Rental Market Outlook for 2013: Busy!

publication date: Feb 18, 2013
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Rental Market Outlook for 2013: Busy!

It’s likely to be a busy year for both landlords and tenants in 2013 and depending on whether you are a landlord or a tenant will make the difference to that being ‘good busy’ and ‘bad busy’!

Landlords

The outlook for 2013 will depend on where you are in the UK and the type of property you rent. For accidental landlords, it will probably be a good year as mortgage rates are likely to fall rather than rise and property prices may stabilise or even rise slightly. The start of 2013 looks like a slightly better market for buying and selling, so it may be that this is the year accidental landlords start to sell their rental properties.

For landlords buying to let for the long term, 2013 should be a good year. You should always look at whether there are better mortgage deals around and the ‘news on the block’ is rates may be much improved this year – you just need to watch the fees attached. Speak to a broker and see what deals you can do to reduce your costs in the short term, or to fix if they advise at a good rate which will cover you for when interest rates return back to their long term average since the millennium of around 5%.

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Maintenance wise, make sure you don’t stint this year, especially if your tenant is moving out. Don’t forget, tenants aren’t typically looking for a temporary place to rent; they want a nice home to move into. Poorly maintained properties are the biggest ‘put off’ for tenants. So you’ll either end up having to accept a lower rent or longer voids. Neither is a good idea from a landlord’s perspective!

If you are letting through an agent, make sure they are registered with a trade organisation such as NALS (National Approved Letting Scheme). Their members will keep your rent safe if they go bust and if you aren’t happy with their service you have an independent third party complaints procedure to go through. Remember, only about 1:4 letting agents protect your money properly, so make sure you are with one that does!

Are you looking to let a property? Then sign up for free to Property Checklists for free to download our ‘How to choose a letting agent’ checklist’ and receive a free copy of Property Investor News Magazine!


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