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.
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