Letting Agents Leeds

If you’re considering becoming a landlord, here’s some useful information on why you should become a landlord.

According to a recent PWC report, the rental sector in the UK has grown rapidly in recent years. In fact, it more than doubled between 2003 and 2015. In 2015, the private rental market accounted for 20% of households, and PWC predicted it would be 25% by 2025. The rise in property rentals is prevalent in the 20-39 age group where it jumped from 20% in 2000 to 50% in 2015. It’s due to steeply rising house prices in the early 2000s, low availability of social housing, and changes in mortgage lending. Since the financial crisis in 2008 there has been a tightening up of credit conditions for mortgage lending. First time buyers have also been affected by mortgage lenders withdrawing higher loan-to-value mortgages which means required deposits have increased.

As a result, private renting is becoming the new norm for households, particularly in those younger generations.

Private rental prices In England grew by 1.5% in the 12 months to November 2018 (excluding London).

Since the popularity of sites such as Airbnb has grown, there has been less supply of housing available to long-term tenants so you’re very unlikely to have an empty property. That’s another reason for getting in on the private rented sector act – a practically guaranteed passive revenue stream. However, you might not want the work involved with being a landlord, which is where using managed lettings in Leeds can help.

Furthermore, private renting is also seen as a way of protecting your assets. With savings rates having been at all time lows for the last few years, investing in the private rental sector is also a means of achieving significant growth of your capital through house price increases.

With ‘Generation Rent’ on the rise, and a year-on-year increasing returns, many people are seizing the opportunity to become a landlord.

So if you’re interested in becoming a landlord in Leeds, a managed lettings service is recommended at first to take the stress and strain off your shoulders. Lemon Lettings will advise you on the process from start to finish. We take care of the legal side of things, giving you peace of mind. And we carry out all communications and dealings with your tenants, leaving you free to just enjoy your rental income. And with only a 8% fee, you’ll have more rental income with Lemon Lettings than we other managed lettings in Leeds.

Need to know more? Get in touch for free advice on letting your property.