News
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We’re Desperate!
May 18th, 2010
If you’re considering letting your Durham house or flat, then now is a great time to do it. After a quiet winter, we have let so many properties in the last couple of months that we desperately need more houses and apartments as soon as possible.
Many clients are asking us what is happening. We’re not completely sure, but it seems to be a number of factors coming together, on both the supply and demand sides.
On the supply side, it remains very difficult for buy-to-let landlords to obtain mortgages. Only a few people have the resources to buy property with cash, so this mortgage famine puts a substantial brake on the lettings market. At the same time, the flow of so-called “involuntary landlords” has slowed down as people who need to move start believing that they may be able to sell. Lastly, some potential landlords look at the rules and regulations on lettings and decide that they can’t be bothered with them. This is an understandable position, but really doesn’t have to be an issue if you put your property in the hands of a competent letting agent; that’s what we’re here for!
The main factor on the demand side is that young people are increasingly postponing their first house purchase until their early thirties. This is partly because when buying they now have to put down a deposit of at least 10% and that takes time to save up. It’s also because they don’t fancy being tied down by a mortgage and value the flexibility that renting gives them. Either way, it means that there is a growing population of people with good jobs who would rather rent than buy.
So we have growing demand and limited supply. This means one thing for us: we need more Durham properties to put up for rent. If this is something you’re considering, then please give us a ring on . We’ll be delighted to give you a free rental appraisal of your property and provide any advice you need.
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