As predictions surface that one in five households could be in private rented accommodation by 2018, Belvoir Sheffield, the leading letting agent in Sheffield is advising that the sector is in desperate need of more investment.
A recent report entitled ‘Rental Britain’, predicted earlier this week that a £200bn investment will be needed, but says that only £50bn of this is expected to come from buy-to let-funding.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “Demand for rental properties has far outweighed supply for some time now, but what we are finding now is that this is making some locations unaffordable. I expect that higher end properties in particular will experience rent rises this year.”
The also found that last year, Britons paid around £48bn in rent to private landlords, with this figure expected to rise to£70bn within five years.
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats to let in Sheffield, added: “These circumstances make the buy-to-let sector an extremely good investment, there is a non-stop supply of tenants to fill properties and rental yields are getting better as house prices continue to fall. This means that private investors have begun to flood back into the market with is very positive news indeed.
“Although the market is extremely buoyant, landlords should still 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.”
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.
