I am delighted to say in a most enthusiastic tone '2013 has really kicked off with a bang!' Traditionally this time of year is thought of as a quiet period, the hangover from Christmas and everyone's overspending can make the expense of moving a tough choice. Add to this that most landlords will do their upmost to ensure their properties are available in the traditionally busy summer months and you have a recipe for thumb twiddling. But this year, refreshingly, it feels a lot like summer, regardless of the weather.
With new landlords coming back to the private rented sector in their droves, good quality rental properties are back on the market. Not only are they back, but it appears that they are working hard to get the supply and demand balance right. Over the past five years, good quality rental properties have existed, but simply not enough. With the economic downturn and reduced lending from the banks, landlords couldn't make the purchases needed to fulfil the demand. I'm pleased to say buy to let lending is improving, build to rent schemes are certainly on the up and new developments are tempting even more would be landlords to purchase their first buy to let investment. All this positive news is exactly what the private rented sector needs, as a market that has continued to grow in recent years, it is currently at its highest levels since the early 1990's.
The first rule of economics, increased supply traditionally leads to reduced demand. Interestingly, this doesn't appear to be the case in the current lettings market. The increased supply of good quality rental properties appears to be tempting even more tenants to the market. Over the past few years there has been an overwhelming demand for rental properties across the board, but more recently we are seeing increased enquiries for corporate lets and relocations. A sign that London is perhaps on the up, but also a sign that the rental market is offering the right kind of product to draw these sorts of tenants.
As the private rented sector continues to grow, the need for professional lettings agents with both thorough industry knowledge and great local market knowledge will become ever important. As we continue to push towards becoming an island of tenants, selecting a lettings specialist to help with all your needs, be you a landlord or a tenant will be vital in ensuring your piece of mind.
If you require any advice whatsoever please contact your local Thorgills Branch. Remember we are voluntary members of both the National Landlords Association and the Property Ombudsman, so our work is always carried out to the highest standards. Thorgills advice and valuations are free so please do not hesitate to get in touch.