September saw record numbers of lets, which was good news for Landlords. October has been very good. Rent arrears have started to fall across the UK which is a good sign in the right direction as this rose by 55% nationally.
A recent ARLA research showed an increase of rental properties coming onto the market because they can’t be sold, this is a sign of ‘Reluctant Landlords’ coming back to the market.
The cap on Housing Benefit on higher rents (which will affect London mainly) will see tenants looking for cheaper rents and looking to move into the outer regions.
However a wise word to Landlords whose properties are currently vacant.
If you have a property due to come up for rent or is currently empty, you could be in danger of this remaining empty into the New Year. This time of year is known for slowing down as we enter December and into the Christmas period. You may need to look at reducing your rental price slightly to attract those looking around. This time of year tenants can bag a bargain. Two months loss of rent due to a property being empty will take along time to recoup. Where as renting at a lower price not only continues to bring in an income, but is also healthy for the property to be lived in over the next cold and wet months.
Please also remember that if your property is empty for more than 30 days, you should be notifying your Insurance Company. Heating should be left on low to maintain an even temperature.
If you do have an empty property or would like a free friendly chat regarding your current situation, please telephone Move On Rentals 01202 711169.
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