At HoldenCopley, we help landlords make an informed decision. We know 2020 has been one of the most challenging years for the rental sector, and some landlords are concerned that 2021 will follow in a similar pattern.
If you are looking for assistance, we are here to help. We are pleased to say we have helped many landlords make an informed decision as to what they should do next in the rental market. Please contact us to arrange an appointment, and we will be happy to help you.
Some landlords are considering exiting the rental sector
If you are contemplating leaving the rental market, you are not alone. Information provided by the National Residential Landlords Association (NRLA) offers insight into what landlords think about the current market:
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30% of private sector landlords have expressed their intention to sell at least one property in the next 12 months
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16% of landlords expect to but at least one property in the next 12 months
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35% of buy-to-let investors say they have experienced greater demand from tenants in the most recent three months
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Close to 66% of landlords say their rental business has been negatively impacted by the COVID-19 pandemic
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18% of landlords say the pandemic had a significantly negative impact on rental property
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The NRLA estimates private sector rent arrears in England, relating to COVID-19, stands at £437m
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The NRLA believes while rental demand is greater, the increase in rent arrears and other rising costs has left many landlords considering their position
There is still strong demand in the rental market
However, while it is understandable some landlords are looking to leave the rental market, there is still strong demand for rental property. If you are keen to remain in the rental industry, we are on hand to assist you as best we can.
The level of demand for rental property has been shown in research conducted by Paragon Bank. They spoke to more than 700 landlords, with help from BVA BDRC, and found 29% of landlords said they had experienced increase tenant demand in the three months leading to the end of September 2020.
Richard Rowntree, Paragon Bank Managing Director of Mortgages, said: “The record levels of tenant demand we saw being reported by the likes of Rightmove and Zoopla when the housing market reopened in May has started to feed through to landlords as tenants reassess where and how they want to live.”
Richard also said; “Central London is clearly seeing the impact of Airbnb style landlords moving property into long-term lettings, as well as a desire for larger properties. Outside of London, demand is buoyant from the East of England, where 27% of landlords are reporting growth in demand, to the North East and South West, where nearly half of respondents are telling us they are seeing positive growth.”
Richard concluded by saying; “We expect this to continue for the foreseeable future and there’s a number of factors we’re seeing at play. For example, there’s been growth in homeowners taking advantage of strong prices and selling to move into rented, people are looking to secure a new home ahead of entering a potential second lockdown, whilst students left it late to secure property for the new academic year.”
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.