The latest findings from ARLA paint a positive picture for renters nationwide. The supply of rental stock has risen over the past 10 months, which suggests that reports of landlords pulling out of the market as a result of the referendum result or changing tax regime are not accurate.
This is supported in ARLA’s findings, which reveal the number of landlords selling their buy-to-let properties hasn’t changed since April.
Across our three lettings offices in Stratford upon Avon, Shipston and Leamington Spa we have not seen an oversupply of rental property but it is noticeable that tenants are remaining in rental properties for longer and are less inclined to move on, meaning that less properties are available. In normal circumstances this would create an opportunity to increase rents but currently it is also noticeable that rents in Stratford, for example, are not rising as they have done in previous years and any available properties must be priced sensitively in order to find good tenants within an acceptable timeframe. The advantage for landlords of this stability is that they avoid unwelcome void periods between tenancies.
We wait with interest to see the impact of increases in the taxation of landlords who have buy-to-let mortgages attached to their homes. Market experts are divided about the potential impact of the changes but Rightmove said that during September, buyer enquiries from potential landlords and investors were up 30% compared with May, after a short-term dip after the stamp duty changes came into force in April.
We are, however, confident that 2017 will bring new growth to the rental market. With various properties in the pipeline and growing rental yields, the buy to let market is still a good choice for investors in our areas.
We look forward to the next wave of investment properties hitting Stratford, Shipston, Leamington and Kenilworth’s rental markets and making sure Sheldon Bosley Knight Ltd are well placed with our skills, knowledge and expertise to take on the management of these properties. The team at Leamington has been further strengthened recently with the addition of Marc Martin, Rebecca Jones & Faye Mulkeirins who bring with them a wealth of knowledge and experience.
For more information about our Lettings Services please visit www.sheldonbosleyknight.co.uk.