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The time is now for the lettings industry
The ‘credit crunch’ and the associated softening of the housing market has triggered the classic contra-cycle in the Private Rental Sector – when the sales market softens the demand to rent increases.
Tenant demand for residential property increased at the fastest pace since July 1998 (RICS residential lettings survey – July 2008).
With the dramatic slowdown of the sales market, many homeowners who can’t or don’t want to sell are increasingly looking to the rental market as the perfect alternative until the market recovers or at least stabilises. These “Accidental Landlords” are finding that conditions in the private rental sector provide a way through the current property crisis. Falling property prices however, are having no impact on rental values, and this effectively gives better rental returns to landlords. The current property market therefore provides “Experienced Landlords” with an opportunity to invest further
New instructions (from landlords) to let properties increased at the fastest pace in the survey’s history (RICS residential lettings survey – July 2008).
These two factors alone provide compelling reasons why now is the ideal time to invest in the watson mitchell blackburn concept. | | | |
