Tag Archives: Current Property Market

Its never been a better to time to invest in a buy to let in Kent

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The current economic climate is seeing more people deciding to rent and we are receiving enquiries from a wide range of tenants looking for anything from a studio flat to a 6 bedroom country home, says Caroline Sugden, Lettings Manager at FoxWood Maclean Ltd.

People are deciding to rent for many reasons but we are seeing an increase in people selling their home and to avoid losing their buyers choosing to rent whilst they find a new home to buy.  Renting makes good sense as they will be ready to move quickly when their perfect home comes along.

Moving from London has never been so appealing for families looking to relocate to Edenbridge and the surrounding areas.  Prices in London are now 89% higher than the average for the rest of the UK, so tenants get real value for money when moving away. In the Edenbridge area, we have access to excellent schools and it’s only 40 minutes by train to London Bridge. For that much rental savings, the railcard doesn’t seem so expensive!

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A one bedroomed studio in London (£1950pcm)......

With the rental market continuing to grow, void periods falling to their lowest in over a year and rental arrears being at their lowest since March 2010 it’s a great time to invest in buy to let.

......or a six bedroomed detached house near Tonbridge (£2000pcm)? We know what we'd prefer!

At a time when demand far outstrips supply we are always looking for properties to rent.  Whether you are a landlord looking to expand your portfolio, or you are considering investing in the buy to let market for the first time we can help.  Our experienced staff in both sales and lettings can assist by offering free impartial advice on the best investments for rental return.

Decrease in void periods and arrears boosts lettings industry

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The National Landlords Association has recently released data which suggests that void periods and arrears on rental properties have fallen considerably in the last year, void periods by 13% and arrears by 9% – full results here.

This represents a real increase in the quality of tenants as more and more people move into rented accommodation who would not otherwise have considered it – perhaps the ‘Emergent Service Workers’ as mentioned in the Great British Class Survey?

What we at FoxWood Maclean have seen is an increase in the number of people interested in renting from all walks of life, which means that there is more competition for each property. This in turn gives a landlord more choice over their tenants, and also tends to lead to shorter void periods as properties let faster and faster in many cases.

So, at one of the busiest times for the lettings industry in recent years, with no sign of any decrease in popularity of renting your home, is this the time to move into rental, whether as a landlord or a tenant?

“We are seeing an enormous influx in enquiries for rental properties – particularly for family homes. People can look to rent for many reasons, be it relocation, being unable to find a home to buy, or as a lifestyle choice” says Andrew Stafford, Lettings Negotiator at FoxWood Maclean. “It is becoming a much more popular decision, rather than a last resort as it may have been in the past – the stigma has gone and we seem to be moving towards a much more European opinion towards rental”.

The increase in demand for rental properties not only benefits the landlords by offering them a better selection of tenants, but it benefits the tenants by forcing landlords to improve their properties and offer competitive rents as more and more properties hit the market.

Overall, with confidence increasing in the sector, and the quality of tenants, landlords and agents being forced to improve due to increased competition, as well as growing attention from government and media pushing us on, it seems that the industry can only continue to grow and improve.

Peter Harden’s market spotlight – prices on the rise?

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Research out this month claims that UK property prices are at their highest levels since February 2008 – or put another way, since before the economic crisis, says Peter Harden of FoxWood Maclean.

Vendors therefore need to carefully assess their options: Rightmove reported recently that almost half the properties that came to market last year remain unsold, and sellers should be careful not to be seduced by overly ambitious asking prices.

Peter Harden

Peter Harden says property prices are going up - but don't hold out too long to sell yours!

One recent cautionary tale involved a vendor who increased his asking price by five figures the next day after a national report said that home town was a good place to live! The good news is that across the UK, estate agents are reporting quick sales, sometimes measured in weeks and even days, for attractively priced properties brought to market by motivated sellers.

Another point for consideration is how the buyer behaves. National research has suggested that two in five applicants will not view a property if they feel that it is over-priced, even if it ticks all their boxes; and only 20% would consider making a ‘cheeky offer’ to test the vendor’s flexibility.

Prices on the rise?

Yet almost one third of buyers decide on a particular property on the first visit, and 40% of these before they get past the hallway. So ‘Intelligent pricing’ drives viewings, which are the foundation of a quick, successful sale.

Your next dream house, currently on at an affordable price, won’t wait forever.  The market is currently upbeat and moving forward, but don’t leave it too long to make your move.