We have been very busy acting for would-be-buying clients who are turning to the rental market as a short or medium term alternative to buying.
With high transaction costs (see our comment above), and minimal capital growth forecast for the next 2 – 3 years, we are advising our buying clients to buy for a minimum of 5 years in the current market.
Many of our clients do not have such long term visibility on their property requirements and are therefore choosing to rent in the interim.
There is significant demand for rental properties especially in the £5,000 – £10,000 per week (c. £22,000 – £43,000 pcm) price range and we have seen properties going under offer very quickly for the best properties in this price bracket.
Unusually we have seen some immaculate, developer refurbished properties coming to the rental market where the developer has chosen to rent out the property rather than sell in the current softer sales market. It is quite unusual for these types of properties to be available to tenants and there is high demand and competition amongst would-be-buyers for this level of specification.
We have secured some rental properties for rental clients where we have persuaded a seller or developer to consider renting out their property rather than selling.
If you are looking for a rental property, we provide a Rental Search Service and would be delighted to discuss your requirements.
Equally, if you are looking to rent out your property, we provide a Full Management service for landlords.