Some useful information about property letting

Posted under Advice by Michael

Rise in house prices has helped bring an explosion in the rental market. High interest rates are deterring would-be buyers. As a result they are renting long-term.

According ARLA the demand for rental property is very high. Prime Central London has more tenants than properties on rent. Shortage of rental properties is escalating the rental rates.

The tenants have staying power. They rent property for longer terms. For example, tenants are renting houses and flats for up to 18 months.

The opposite is true in towns and cities like Leeds, Manchester, Ipswich, Norwich, Leicester, Nottingham and Birmingham. There are surplus flats and tenants are bargaining rent rates.

According to Royal Institute of Chartered Surveyors-Rics- the most sought after rental properties are family homes. This is because families who have sold their property are waiting and watching before buying their next one.

Tenancy Deposit Protection helps a tenant from his losing his deposit. If the tenant maintains the property well, he will receive part of or all of his deposit back.

About ninety two thousand foreign executives who come to the UK every year live in rented accommodation. They add more than nine billion pounds a year to the UK’s economy.

More