In light of new figures demonstrating that the private rented sector is in fact increasing, Rick Flay from Belvoir Sheffield, the leading letting agent in Sheffield is advising landlords UK-wide to gear up for changes heading their way.
Expanding by around 50 per-cent in the last nine years, the private rented sector is increasing beyond all recognition, forcing landlords to rethink their tactics and reassess their competition.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “In the last few years the property market has seen a cultural shift away from home ownership and this increased demand has lead to a lack of rental properties in ‘good’ locations.
“Due to the desire for flexibility, the lack readily available mortgages and the high deposits required, people holding off purchasing their first home.
“It is highly likely that to meet such demand, the rentals market will move to a more continental model seen in countries like France and Germany, where leases are offered on a five or ten year basis as opposed to the six and twelve month leases currently offered in the UK.”
As the population in the UK is expected to increase from 60 to 70 million by 2029, commentators are estimating that the amount of people looking for good rental properties will also increase, leaving a supply and demand imbalance.
Rick, from added, “Traditionally the rentals market was aimed at 20-35 year- olds, but we are now finding that the older generations are also looking for rental properties. It is highly likely that that there will eventually be a housing shortage, which makes it a great time for landlords.
“Rental properties in Sheffield are very much in demand and will continue to be so. I would advise any would be landlords to take the plunge as there has never been a better time to invest in the buy-to-let market.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
