Even though the past year has been an extremely difficult one for all concerned with the rental sector, it appears as though there is a growing level of confidence in the lettings industry.
At Thomas Morris, we work closely with landlords and tenants. This ensures we receive first-hand information and requests from the people who are in the industry every day. We are pleased to say we know what local landlords think, and we believe there is cautious optimism in the rental sector.
We also stay in touch with the latest studies and findings in the market. We are pleased to help you make an informed decision with whatever move you make next in the rental sector.
What are other landlords saying about the market?
A property investment consultancy, Knight Knox, spoke to 500 landlords in the UK, and 27% of respondents said they plan to expand their property portfolio in the year which lies ahead. Of the landlords who are keen to expand their portfolio, 35% of respondents say the stamp duty holiday has shaped their decision.
Andy Phillips, Knight Knox’s commercial director, said: “The last 12 months have been a total rollercoaster for the housing market. Lockdown 1.0 temporarily halted activity before Rishi Sunak’s announcement of the stamp duty holiday led to the industry facing one of the busiest periods for a decade. For landlords, the incentive has provided a welcome opportunity to purchase more properties while making significant savings. Appetite for rental property is high – particularly given that the financial impact of the pandemic could be affecting people’s plans to purchase – so buy-to-let is a fantastic investment in the current climate.”
How do you feel about the current rental market?
Other findings from the study include:
On average, landlords in the UK earn more than £20,000 net income per year from renting out property
88% of landlord feel “confident” or “very confident” about how the buy-to-let market will perform in the next 12 months
Two-thirds of landlords claim the pandemic hasn’t impacted their tenancies
Only 4% of landlords were looking to reduce their portfolio in the next year
Andy concludes: “The property market plays a crucial role in the country’s economy, so it’s encouraging to see that during times of crisis, the government has been forthcoming with lifelines to help keep the wheels of industry turning. As long as developers can continue to bring high-quality property to market and landlords have the confidence to invest, the sector will remain buoyant and consumer demand for rental housing can be fulfilled.”
If you would like to arrange a valuation of your rental accommodation, even in these challenging times we can provide this service. We can currently provide a range of safe property and lettings market services, aimed at helping you make an informed move.
If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.