Long-term renting is now recognized as being a completely acceptable option, than buying a house – and so British tenants are now behaving like Europeans.
There has been a prediction that 1.5m additional 18 to 30-year-olds are likely to be priced out of the property sales market in the next eight or so years.
Although renting was once related to those in their 20s who were single and obligation-free, the amount and variety of the public are required to rent is increasing, with a lot more young families leasing their homes. Within the next say 8 years, the Joseph Rowntree Foundation – which was founded in 1904 as a trust that amongst there other campaigns, fights for changes to a more equal society – have predicted that an extra 1.5million of 18 - 30 year olds will be out bided of the housing market. There are many factors that are contributing to the added difficulty for 1st time buyers to get onto the property ladder. The fact that household expenses are persist to be high and it is becoming much more difficult to save the adequate capital for a deposit to put down towards a mortgage investment, not to mention the lower rates of wages and the extra job losses; combining the lack of properties on the market for sale does not help matters either.
“As a consequence of this, new tenants in some parts of the country are actually having difficulties finding any decent-standard housing.”
“Having long –terms residents will always be excellent news for landlords, who will not have to acquire the extra costs to keep re-letting their property, and if the lodger is trusted, by paying their leasing fee on time and takes serious care of the property, for the simple reason of they may see it as a family home than a temporary lodging, and that is why long-term tenants can be extremely important to the landlords and landlord managers.
No one is immune from the recession and this includes Landlords, facing increased pressures from their lenders on their buy to let mortgages. With the bank requesting improved margins and being less tolerant of late payments. Landlords are looking for more advice on preventative measures, before the deadlines.
It may seem obvious, but Landlords need to examine their lease contracts. Which is an agreement between the two parties in plain English should stat how much is the rent, when the rent is due and how it can be paid. This should also include the consequences if there is a failure to pay by the agreed date, now here are some even experienced landlords may miss out. Making it clear in the contract that the rent is payable monthly in advance also a well explained narrate on the relevant grounds for recovery of possessions. So it is clear on the impact of any rent arrears incur, which would also stat the avenues of the rent recovery.
And this is why I would suggest investigating the type of Landlord Services, which are being offered in your area. You may be surprised how useful using a Guaranteed Rent Scheme could actually be a benefit to you as a Landlord, and this is why I suggest investigating these Landlord programs. So you are able to keep up with the property market news.
Landlords of student properties are being advised to think about getting out of the sector, after the introduction of educational fees so there are now far fewer students that are looking to lease housing for the next year.
Managing director of Townends Lettings & Management, said this was one alternative for landlords to consider. “They could sell up and replace it with the type of property that would appeal to a different market”.
Also she has warned that the “traditional student landlords are having lengthy periods of having empty properties”, even if you are under the safety of a Landlord Program. It is still advised to consider your options before your contact ends, wouldn’t want to be stuck in a market that has started to shrink.
Townends operates across the southern Home Counties where luxurious leasing areas such as Guildford and Egham are home to the University of Surrey and Royal Holloway, both of which are charging students the maximum £9,000 tuition fee.
September marked the start of hikes in tuition costs. As we are heading towards the New Year, when students typically start looking for their 2nd year accommodation, Townends also say that there has been a noticeable blow within the student’s rental market, and landlords will have to compose a few changes if they want to avoid any prolonged empty periods.
“We have noticed a genuine dip in the numbers of students looking to obtain accommodation for next year, but with the fees being nearly three times as much as the previous years, an so it’s not really shocking that some have decided to sacrifice their independence of sharing a student lease to remain living at home with parents.” It is said that the real shock of this will not slap student landlords until September 2013, as most would have secured tenants for this educational year back in January.
With the demands looking set to be much lower than usual for next year, it is suggested to landlords that they should be considering their options, even if they are still under a guaranteed rent scheme.
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