It is well reported that the housing market is a little slower than the highs of previous years however if approached in the right way a seemingly tough market can present opportunity.
One area that is continuing to experience growth is rentals; in fact Rightmove research suggests that each available rental home is receiving an average of 25 enquiries, compared to 8 in 2019. Further the number of tenants looking to move has increased by more than 40% whilst the amount of available homes has decreased by 35%*, which continues to demonstrate the ongoing imbalance between supply and demand.
If your property has been on the market for some time, and letting is a viable option for you, perhaps now is the time to think about becoming a landlord. Increasingly we are seeing a number of our clients considering both sale and rent as an option; where they can look to accept either an outright buyer or a longer term income that can be reassessed at the end of a tenancy.
Renting your property could be a profitable endeavour. Rightmove further reports rents for new lets are up 10.5% over the year, but its important to know your home and the market to ensure it is a worthwhile venture. A way to begin determining this is to better understand the rental yield of the property both the gross, which is the amount it will make, and the net, which factors in the cost of maintaining. Once yield is assessed you can consider this alongside demand, future house prices and your personal circumstances.
Working with a lettings agent, such as ourselves, can also take away the hassle of organising and maintaining the property; from let only where we just handle finding the ideal tenant to fully managed where we will look after the entire process and tenancy.
Although considering these options is the only true place to start, it can present as a daunting prospect so if you’d be interested in a no obligation chat give me a call in our Ongar branch on 01277282222.
Written By Durden And Hunt Director James Hunt.
*Rightmove
