Despite the fact that the lettings market is booming, according to Managing Director of haart Residential Lettings, Andrew Berry, many landlords are unrealistic about the rents they can expect to achieve which means that their properties are staying empty for longer.
Andrew said: “There are more and more desirable rental properties coming on to the market at the moment which means that there is a bigger choice for tenants and competition is becoming tougher. It is therefore very important that the rents landlords demand are competitive and realistic and we are always happy to advise them on what rental income they can expect to achieve.”
He added that landlords also need to view their property investment in terms of long-term capital growth rather than something which will yield high returns immediately. Said Andrew: “As property prices continue to fall, buy-to-let investors shouldn’t panic as they need to be aware that property is very much a long-term investment. Looking to cover mortgage payments on a buy-to-let property is no longer enough, rather investors need to think of their property much in the same way as they would a stocks and shares portfolio and be prepared to invest as much as they can for long-term gain.
haart, is part of Spicerhaart Residential Lettings which includes Felicity J. Lord, Darlows and Haybrook and is a bonded member of the Association of Residential Lettings Agents (ARLA).