As many landlords in the country’s capital are enforcing rigorous checks in an attempt to reduce tenant defaults, Journalist Tina Clough spoke to Belvoir Lettings, the leading letting agent in Sheffield city centre, to find out if this trend is set to continue and at what cost to the rentals market.
Rick Flay at Belvoir Sheffield, who offer homes to rent in Sheffield, Sheffield apartments and flats in Sheffield said, “Landlords UK wide are becoming increasingly more cautious about who they rent their properties out to, and this is not surprising, given the amount of tenants who are struggling to pay their rent on time. We have seen landlords in London enforcing some of the most rigorous checks the property market has ever seen, with some property owners asking tenants to prove their net wealth, prove that their job is not in danger and even details of their anticipated bonuses.”
Latest figures from the National Landlords’ Association (NLA), indicate that 37 per-cent of landlords are faced with tenants who are in arrears over their rent, creating a new breed of cautious landlords who will not only go to whatever means necessary to reduce defaults, but who are taking a hard line on rental payments.
Many landlords were previously open to offering discounts on their properties and rental, but this new trend has seen property owners shying away from the extra tenant incentive.
Rick, whose letting agents offer a wide range of rentals to suit all budgets from family sized homes to rent in Sheffield to flats in Sheffield suitable for young couples, added, “Landlords are starting to reduce the amount of discounts they offer on properties as they realise that demand for their properties is much higher, and first time buyers struggle to secure a mortgage.
This has resulted in some landlords asking for much higher deposits and in some cases for a few months rent to be paid upfront in advance.
While the sales market continues on its path of recovery, these extra checks and higher rents will become a permanent fixture, not just in the countries capital, but throughout the UK.
Belvoir Lettings Sheffield are 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
For more information on properties to rent in Sheffield
please visit the Belvoir Sheffield website at https://www.belvoir.co.uk/sheffield-estate-agents/
