As house prices continue to increase, landlords are being warned to reassess their rental expectations in light of the market stabilising and seek professional advice to ensure that they are not faced with void periods. Belvoir Sheffield, the leading letting agent in Sheffield investigates….
As house prices are still demonstrating modest growth, the question on everyone’s lips is- How long will the growth continue before tenants just cannot afford the rents proposed by landlords?
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “As the market stabilises, landlords should be seeking professional advice to ensure that they keep hold of the best tenants and do not put them off by increasing their rents.
“All too often landlords will increase their rents and end up with void periods as a result, which can be extremely costly indeed. Over the last few years, rents have hit an all time high, but these increases were just not sustainable for tenants in all areas.”
With critics under the impression that 2012 has begun with a new rental attitude, many tenants are looking for ways to reduce their rent, with many of them in 2011 spending two-thirds of their income on rent making saving of any kind nearly impossible.
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let in Sheffield added: “Demand for rental properties still remains high and by no means has the buy to let bubble burst, it is just going through a stage of stabilisation or possibly slightly less manic growth.
“A landlords income is still well above what was being achieved two years ago, my best advice to the savvy landlord would be to reduce their rents slightly to make their properties more competitive.”
Belvoir Lettings Agency 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.
