPS, said: “Despite the roll-out of the coronavirus vaccination programme and the lifting of lockdowns, it seems that tenants are still prioritising more living space and are willing to pay for it. They are also staying in detached homes for longer and this, combined with lower availability of these properties, is driving up rents. The last quarter’s rent increases across all property types and most regions suggests a strong return of demand from tenants as employees start to go back into offices and students attend University in person this academic year.”
Paul Fryers, Managing Director at specialist buy-to-let Lender Zephyr Homeloans, released a statement, saying; “Evidence of strong tenant demand, particularly for detached homes during the last quarter, will help provide further valuable insight for landlords considering whether to invest in property this year. It is important that landlords wishing to purchase property take into account their own specific financial situation as well as current market conditions.”
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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