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Hi Guys I saw this article on renting long term and wanted to share it with you all as it is something that Mike from MyPropertyPowerTeam and Legal 4 Landlords have posted about on here many times*, and now the rest of the UK is finally cottoning on….

The article got me thinking about the current state of the UK housing market and the shambolic state we now find ourselves in.

Continental-style renting ‘good news for landlords’

Long-term renting is now recognised as a perfectly acceptable alternative to buying a home – and British tenants are now thinking like continentals, an expert has said.

The Joseph Rowntree Foundation has predicted that 1.5m additional 18 to 30-year-olds are likely to be priced out of the sales market in the next eight years.

Dorian Gonsalves, chief executive of national lettings chain Belvoir, said: “A depressed residential property sales market, lack of mortgage facilities for first-time buyers and an inability to save for high deposits are all factors that are forcing a generation of Britons on to the long term rental market. Many of our offices are already reporting a trend for tenants to remain in rental properties for much longer than was previously seen. As a result of this, new tenants in some parts of the country are struggling to find good-quality accommodation. Long-term tenants are good news for landlords, who do not have to incur costs to re-let a property, and if the tenant is a good one, who pays their rent on time and looks after a property really well because they view it as a family home rather than transient accommodation, they are very valuable to the landlord. Long-term renting is now being recognised as a viable alternative to home ownership, which was probably not the case for previous generations in the UK, although it was certainly the case throughout Europe.”

Source: LandlordToday.co.uk

Having experience of renting abroad, where the practice is far more commonplace, the UK needs to gear the PRS up to provide quality rental properties for tenants, long and short term.

We still fall miserably short of the continental property offerings and expect tenants to be happy, as a nation I think we need to re-evaluate what we do with rental properties and need to ensure quality relationships with tenants are established and rents are affordable without state intervention, as standard.
But that’s just my opinion, what do you all think?

 

Spotlight values its contributors and want you to get involved

Spotlight values its contributors and we want more landlords to get involved

*Previous “Spotlight” articles on long term renting

UK HMO property expert Matthew Moody’s recent series of articles published by MyPropertyPowerTeam.co.uk have created quite a stir among UK landlords and investors.

The articles: Thinking of Investing in a High Cashflowing HMO? and Thinking of Investing in a High Cashflowing HMO Part2 reveal an insight into Matthew’s own property projects to maximise cashflow from a single property by turning it into a House of Multiple Occupation (HMO).

The first article deals with the most important aspect of all projects the “Planning”, working out what will work for the property and the area that it is in.

There is a lot of work that goes into the planning of a successful HMO and nothing should be left to chance.

Part 2 concentrates on getting the conversion work on the property done, from sourcing materials to choosing the tradesmen who will do the work to the day to day project management.

Matthew has also written the best selling “HMO Survival Guide” for those who want to get started with HMO’s, including why HMO’s are the perfect property investment, effective management and how to make significant profits from HMO’s.

Imagine month after month, having dozens of deposits in your bank account, with almost no chasing the rent and little tenant support—ever. What an easy way to earn a living that would be! If you’re serious about your property business in 2011 get this report right now and read it today

Buy the HMO Survival Guide by Matthew Moody for only £7 by following this link

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