Buy-to-let is back in the news at The Letting People!
Buy-to-let lending in the UK has just hit its highest level for nearly five years ...
It was announced last week, by the Council of Mortgage Lenders (CML),that 40,000 mortgages, worth £5.1bn, were advanced to buy-to-let investors in April, May and June, and this was the highest buy-to-let lending since the third quarter of 2008.
Caroline Kempster of The Letting People said “We knew something was happening in the last few months as we have been rushed off our feet with a new surge of property appraisals from buy-to-let landlords!
The other increased trend we have noticed is the new let-to-buy landlord who has been waiting to move for the last 2-3 years. These landlords now see an investment opportunity with renting out their current house or flat to fund moving to a new home.
Property investors and savvy landlords can really benefit from the strong tenant demand at present, and we can ensure that their property is ready to let quickly and at the highest rental possible. With just a few worthwhile improvements – such as new flooring, curtains, or fresh decoration – many tenants will appreciate the property being ‘ready-to-move-into’ and be prepared to pay some additional rent.
Furthermore, the Bank of England Governor’s “Forward Guidance” statement last week has created more stability for property investors with the interest rate expected to remain low until at least 2016.“
In addition to creating innovative letting solutions for local landlords, potential new business investors can also gain from the buy-to-let surge as The Letting People now operates on a franchise basis. Although a background in the property sector is desirable, the organisation looks for energetic, adaptable franchisees with good communication skills and a desire to learn.
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We of course want to renew as the house is lovely and we have found The Letting People to be very good letting agents. Mr R Leamington Spa tenant