A nationwide property services group predicts a high surge of investment in the private rental sector this year as rising house prices will cause a higher demand from new tenants.
From July to December last year 2,195 landlords took part in a poll and over 40% said that they had all experienced higher tenant demand and only just over 6% reported a fall. The market demand was the main determining factor in the series of rent increases that occurred last year. 58% of landlords forecast that new tenants will drastically increase in 2014 and those who expected it to fall was just 10%.
It is estimated that nearly one in five landlords will increase their property portfolios this year and in 2013, 16% of landlords had already increased their amount of properties.
"Demand for rented accommodation is strong, exemplified by the fact that the number of lettings, new viewings and applicants are all rising. There are strong foundations for prosperity in the rental sector, fuelled by increased economic optimism and future job creation. Against the backdrop of growing economic stability, more confidence is driving people forward in search of the attractive deals on offer across the buy-to-let mortgage market, which will allow them to benefit from the attractive returns.”
“Filling the chasm between supply and demand is also reliant on the rising number of buy-to-let investors accessing the affordable mortgages required, thus allowing them to further widen the pool of rental accommodation on offer.”
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
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