What happened in 2014?
The lettings market in 2014 continued to go from strength to strength. This was despite the rise in house prices in the middle of the year. We did see some landlords decide that the time was right to sell but there was an equal amount of new investment landlords looking to buy their first investment property or increase their existing portfolio.
The Government Help to Buy scheme certainly allowed some people to leave the Private Rented Sector and become home owners but the need for large deposits and a tightening of the mortgage market meant that many stayed in rented accommodation.
Lettings predictions for 2015
2015 looks like being an even busier year as the changes to the pension laws allow individuals greater freedom over what they do with their pension fund. It is almost certain that many people will turn to property as an alternative to a traditional pension. This will increase the level of rental stock available which should keep rental values stable.
The demand for rented accommodation will continue to grow as first time buyers still find themselves priced out of the housing market and many people are simply unable to raise the necessary deposit to buy. For many, renting a property is the best solution for their busy lifestyle where they may need to move around the country for work purposes and do not want to be tied down.
Those of us old enough to remember the housing boom of the late 1980’s have grown up with almost an obsession about home ownership but subsequent generations have embraced the rental market either through necessity or because it fits in with their lifestyle far better and will happily rent long-term.
Please contact me if you are looking to let out property, grow your portfolio or rent property in 2015.
Michael Clarke (MARLA), Lettings Director
T (01252) 514000 | E: email@example.com