As new figures demonstrate that house prices have not changed for the second month in succession, Belvoir Sheffield, has declared market stability in south Yorkshire.
The new figures from Nationwide puts the average price of a house in the UK at £162,600 – 0.2 per cent higher than last month, but with high inflation and reduced confidence among first time buyers, there is still nothing showing a preference towards buying a property rather than renting.
Rick Flay, whose agency on Campo Lane in Sheffield specialises in residential lets in Sheffield, said: “This report from Nationwide is very interesting but in Sheffield we are finding that there is a preference towards renting a property rather than buying one, especially with first time buyers.
“More and more first time buyers are concerned about the lack of financial security and prefer the flexibility provided with renting a property rather than buying one.”
After rising almost continuously over the twentieth century, home ownership has declined steadily since 2003 and has dropped by more than 5 per cent in less than ten years, according to Nationwide’s notes.
The report also found that ‘among 25 to 34 year olds, the proportion of households renting increased from 40 per cent to 57 per cent between 2002 and 2012. For 16 to 24 year olds the increase was from 77 per cent to 90 per cent.’
Rock added: “The private rental sector is a fantastic long term investment and it is clear to see why so many new landlords are coming to the market here in south Yorkshire.
” While of course we are happy to see an increase in the number of landlords, it is vital that every landlord, whether accidental or not, seeks expert advice. Landlords who lack experience and knowledge can find themselves on the wrong end of a dispute or even worse- being prosecuted.
“At Belvoir we offer a full end-to-end managed lettings service for both landlords and tenants for any type of property, furnished or unfurnished. The first step for anyone considering letting out their own home, or that of a relative, for the first time, is to contact us for an initial, no obligation meeting at which we can go through all of the options open to them,”
Belvoir 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 and Mortgages.
