Latest predictions from Belvoir Sheffield, the leading letting agent in Sheffield have revealed that the increased demand for rental properties from those who are unable to get onto the property ladder is expected to push rents significantly higher than house prices in the UK over the next five years.
The predictions come as Belvoir Sheffield expect private renting to account for 1 in 6 households by 2016 and as competition between renters becomes increasingly fierce in the city of Sheffield.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “The competition for good rental properties will inevitably push rents much higher.
“Within the next few years, rental yields will push rents higher than the cost of actually owning a home, which is bad news for those unable to get a foot on the property ladder, but great news for the residential landlord. The increased rentalyields will also bring renewed investment to the market, which is again verypositive news.”
Research from the lettings agent suggests that as the prospect of letting out a property becomes even more financially rewarding, one in three home owners are now considering this as an option, but local lettings specialist, Belvoir, is warning anyonenew to residential lettings to be aware of the many pitfalls, including strict regulatory requirements, insurance considerations and tenant reference and checking procedures.
Rick added: “We have long been advocates of residential property investment and to help those who are new to the process, we offer a full end-to-end managed lettings service for both landlords and tenants, for any type of property, furnished or unfurnished.
“The first step for anyone considering letting out their own home, or that of a relative, for the first time, is to contact us for an initial, no obligation meeting at which we can go through all of the options open to them.”
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.
