It is important landlords stay in touch with what is happening in the local and national lettings market. At Intercounty, we are here to assist you at all parts of the letting process.
We know some landlords are looking to leave the industry. We believe there is still significant demand for rental property, but if you want to make a smart decision, it is best to have all the data you need at hand.
Some landlords are looking to leave the rental market
Information provided by the National Residential Landlords Association (NRLA) offers insight into what landlords think about the current market:
30% of private sector landlords have expressed their intention to sell at least one property in the next 12 months
16% of landlords expect to but at least one property in the next 12 months
35% of buy-to-let investors say they have experienced greater demand from tenants in the most recent three months
Close to 66% of landlords say their rental business has been negatively impacted by the COVID-19 pandemic
18% of landlords say the pandemic had a significantly negative impact on rental property
The NRLA estimates private sector rent arrears in England, relating to COVID-19, stands at £437m
The NRLA believes while rental demand is greater, the increase in rent arrears and other rising costs has left many landlords considering their position
There is still demand for rental property
The level of demand for rental property has been shown in research conducted by Paragon Bank. They spoke to more than 700 landlords, with help from BVA BDRC, and found 29% of landlords said they had experienced increase tenant demand in the three months leading to the end of September 2020.
Richard Rowntree, Paragon Bank Managing Director of Mortgages, said: “The record levels of tenant demand we saw being reported by the likes of Rightmove and Zoopla when the housing market reopened in May has started to feed through to landlords as tenants reassess where and how they want to live.”
Richard also said; “Central London is clearly seeing the impact of Airbnb style landlords moving property into long-term lettings, as well as a desire for larger properties. Outside of London, demand is buoyant from the East of England, where 27% of landlords are reporting growth in demand, to the North East and South West, where nearly half of respondents are telling us they are seeing positive growth.”
Richard concluded by saying; “We expect this to continue for the foreseeable future and there’s a number of factors we’re seeing at play. For example, there’s been growth in homeowners taking advantage of strong prices and selling to move into rented, people are looking to secure a new home ahead of entering a potential second lockdown, whilst students left it late to secure property for the new academic year.”
For rental enquiries in Sawbridgeworth, please feel free to call us on 01279 600333 or why not email us at sawbridgeworth@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.