Monday, May 15, 2017
Langley Estate Agents predict growth in private rental sector.Our previous articles have looked predominantly at Sales however Langley Estate Agents Lettings division is predicting a significant increase in the number of privately let accommodation over the next three years.
Over the last year we’ve seen an increase in the rental market as more find it difficult to enter the property market due to the difficulty securing a mortgage. Students, immigrants also add to the high number of tenancies. Changes within the Financial Services Authority are also likely to see even less accessibility to mortgage opportunities for those looking to get a look at the ladder. Demand at Langley Estate Agents has meant that properties are being let within 10 days of coming on the market. Properties within the catchment area of schools with a high success rate means tenants can be secured almost immediately.
This demand brings a demand on average of around 5 tenants per property which often means full rental prices are being achieved, or even exceeded. It’s impossible to have enough properties to the books to meet demand, and subsequently the confidence in the lettings market remains buoyant with landlords and a continued interest in property investment.
If you would like to discuss buying /selling or renting/letting a property contact Rocky Langley on 0208 166 0400.