Stockport Landlords: Be Aware of Changing Buy To Let Dynamics
To the outsider, the rental market is looking for very attractive for landlords. A recent study suggests that a growing number of people are considering becoming landlords this year and with a prominent level of demand for rental accommodation and rising rental fees, it is natural that many think that landlords are doing well. Of course, there will be many landlords who will tell people that this isn’t the case and a new report warns landlords that the changing dynamics of the buy to let market may be in place for a few years to come.
The report has been produced by Shawbrook Bank. It highlights the fact that although the buy to let market is likely to be back on schedule by 2021, the next few years will pose several challenges for landlords to overcome.
Stockport has a lot to offer the buy to let market
An issue that will be illuminating for many people, although perhaps not landlords in Stockport, is that London is no longer considered to be the epicentre of property investment in the UK. There will always be investors who are drawn to buying property in the capital. This may be the convenient place for them to own property or they may think that there is a kudos attached to life in the capital. It is not as if the London rental market is going to collapse with the findings of this report, but it could persuade some people to head further north.
We’ve worked closely with many landlords in Stockport, and the town is an excellent destination for investors, tenants and owner-occupiers. It is well connected to Manchester and London, but the nature of the town is welcoming, with many examples of modern community that people crave. With a lot of development work taking place in Stockport, the nature of the town is changing but with craft bars, food markets and many other examples of gentrification occurring in the area, it would be fair to say that Stockport has a great deal to offer and of course, when you compare the prices for rent or to buy with those in London, it is night and day.
Demand for rental property remains
The report also states a belief that the number of private landlords will increase in the next few years. Even though there are many Government initiatives to help first-time buyers step on to the property ladder, many people still find themselves priced out of the property market. This means that the demand for rental accommodation will remain and it is likely that this presents an opportunity that many people will hold an interest in.
Whether you are a landlord in Stockport looking for support in meeting the needs of your tenants or you want to become a Stockport landlord, come and speak with Peter Anthony and we will be more than happy to assist you. The buy to let market is changing, but it still has a lot to offer.