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Buy to let landlords see rents hitting new highs!

Financial pressures, employment uncertainty, double dip recession, the Eurozone crisis and the high cost of property deposits have been cited as reasons for the current high demand for PRS rental properties in the UK this year.

The financial difficulties faced by would be property buyers, trying to get mortgages in the current UK housing market, have driven private rented sector (PRS) rental prices to their highest ever observed level last month.

Property experts say the UK Buy-To-Let market is positively booming as people are struggling to raise deposits or meet tight criteria for borrowing set by mortgage lenders.

Although some lenders recently cut their rates, most of the mortgage deals are aimed at borrowers with large deposits or who are buying property with a large amount of equity and those borrowers with smaller deposits are expected to continue to struggle to find a deal in the current financial market.

Landlords are now able to maximise more profit than ever before from their buy to let property investments and now they can do so by looking after the best financial interests of their tenants.

Rent Guarantee insurance is among many of the specialist Landlord and Buy-To-Let insurance policies offered by Legal 4 Landlords, the UK’s leading specialist landlord services provider, who also offer tenant contents insurance.

The groundbreaking work done by the specialist landlord team from Warrington, has attracted so much demand it has meant that the company have had to move to larger premises and employ extra staff as well as successfully franchising part of the business.

Data from LSL Property Services revealed that the typical PRS rent in England and Wales has risen 1% to £725 (GBP) per calendar month in July 2012, up on the previous high of £720 recorded in October 2011.

The rate of rental inflation also rose, from 2.4% in June 2012 to 2.9% and London is seeing rents rise at an even higher rate, up 4.8% to a record £1,057 (GBP) per month in July 2012.

UK landlords should seek out the best products and services to be able to reap the financial rewards that the PRS currently has to offer and should take a look at the Legal 4 Landlords website.

Many people in the UK face long term renting because they cannot afford to buy a home of their own

Landlords Want Long Term Rental Tenants

In the UK long term property renting has become more of a necessity for those who cannot afford to buy a home of their own.
Millions of Britons have already resigned themselves to never owning their own home as they become more comfortable with the prospect of long term renting.

At the end of last year UK residential property rental prices reached the highest level ever recorded at an average £890 per month

This is good news for Private Rented Sector (PRS), landlords, as research from property portal FindaProperty found that

• 54% said that purchasing their own home was very important to them
• 38% said that owning a property is not critical
• 61% said they rent because they cannot afford to buy a home at all.
• 26% said they have no issue with the prospect of long term renting.
• 19%, of renters said they decided against buying a home because they could not afford to live in their desired area
• 11%, saying they choose to rent because of the flexibility it offers.
• 11% said they are waiting for the property market to stabilise before they consider buying.
• 6% have been put off buying because the type of house they could afford would be too small for their needs

For many people the decision to rent is less about finances and more about convenience.

It also found that more than half of the respondents currently renting don’t expect to buy a home until they are aged 40 or over.

Samantha Baden, property analyst at FindaProperty said: “A rented home doesn’t carry the same stigma as it used to. For many people, the decision to rent is based on the flexibility and convenience renting offers, and not necessarily because they can’t afford to buy. There’s no denying that home ownership is still a top priority for many people and for those looking to buy now could be a good time as mortgage rates and asking prices have both come down in recent years. However, there are still millions of people who don’t consider getting a foot on the property ladder as their ultimate aim. In these cases, renting a home can be the best choice for some people and allow them to live the lifestyle they want at a particular time of their lives.”

Landlords and letting agents can reap the benefits of the renting consumer trend by utilising the wide range of services offered to landlords and letting agents by Legal 4 Landlords including, insurance products specifically for landlords, Tenant Insurance, and Rent Guarantee Insurance.

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