We started letting houses in the mid 1990’s and since then every year has broken records in the number of properties successfully let. 2013 has been no exception with the figures being 20% up on the previous year. With the fast paced nature of the lettings market tenants have to act quickly and quite often this year we have seen three to four families after one property which inevitably leads to higher rental returns!
For investors with available capital, now is a good time to invest in the Buy to Let market. There are some exceptional deals around on properties in prime rental areas as you can see from our ‘Top Ten investment opportunities’ each month! Rental values remain steady with demand outstripping supply means there is great potential for generating good yields if you invest wisely! Because we work so well alongside our Residential Sales team we have helped some investors achieve yields in excess of 6%! In the UK, one in every six properties is now let in the private sector, now more than ever there is a need to regulate the lettings industry therefore there will be a number of new regulations set to be introduced in 2014.
Since landlords now have to pay Council Tax when a property falls empty the need to have longer term tenants is now more important than ever. One question tenants now ask more than ever is - ‘Is the landlord intending on selling in 6 Months?’ Tenants are seeking security, which, for investment landlords is good news! We have noticed the average time our tenants are staying in our managed properties is now just short of two years which is of course much better than having new tenants every 6 months! Interestingly 60% of the lets we have arranged during 2013 has been to tenants who are currently renting, for many they are moving due to owners wanting their property back.
During 2013 we have put a lot of work into new helpful literature to make sure our landlords and tenants are kept up to date and fully advised at all times. 2013 has seen the introduction of a new ‘Tenant Handbook’ 43 pages packed with vital information we feel tenants need in order to look after a property to the best of their ability - these are given out at every signing, We have also introduced a monthly newsletter to keep new and existing landlords/tenants up to date with legislation and to get a better insight into our world of Lettings, we have also assigned Account Managers for all our landlords who we manage properties for, so now you can speak to one person in our property management department - which has proved to be a worthwhile change.
Our aim for 2014 is to have all our staff working within the department fully qualified with a recognised industry qualification. We are pleased to say that already over half our staff have passed the National Federation of Property Professionals (NFOPP) Technical Award in Residential Letting and Property Management. As members of the Association of Residential Letting Agents we are licenced agents, so peace of mind that all tenancies are handled with upmost professionalism.
Finally I would like to wish everyone all the best for the festive season and the year ahead. Thank you all for your business and continued support.
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