Sheffield has seen a insurgence over recent years of HMO investment property – House of Multiple Occupancy – particularly due to the two large Sheffield Universities, but also a growing trend amongst other tenant sectors for the demand of HMO property across Sheffield.
Richard Bowser of of Property Investor News has recently looked closely at the subject and HMO property, “Turn the clock back some ten years and the term ‘HMO’ was rarely featured at property events, particularly those attracting inexperienced investors. The acronym refers to Houses of Multiple Occupation whereby rooms within a house are let to individual tenants. Readers of a certain age will remember the actor Leonard Rossiter playing the landlord Mr Rigsby in the popular TV series Rising Damp, which did not exactly portray individual room lets in a positive manner.”
“But in recent years with demand for living space in many cities increasing and with supply curtailed, partly from the impact of lending restrictions, many experienced investor-landlords have turned to the HMO sector to enhance their overall returns with the potential attraction of high rental income. Unlike the character played by Mr Rossiter, a new breed of HMO property investor has emerged in recent years who recognise the value in offering good quality accommodation to their tenant customers.”
“Many of these investor-landlords are very ‘hands on’ but they treat their property assets as individual businesses and some approach HMO property management with a degree of professionalism which was quite unheard of just a few years ago. The evolvement of more flexible working patterns with the IT revolution has added to the burgeoning demand for good quality ‘rooms to let’ and some now offer standards of accommodation on par with good quality boutique hotel rooms. Many professional lets have weekday occupiers who work on contract in locations a hundred or more miles from their family home and who reside in HMO rooms for 3-5 days for work and then return home for the weekend.”
If you are a property investor considering investing in HMO Property in Sheffield then make sure you speak to us here at Belvoir! Sheffield as soon as possible, ideally before you buy. We can help and advise you from the very earliest stages, ensuring that you buy the right property in the right area of Sheffield, maximising your return and meeting your investment objectives.
Belvoir! Sheffield is the one stop specialist for Sales and Residential Lettings and Property Management, Investment and Wealth Management Advice, Fit-outs and Renovations, Property Insurances and Mortgages. Belvoir! Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013 and is a multi award winning agency.
For more information, please visit Belvoir! Sheffield or call 0114 331 0033. Alternatively, please email rick@belvoirsheffield.co.uk
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