Every landlord knows that there is an element of risk involved when letting a property to people that are effectively strangers. No matter how long you have been a landlord or how many properties you own, this factor never changes. The obvious concerns are the upkeep of the property, accidental or deliberate damage, and failure to pay rent on time.
Many landlords also have concerns about void periods, when their properties are standing empty. The central aim for a landlord is to secure an income, but this becomes difficult when a property spends a significant amount of time without a tenant. However, the news is good for landlords who are worried about this.
Reports show that the average amount of time private sector properties are spending without a tenant are at historic lows. More than 50% of landlords have reported rising tenant demand throughout the third quarter of 2015, and 40% have said that demand is either “booming” or “growing”.
89% of landlords are now expecting the demand from tenants to remain stable or rise over the next year. Average yields have grown from 6.3% t0 6.4% over the last three months, and this is in line with the steady and uninterrupted growth throughout the year. Those landlords and investors that intend to purchase further properties is up from 16.8% to 18.4%, which is a clear indicator of the overall confidence in the market.
The all-time low amount of void periods for London properties is a result of the fact that more and more people are preferring to live in rented properties. Landlords are investing in traditional family housing in order to meet the demands of families of all sizes looking for suitable and long-term housing.
We offer guaranteed rent schemes which are ideal for landlords who want to secure themselves even further against the possibility of void periods. Participation in our scheme ensures all legal obligations are met, properties are inspected and looked after and that you’ll still receive rent even in the event of a void period. If you are looking for long-term property or block management in Harrow or any other area of London, complete with a guaranteed regular monthly income, we can deliver a high quality service.