In light of new figures being released by theNational Landlords Association (NLA) revealing that 81 per-cent of landlords expect to rely on their portfolio to help them financially during their retirement, Belvoir Sheffield, the leading letting agent in Sheffield, is highlighting the importance of seeking professional advice.
It is estimated that the number of savers now contributing towards a pension has seen a decrease of eight per-cent over the last ten years, with many opting for property investments as an alternative.
Rick Flay, Director at Belvoir Sheffield, which offers a wide range of property to rent in Sheffield, said: “It comes as no surprise that more and more people are looking at property as an investment. Private residential letting can be extremely fruitful, but it takes a lot more skill and time than simply paying money into a pension fund each month.
“Those looking to start a property portfolio should look at it as a long term investment and make a business plan to that effect. I would warn anyone considering entering into the lettings market to do so with great care. It can be extremely rewarding, but only if you have the right knowledge and guidance.”
The NLA survey also found that landlords are increasingly pessimistic about the UK economy, with confidence dropping to a record low of just three points down from 11 points, just one year ago.
Earlier this week, David Salusbury from the NLA said: “Landlord confidence in the financial market is at an all-time low. This combined with record low interest rates means that many individuals are looking for alternative ways to secure their financial future.”
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let in Sheffield added: “Landlords who are considering entering into the property market need to be aware that they are responsible for keeping up to date with current legislative issues and the law regarding letting out a property.
“If a landlord fails to comply with legislative issues, claiming ignorance will not work. The best way to protect yourself as a landlord and make the most of your investment is to use a professional lettings agent such as Belvoir Sheffield.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including PropertyManagement, Tenant Find, Investment and Wealth Management Advice, Fit-outs andRenovations, Furniture Packs and Investment Property Insurances and Mortgages.
