Thomas Morris Sales & Lettings are experiencing a very strong rental market this summer, with numbers of new rental properties and lets agreed increasing year on year.
Lettings Development Manager Pete Hoare said. “Activity in the market has really increased in the last three months. We have seen an increase in the numbers of new landlords we are working with, as well as an increase in tenants looking to let these new properties.” Pete continued “There were some concerns in the lettings industry, that with the tenant fees ban coming into force at the start of June, a number of landlords would leave the market and sell up. We have definitely not seen this, in fact we have seen quite the opposite, with over 80 new landlords coming to Thomas Morris since the start of June.”
As an overview July 2019 in comparison to July 2018 saw an increase in new instructions across Thomas Morris of 219% year on year, with the numbers of properties being let agreed year on year increasing by an incredible 174%. Pete Hoare commented “This goes to show that there is still confidence in the private rental sector of the market and that new and existing landlords are benefiting from this with over 45% of new instructions in July being let agreed in July.”
Our advice is that anybody considering becoming a landlord should talk to one of our letting’s specialist at Thomas Morris, who will be able to advise you on the best types of properties to purchase for rental and advise on potential rental values and annual yields. Pete Hoare added “We actively work with our existing landlords and potential landlords to help them find suitable properties to help increase their portfolio or to start helping them build a portfolio.”
If you are a landlord or are considering becoming a landlord and would like to get an up to date appraisal of your potential rent for a property visit https://www.thomasmorris.co.uk/free-property-valuation or contact your local branch.