calling all landlords - how r u finding the rental market

paintpot

Hi

I am a landord or should I say landlady :cool: and I also manage properties I have sourced and renovated for clients. I have 3 properties about to go up for let, all for clients - a young couple buying, a mum who has split up with her partner so needs to downsize and a client who was going to sell but the bottom dropped out of the market so is reletting as they have no real financial need to sell. No flats, all houses, 2 and 3 bed and "up North". I've never experienced any real voids. I price my/client's houses competively but have broken a few theresholds as I tend to offer above average properties. How are other landlords finding the market at the moment? Letting agents I have spoken to indicate the market is strong due to the depressed sales market but I want to know how fellow landlords are finding the market as I haven't had a house to let since the "credit crunch" struck but I have refurbed some flats recently and they went like hot cakes. I.e are your properties renting quickly, are you finding you have been able to increase the rent from what you were getting previously, if so by how much? I am just interested to hear about fellow landlord's experiences at the moment.

Please, I don't want this to turn into a political debate or to receive comments about all landlords/BTLers are mad/greedy, you should sell up now etc etc. I just want a friendly "chat" with other landlords about how they are finding the market at the moment with regard to renting out their properties.

barrymung

It's fairly steady "Dahn Sarf" but rents are the same or slightly lower than this time last year.

SouthCoast

Demand at the bottom end of the market here is strong from "outsiders" looking for amateur landlords.

They will not pay their rent and will do a runner when the summer is over.

paintpot

So what end of the market are you in Southcoast and how is the market fairing for you personally? Do you mean you are being out priced by amateur landlords and struggling to let or was that an observation?

SouthCoast wrote: »

Demand at the bottom end of the market here is strong from "outsiders" looking for amateur landlords.

They will not pay their rent and will do a runner when the summer is over.

owitemisermusa

!Blushing!

New to this but the LA says 'the market is strong', we've had lots of interest and it should be taken any minute' etc.

So far, waiting for the promised letting. Will give an update soon and be able to let you know how long it took to get a tenant etc....

Fingers crossed, no void........

clutton_2

in the three areas i invest in - local rents have gone up substantially since the LHA was set - this is good news for landlords who are willing to take on LHA tenants - as then both LL and tenant win more money each week - however - some areas have seen a reduction in rentals as a result of LHA. i never have to advertise as my current tenants always find me new mates Very quickly to take on any empty props i may have.

paintpot

Do you rent to LHA tenants Clutton and if so what are your experiences. I tend to avoid but have had two on the old HB, one is one about to leave and the other is current, both of which I have had positive experiences with. I do get alot of recommendations but the timing doesn't always work out.

clutton wrote: »

in the three areas i invest in - local rents have gone up substantially since the LHA was set - this is good news for landlords who are willing to take on LHA tenants - as then both LL and tenant win more money each week - however - some areas have seen a reduction in rentals as a result of LHA. i never have to advertise as my current tenants always find me new mates Very quickly to take on any empty props i may have.

owitemisermusa

paintpot wrote: »

Do you rent to LHA tenants Clutton and if so what are your experiences. I tend to avoid but have had two on the old HB, one is one about to leave and the other is current, both of which I have had positive experiences with. I do get alot of recommendations but the timing doesn't always work out.

Clutton, will be interested in your reply to above post. Thanks.

MissMoneypenny

clutton wrote: »

i never have to advertise as my current tenants always find me new mates Very quickly to take on any empty props i may have.

I thought it was you who said you looked at the house wanted adds and got your tenants that way? I remember thinking what a good idea it was.

PROFESSIONAL_LANDLORD

The area I operate in (central Scotland) is showing a high demand for most types of properties, LLs are not buying ,and keeping an eye on prices, so far most east europeans are staying put, local authority are also seeking to rent from private LLs, many FTBers are forced to rent rather than buy, given the stricter lending criteria.


Rents have increased around 5% in the last 6 months. I believe if current market conditions continue, the local authority will be forced to take on more property as homes are re-possessed.

jimc_2

I've been slagged-off for simply reporting what the 'stupid newspapers' are printing about these things, but here is a BBC report from yesterday that says that rents in some areas have increased by 50% in the year and are showing very strong demand.

One of the factors they point to is that fewer BTLs mean that very little new rental property is coming onto the market to satisfy the demand from people who have sold property and are holding off from buying in a dropping market.

This of course does not apply in the oversupply areas such as inner-city Leeds or Manchester where rentals are currently dropping. The market also distinguishes clearly between 1-2 bed 'pads' and the more sought-after 3-4 bed family houses.