But after a slow start to the year, February started on a more positive note with a couple of lets agreed on the first day of the new month.
I was chatting to one of our long-term landlords a week or so ago and found myself, (like many of you I suspect) moaning about the general lack of activity during January, which always coincides with paying off Christmas debt, bills, insurances and the unexpected annual expenses that you always forget about! Ranting on, I explained that inquiries were lacking both from our own website and the major property property portals. Response from the boards we have outside available property yielded little response also. When I asked him what more I could do, he said nothing. “It is just business”, he continued. “Look back on previous years” he said.
Looking back, he was right. Maybe I’m turning into a grumpier old man with each year that passes?
Business will equal out over the coming year, it always does. I still think there may be slight changes afoot, though.
Buy-to-let investors, already battling a swathe of tax increases and tougher mortgage rules must now survive a weakening rental market, whilst we are still doing business and receiving recommendations based on our service and reputation, I have noticed, over the last few months, that it is taking a bit longer to agree lets and price reductions are sometimes needed to entice new tenants. This prediction of a weakening market follows the introduction of higher stamp duty for landlords in 2016 and the reduction in mortgage interest relief applying from April this year. As of April 2016 buy-to-let properties and second homes incurred an extra Three percent stamp duty. At the same time, some lenders have tightened up their criteria too.
We are here to offer you honest, impartial advice and in light of the above, it is important you receive service from an experienced team.
A correct and accurate Valuation is a must in the first instance if one is to avoid having a property sitting around on the market for too long. To get this right, obtain the correct information from new tenants and following strict referencing procedures are just the basics you should expect from your Letting Agent.
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