As new figures indicate that the rentals market is being left with a lack of high quality stock to meet demand, Rick Flay from Belvoir Sheffield, the leading letting agent in Sheffield is offering his opinion on this very topical issue.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “We are certainly finding in Sheffield that there are not enough good rental properties to meet the increased demand from tenants.
This view is also supported by the latest figures released by ARLA, who indicate that in the last quarter, 70 per-cent of letting agents were reporting more tenants than properties
Rick added, “Here at Belvoir Sheffield, we are letting stock out in an average of nine days, which is down to our first rate marketing power. We are finding that our average letting time is way in excess of other letting agents in Sheffield, but this is leaving us with a lack of rental properties.
“This is why we are currently looking for new properties in Sheffield in the S1, S2, S3, S7, S8, S10 and S11 postcodes.”
This shortage of stock issue seems to be the same throughout most of the country where demand for good rental properties is now sky high.
There are now 3.64 million renting households in the UK, and 14 per-cent of the total housing stock nationally is privately rented through letting agents or through landlords themselves, which is an increase of 52 per-cent in just nine years.
This figure does however vary slightly in South Yorkshire as Rick explains, “In South Yorkshire, just ten per-cent of the housing stock is privately rented, and we can only assume that this will get closer to national average as more buy-to-let investors get into the market. We expect this trend to continue to the point where demand far outstrips supply.
“The general consensus of many young people aged between 16-19 is that renting will in fact increase at the expense of owner occupancy, due to the desire for flexibility, lack of mortgages and the high deposits required. Here at Belvoir Sheffield, we firmly believe that now is the time to buy and would certainly advise any would be investors to take the plunge.”
Belvoir Lettings Agency Sheffield is the One Stop Specialist for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances
