Changes to expect in the buy to let property market
The buy to let and rental property markets are continuing to grow, as property investors increasingly turn to purchasing property as a safe choice of investment in these times of economic uncertainty.
Since buy to let mortgages were introduced into the UK’s financial market in 1996, the buy to let and rental landscapes in the UK have changed massively. The property specialists at Abacus Solicitors have taken a look into just how far the buy to let market has come, and the changes we can expect to see in the future.
How you can prepare for the upcoming changes
To ensure you’re providing the best services possible to your clients, you should prepare ahead of time for the changes to the rental market. Take a look how below.
Look to alternative property types
Increasing rents and a decrease in suitable first time buyer properties means that adults will be living in shared accommodation for much longer, and they may no longer be able to afford to rent a property of their own.
For this reason, shared housing and houses in multiple occupation (HMOs) will become an increasingly attractive investment opportunity for buyers. By listing properties that have multiple bathrooms, or even looking at student-accomodation-style properties with shared facilities, you’ll be able to attract savvy investors looking to purchase property that will give them a good return on investment.
Focus on the North
With increased investment in the north of England, and focus on the so called ‘northern powerhouse’, cities in the north are becoming ever more popular with graduates, startups and skilled workers looking to escape the high pressure life in London. Cities such as Manchester have great transport links too, making them a great place for commuters to put down their roots.
Investment in property in the north will only increase over coming years, so it’s worth investigating how you can get involved.
Build out your rental services
Buy to let investors want to see a return on their investment, so it’s important you’re not only able to help them find a suitable property to purchase, but that you can help them to find tenants too. By building out your company’s rental services, you’ll be able to help place tenants and manage rental properties too.
By following these simple tips, you’ll be able to stay ahead of the curve in the rental and buy to let markets, and cement the success of your company.