Property experts reveal rise in buy-to-let
A local firm of leading property specialists point to two recent announcements as evidence of good news for the buy-to-let market in Shropshire.
Shropshire-based lettings and block management agents Nock Deighton believe that the outlook across the county mirrors new figures released, which reveal a steady increase in tenant demand.
The latest Royal Institution of Chartered Surveyors (RICS) Residential Lettings Survey found that 42% of surveyors reported rents were up in the three months to April, whilst 35% also reported an increase in tenant demand – the highest level for more than two years.
“We’ve seen a continued growth in the number of new investor-landlords we’ve been dealing with over the past few months,” Dawn Clarke, Director for Nock Deighton, and Head of Lettings and Property Management for the firm, revealed. “Not only are many taking advantage of the relatively low and stable interest rates, but also the shortage in supply of available properties throughout Shropshire needed to meet the continued demand for high-quality houses.”
In another boost for the buy-to-let sector, the average void period – the amount of time where a property is left without a tenant – has dropped to its lowest level in more than two years and fallen for three consecutive quarters. Research for the first quarter of 2011 by Paragon Mortgages revealed that average void periods across the private rented sector stood at just 2.8 weeks per year, a steady decline from the high of 3.5 weeks posted in the second quarter of 2010.
“This can be attributed to the growing number of potential house-hunters who are choosing to rent, rather than buy outright, at this current period of time,” Dawn concluded.
Formed in 1831, Nock Deighton is one of the Midlands’ most well-established and respected firms of estate agents, lettings agents, chartered surveyors, block management agents, and auctioneers. The company stands at the forefront of the modern property sector by embracing up-to-the-minute technology and industry best practice, and has a firm focus on achieving the very best results through a full range of specialist property-related services and dedicated staff.
