Rental bonanza is unprecedented says local lettings agency
With demand outstripping supply, rents are currently at an all-time high – and they are likely to stay that way for some time to come.
What we are experiencing is unprecedented. In the last few months, we have seen a soaring demand for rental properties - from one bedroom flats to family homes - and rents are continuing to rise rapidly.
We believe demand for rental properties will continue to surge due to a number of national factors.
The average age of a first time buyer is now 37 and with restrictions on mortgage lending this is unlikely to change.
Student debt is also on the rise which will make buying a property out of the question for many people and we also believe that the public sector cuts will have a huge impact.
Across the board, people are more and more reluctant to commit to buying and want to remain in rented accommodation long-term.
Whilst the boom is good news for landlords who can expect greater returns on their investment, it is not such good news for tenants who are having to fight harder to secure properties.
In this market, the best piece of advice for anyone considering either renting or letting out a property is to research every aspect. Both landlords and tenants should obtain advice from reputable licensed letting agents who can guide them every step of the way.
Labels: Darlows, Felicity J Lord, first time buyers, haart, Haybrook, letting agencies, letting agent, lettings agencies, Spicer McColl, Spicerhaart
New stamp duty threshold is of national significance
The scrapping of stamp duty for first-time buyers who pay less than £250,000 for a property is set to strengthen the market.
First-time buyers are the lifeblood of the industry and the new stamp duty threshold will substantially increase the number coming onto the property market.
Already we have taken more enquiries from first-time buyers looking to get a foot on the property ladder. Although the average first-time buyer still needs a decent deposit before they can purchase a property, the fact that they no longer also have to save up one percent of the purchase price means that there will be many more properties available to them.
This new measure is of national significance and is good news for the industry and economy in general. It will particularly help those first-time buyers in London and the South East where property prices are generally much higher.
However large numbers of would-be first-time buyers are still being frozen out of the property market because they are unable to secure a deposit. We strongly believe the government should either help decrease the amount of deposit required or assist first-time buyers with securing funding through the Government-owned lending institutions.
Labels: estate agency, estate agent, estate agents, first time buyers, haart, housing market, properties, property market, property prices, Spicer McColl, Spicerhaart, stamp duty
Perfect opportunity for first-time buyers to make their move
Now is the ideal time for first-time buyers to take the plunge and get their foot on the property ladder.
For a long time first-time buyers have struggled to get their foot on even the lowest rung of the property ladder, but now the tide has turned, and it is a great time for them to seriously consider buying a property.
There are some fantastic new mortgage products available at the moment specifically aimed at first-time buyers, property prices are much more realistic and the stamp duty threshold will remain low until Christmas.
It is important that first-time buyers thoroughly evaluate the amount of money they have available to put towards a property,research mortgage deals and familiarise themselves with the different types of loans available. They should also consider the type of property they require and what area they wish to live in.
We are certainly seeing more first-time buyers and are always happy to advise them on the best way forward.
Asking prices are significantly reduced, there are some excellent mortgage deals around and interest rates are low all of which are encouraging first time buyers.
Buying a first home is one of the most important steps anyone will ever take and now is a great time to take that step.
Labels: estate agency, estate agent, estate agents, first time buyers, FTBs, stamp duty
