Recent research by BVA/BDRC for the National Residential Landlords Associates, almost a third of private landlords with a buy to let mortgage face the prospect of significantly higher costs due to increasing interest rates. This is leading to continued increased rents as demand continues from tenants moving or relocating around Manchester.
Demand outstrips supply, fuelling rental price increases
Since 1st January 2023 we have received over 10,000 enquires for rental properties, just from Rightmove alone. Our stock levels at an all-time low due to over 50% of all tenants resigning in their existing property, in fact, rents for re-sign tenants and new tenants has increased by an average of 13% since the start of 2023.
As rents continue to increase our Director Rob Cuffe has some advice for our landlords. “With demand continuing to outstrip supply in Manchester, meaning that we are receiving multiple offers and in some cases over the asking price, as income isn’t increasing in line with rental increases we are seeing people offering rental figures that are above what they can afford and we are worried that this can cause a long term issue. Our referencing process is very stringent and we will ensure that affordability is a key factor in advising you on which tenant we feel suits your property the best”.
Savvy property investors are looking to buy properties at a discounted price
Our Investments team work with lots of investors who are looking seize the opportunity to acquire properties from landlords who are keen to sell up. We have always facilitated the sale of “off-market” properties at market value, due to them benefitting from having tenants in-situ and offering instant rental income to the new owners. The sales have always progressed quickly and would usually complete within 8-10 weeks. This is beneficial to our seller because they will receive the funds quickly, the tenants remain in their homes, and the new owner will receive instant rental income. Rob comment
For those investors looking to purchase Buy to Let properties, they should contact Neil Ryder on 0161 434 5009 or register their interest by completing our online form.
We offer support and advice for our landlords to maximise their return on investment
Building long-lasting relationships with our landlords is important to us. We have rigorous procedures in place to ensure that rent is received, properties are maintained to a good standard and inspections are conducted regularly. It’s not surprise that we have landlords that stay with us for over 10 years because we provide a service that saves them time and is focused on maximising their rental income.
Rental Guarantee is proving popular with landlords who want some additional protection against unpaid rents, check out this video from Chloe Hay and protect your income with our rent guarantee service.