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Despite the Help to Buy scheme rolling out across the country a nationwide estate and lettings agent reports that new tenants are entering into the sector which has lead to a rise of 25% over the three months leading up to September. As more people are being given assistance to become homeowners they report that the private rented sector is flourishing.
Tenants and rents are both increasing as average quarterly rents across England, Scotland and Wales was up by 2.7% in this year’s third quarter. The Company is also reporting that returns on rented properties were healthy at 6.1% and of course one and two bed-roomed properties are the highest with an average of 6.6% yield.
“Property investment has become main stream again in the last year and, with interest rates so low, people cannot see a downside to buy-to-let. However we are now at a critical point where property prices will start to rise faster than rents; this will happen first in Greater London which has seen tremendous price increases in recent months.
“Investors who are keen to not miss out on property price growth and stunning yields currently achievable in the rest of the country ought to invest there now.”
“Older tenants and families are now forming an ever larger proportion of tenants renting in the UK,” Dunning continues. “There are varying reasons why people rent for longer but many choose to do so because they enjoy the flexibility it offers, especially in terms of job mobility. With this in mind, now is an ideal time for landlords to expand their portfolios and provide a more diverse range of affordable rental properties to meet the demand of those renting for longer.”
A City Wide Licensing Scheme for Landlords
Immigration Act revised 2016 should a landlord or letting agent fail to ensure ALL tenants/occupiers have a righto reside for the duration of the tenancy then they may be fined £3000 for each breach. The Secretary of State may instruct the landlord to remove such persons without the need of a court order by way of reasonable force
Labour market enforcement - restriction on illegal migrants to work. A labour market enforcement undertaking (an “LME undertaking”) is an undertaking by the person giving it (the “subject”) to comply with any prohibitions, restrictions and requirements set out in the undertaking