I saw this article on the BBC website which talks about the
numbers of rental properties coming onto the market dramatically increasing
after the surge of landlords buying property in March this year. This was due
to the rush of sales completing before the new Stamp Duty Tax came into play
affecting people purchasing a second property from the 1st April
2016.
The article goes onto point out the increasing numbers of properties
being listed to let in certain areas, in some areas an increase of 82%!
It also
comments that this could lead to rents reducing as the rental market is flooded
with property to let.
I was quite surprised to read this opinion on a BBC news
site as it is so different to what we are seeing on the ground in Melton
Mowbray. We have seen an increase in
rental properties available but these have been quickly snapped up by tenants
making May the busiest month of the year so far for us. We have now half the available rental stock
for June than we would expect to see as everything that becomes available to
let is quickly snapped up.
Rents are still on the increase which is purely due to the
continued high level of demand in the town and why it is so important to get
local advice if you are considering buying an investment property. We have a large number of tenants registered
with us, many of them looking for long term family properties.
Despite the New Stamp Duty on buy to let properties we have
many investors looking to purchase property in an around Melton and coming to
me for advice on the rental returns.
I think people will always prefer to have bricks and mortar
as part of their investment strategy and the long term gains are there for all
to see. A town like Melton Mowbray – with its’ good
schools and access to many major cities for employment will always create a
demand from professionals looking to rent a property.
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