To keep up with rising costs, many landlords feel that they are faced with very few options: raise the rent, or remove the property from the ever decreasing private rental market.
Reports from ARLA PropertyMark have shown that 74% of lettings agencies have seen month-on-month rental increases, despite the reluctance expressed from landlords.
Buy-to-Let and Investment Specialist, Kyle Dickson, said: “We are seeing a perfect storm of increased demand and lower supply, with many Newcastle students and tenants competing for homes, particularly larger stock and HMOs.
“This is leading to record rental increases, however, this shouldn’t be a cause for concern as when letting to students, tenancies usually last for 12 months so anyincremental changes scan be made during the changeover period in line with market expectations.”
After years of changes in tax and legislation that have made letting property increasingly difficult, many buy-to-let landlords feel under siege, and worry that they may need to sell up.
Investment Director, Richard Ponton, said: “As members of ARLA and Property Mark, we are made well aware of any potential legislative changes well in advance and are able to make any transitions smooth for our landlords.
“Added to this, we’re actually finding that the current market in Newcastle makes it an exciting time for landlords to expand their investment portfolios, particularly in student housing.”
Seekers specialise in residential lettings for students, professionals and families in and around the Newcastle area, and those wanting to invest, buy, sell or develop property anywhere in the North East.
The Lettings and Estate Agent provides landlord property management services in Newcastle upon Tyne and surrounding areas, including let only, full property management and facilities management services.
For more information, or if you would like to discuss renting or investing with us, call 0191 243 1000, or visit our Percy Street Office.