With 2015 well underway there is a real sense of optimism at Philip James Lettings in Didsbury Village. New Business Manager Angie Christie has seen peaks and troughs over recent years but believes now really is the time for those looking to invest in rental properties to achieve a significant return on their investment outlay.
Following a substantial improvement in local property prices and a continued high level of sales, the number of private landlords embarking on buy-to-let ventures has also soared with rent prices increasing, particularly in South Manchester, where demand outstrips supply.
Angie said: “Over the last quarter Philip James Lettings has seen an increase in rental prices of 2.7 per cent. This means that we need to adapt with the economic climate and as such are taking a proactive stance regarding our remarketing of properties. In this way we can ensure our landlords are achieving the market value rent they are due.
“When we are looking at renewals of tenancies we concentrate primarily on what has recently let in the area to be sure our landlord is aiming for optimum market value. Our research has also shown that there is an average turnaround of 10 days between tenancies; this means reduced void periods, a factor extremely relevant for potential rental investors.”
With radical changes to the pension world predicted for April of this year, one of the major differences being that savers will have more freedom to do as much or as little as they want with their pension, the effect on the property market will become hugely apparent.
Angie said: “The pension changes proposed for 2015 should free up plenty of money and we predict a significant amount of this will hit the property market, whether owner-occupied or rental.
“Many existing landlords will be taking advantage of this to pay off their mortgages, refurbish their properties and buy more property. It will also mean new players to the market as it becomes ever more clear that investing in property makes sense as a nest egg for the future. At Philip James we urge potential buy-to-let investors to think very hard about this new opportunity.
“The first step is just to contact our independent finance team and take a look at the buy-to-let mortgage options available. There are some superb deals and we also have a Buyers’ Club for potential investors to keep them up-to-date with the current position of the market and what lies ahead.”
