Over the weekend i received an email from a local Warrington Landlord, she wanted to know what my views are on the future rental market in Warrington regarding tenant demands as she read an article online somewhere which said more and more tenants are now buying their own houses and tenants are in low demand. I own and operate a Letting Agents in Warrington and one thing we are not short of are tenant enquiries.
A recent survey from Knight Frank, has underlined the increasing dominance of the private rented sector as a form of tenure in the UK. In a section of the largest survey of its kind ever conducted, 24% of the 3,500 private tenants felt that they expected to always rent a property. The survey by Knight Frank found that a further 15% said they would be in the sector for a further five or more years.
The survey, conducted with YouGov, also showed that while the difficulties in getting on to the housing ladder are an issue for many renters, 32% of tenants state that they are living in the private rented sector because it suits their lifestyle or they don’t want a mortgage.
The survey shows that the majority of renters do not view the private rented sector as just a short-term move. Less than a quarter of tenants expect to leave the sector within two years. The dynamics of the housing market, where supply has failed to keep up with demand which in turn has played a role in pushing up house prices, has also put home ownership beyond the reach of many young workers, especially in key employment hubs. This, coupled with an increasing mobile and flexible workforce, has led to rising demand for privately rented property.
Off-street parking is the amenity most private tenants are prepared to pay extra for, although fully furnished flats will attract a premium among younger renters, especially the 18-24 age group, the survey shows.
Off-street parking is the amenity most private tenants are prepared to pay extra for, although fully furnished flats will attract a premium among younger renters, especially the 18-24 age group, the survey shows.
Of course this is all good news for landlords in Warrington, as it ensures a steady demand from tenants in the years to come, and if you provide a decent property in tune with market demands you will be on to a winner. The importance of the housing stock available through the private rented sector cannot be underestimated, and many new investment landlords are taking the opportunity to build a property portfolio in these continuing times of historically low bank interest rates, and after having bought/renovated/let your first property, the next one will be a much less painful process.
If you are thinking of getting into the property rental market and don't know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01925 235 335 or pop along and speak to us in person at our office at 6 Bankside, Crosfield Street, you can always email me on manoj@hamletwarrington.co.uk
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