Property lettings specialist, Belvoir Sheffield, has announced today that it has noticed a change in the demographic of landlords in Sheffield over the last year, fuelled by the economic downturn.
As many first time buyers are forced to continue as tenants due to the high deposits now needed to buy a property, leading them to be dubbed ‘generation rent’, a new market for landlords to target has appeared, causing many new landlords to flock to the market for the very first time.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of student accommodation in Sheffield said: “This new demographic of landlords are actually older, with many industry critics calling them ‘grandlords’, as many are nearing retirement age, and are seeking an income to supplement their state pension. Here at Belvoir Sheffield we are finding that there is an influx of older landlords coming to the market, but we are also finding families who are renting out their family home to allow them to move on, because the sales market is not allowing them to do so.”
This view was backed by Stephen Parry, Commercial Director at Landlord Assist, earlier this week, who reportedly said: “Landlords of all ages appear to be placing less focus on the capital growth prospects and more interested in the income ability of a property investment. This may be as a result of the lessons learned through the downturn, or it may be that they are thinking ahead and viewing rental income as a pension provision instead.”
Rick Flay, is concerned that with this new breed of landlord, comes a demographic of landlords who are not educated in property legislation, and protecting themselves, leaving them wide open to issues later down the line.
In a bid to save funds, the new report also found that landlords are also cutting the seemingly ‘unneeded’ costs of the correct insurances, leading to a somewhat shocking 18 per cent of UK landlords not in possession of the correct insurance. This puts the tenant, and also the landlord at risk.”
Rick added: “Not protecting yourself with the right insurance is like a ticking time bomb, landlords can save money initially by scrimping on such necessities, but if things go wrong you are not protected whatsoever.
” I would advise any landlord unaware of their legal obligations to contact us at Belvoir Sheffield for a meeting to discuss this.”
Belvoir Lettings Sheffield is the One Stop Shop Specialists for residential property, for buying and selling, for lettings including property management, investment, and wealth management advice, fit outs and renovations, mortgages and conveyancing.
Belvoir Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013
For more information on Belvoir Sheffield, please call lettings on 0114 25 25 215 or sales on 0114 331 0033, or email us at sheffield@belvoirlettings.com
