According to Belvoir Sheffield, the regional property specialists, offering, property to rent in Sheffield, the demand for landlord mortgages remains buoyant despite the economic downturn and contrary to claims that the industry is in disrepair.
Despite the crisis of confidence experienced by both landlords and lenders in the last year, the Association of Residential Letting Agents found that 8.2 per-cent of its members reported that landlords were buying more properties as an investment compared to just 3.5 per-cent in the final three months of last year.
Supporting these figures, the team at Belvoir Sheffield are also confident that the demand for landlord mortgages will continue to rise towards the end of 2009.
Rick Flay, from Belvoir Sheffield, who offer houses to let in Sheffield, and flats in Sheffield, said, “The UK’s buy-to-let market finally seems to be picking up with fears regarding a UK property collapse and steep increases on interest rates finally diminishing. As the rate of repossessions remains strong, we will be seeing more and more landlords enticed back into the fold. Here at Belvoir Sheffield, we believe that landlords will start to appreciate the fact that property is still a solid long-term investment.”
As first time buyers are shadowed out of the market, or left cautious about the current economic climate, tenant demand is set to be on the increase. Regarded as the ‘safe option’, rental property is providing the stability recently lacking in the sales market and has become the only option for the cautious.
Rick added, “There will always be a regular supply of tenants, as property prices fluctuate, and this means a steady stream of income for would be landlords. At Belvoir Sheffield we have also experienced an increase in the number of landlords coming forward to rent out their properties, which is great news for both the economy and rentals market.
“Any landlord deciding whether or not to take the plunge and rent out their property should definitely go for it. At Belvoir we believe in safe investments and this is why we are encouraging landlords to make savvy investment choices, before properties begin their upward price hike.”
