Lettings market strong beside slight dip

To say the lettings market is hot right now would be an understatement, stock is being let as fast as it arrives. There has been a huge increase to rental yields with some northern areas pushing 8.3% at their peaks as was shown in Fleet Mortgages’ report of England and Wales with comparisons made between Q2 2021 and Q2 2022.

Things are starting to balance now with the annual yield rates generally seeing a fall of 0.6% which compared to the rise is more an effect of the peak being reached and the new standard settling in.

COO of Fleet Mortgage, Steve Cox, highlighted that a lot of the positive factors are due to a strong tenant demand coupled with a low supply level. 

Fleet mortgage was also predicting that things would stay as they are for now, especially while the supply-demand imbalance still exists.

Something which has many landlords waiting before making any investment decisions is the end effect of the rise in cost of living, coupled with mortgages becoming more expensive. 

Meanwhile stocks will remain limited, rental prices will hold at their current rates and people will continue to speculate on the market.

 

Written by Toby Dawson

Valuations

We would be happy to value your property without obligation or charge. Our knowledgeable & experienced team will provide you with an honest & accurate market appraisal of your property based on market trends. We can also offer advice on current legislation and how best to present your property to prospective tenants & purchasers.

Specialist Marketing

Good marketing begins with appealing images, an accurate floorplan and an appropriate description with supporting information. In order to ensure full exposure, as well as on our own web site, we advertise on the major property portals, social media and other selected mediums. Once we have these solid foundations, our talented and experienced sales team takes over!.

Property Management

We offer a very polished and thorough management service. We are able to deal with all aspects of the day to day running of your tenancy on your behalf and are able to advise on contractual and legislative matters in what has become an increasingly complex contractual and legislative environment.

Project Management, Design & Build

We offer a complete service and are able to deal with all aspects of your refurbishment and/or build including; architectural services, planning applications, building control, general contractors, specialised contractors, finishes and management.

Fees

TENANT FEES - NEW ASSURED SHORTHOLD TENANCIES (AST's) SIGNED ON OR AFTER 1 JUNE 2019

Holding Deposit - One week's rent, apportioned to first month's rent

Security Deposit - Five weeks rent if rent per annum below £50,000, six weeks rent if above £50,000

Unpaid Rent - Interest at 3% above the Bank of England Base Rate. Interest will not be applied until the rent is 14 days in arrears.

Lost Keys -  Tenants are liable for the cost of replacing any lost keys and/or security device including the costs of replacing any locks and/or security device if required. 

Changes to the tenancy agreement (Tenant's Request) - £50 inc. VAT (or reasonable costs if higher). 

Early Surrender of tenancy (Tenant's Request) - Should a tenant require an early surrender of their tenancy and should the landlord agree, the tenant will remain liable for the rent due under the tenancy until the date a new tenant takes up occupation of the property. The tenant will be required to cover the landlord's costs in connection with the  surrender of the tenancy and the re-letting the property