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Rent increases have hit a 13-year high as demand for property soar
Average UK rents have risen by 6% during the year to the end of this September. So whether you are looking to add to your property portfolio or are hoping to invest in your first buy-to-let house or apartment YES now is the time to invest.The dual trend of rising demand and higher rents is great news for you as a landlord.
This is a Summary of Northwich Rental property Nov 2021 (these figures are fluid but gives you an idea of how the current market looks locally).
Property Rents in Northwich by Number of Bedrooms No. of properties available and Average rent One bedroom 10 £424 pcm Two bedrooms 16 £617 pcm Three bedrooms 3 £967 pcm Four bedrooms 1 £995 pcm Five bedrooms 1 £1,700 pcm Property Rents in Northwich by Type No. of properties Average rent Room 4 £483 pcm Flat 13 £575 pcm House 19 £675 pcm |
Home.co.uk: Northwich Market Rent Summary
The above website gives you a daily rental price analysis for Northwich summarising the advertised rents for homes to let. A useful tool for landlords wanting to stay in touch with how the current rental market is fairing.
Is there a good demand for rental property in this area at the moment? What Rents best?
Most definitely yes. There remains a huge increased demand for rental homes which currently is not being met, with properties on the market 43% below the five-year average. So if you are ready to invest in your future, now is the time to invest in rental property or build on your current portfolio. We have also seen a rising trend for renters opting for larger, more expensive, properties as part of the pandemic-induced search for space. So now is a time you may be able to invest in that larger buy-to-let property. Here in Northwich and Congleton there is a surge in demand for 3 bed properties, overtaking what was previously terraces or flats.
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Furthermore, looking ahead, the shortage of homes available to rent looks set to continue whilst demand is also expected to remain high. This mismatch between supply and demand will continue to push up rents.
Currently in Northwich according to Dataloft (https://inform.dataloft.co.uk) the average rent for houses in Northwich is £739 and for flats £554, increasing 2.7% in the past 12 months. For daily updates check out our page Market Insights – Northwich (belvoir.co.uk)
So what about next year? Well it is estimated that rents across the country are likely to end 2022 4.5% higher than they started it, so as a landlord it’s GOOD NEWS as your income from your rental property is set to continue to increase.
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So How Easy Is It For Me To Get a Buy-to-let Mortgage?
Over 1,600 different mortgages are currently available to you as investment landlords according to financial information group Moneyfacts. In further good news, the average cost of two-year and five-year fixed rate mortgages have also fallen. So although there is a lot to consider when becoming a buy-to-let investor now seems a great time to be looking into this option as a way of securing your future. We work closely with Franklyn Financial Management Ltd so we are able to refer you to them to source the best mortgage for you. Please ask us for further details.
Eleanor Williams, finance expert at Moneyfacts, said: “Landlords looking to invest in the buy-to-let sector could see this as an opportune time to explore their options, especially if they think that average rates may continue the upward trajectory we have witnessed over the last two months.”
Your success as a Landlord depends on a few things, the key ones being:
- Purchasing a decent property in a good location which will appeal to a broad range of potential tenants
- Finding tenants who look after your property and pay their rent promptly
- Having the time to manage the tenancy properly
- Complying with lettings regulations which change continuously
ALL of which here at Belvoir we can assist you with to make your landlord journey a positive and successful one. Check out our Fully Managed package which will ensure we take care of you every step of the way and look after your property and tenants needs for you.
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We hope this BLOG has been of assistance to you and if you have any questions do not hesitate to get in touch for a chat.