Investors urged to consult letting agents
News Category: Marketing
Published: 19-Jan-2009
This article was brought to you by Rentman the premium rent management software.
Landlords should contact letting agents to find out which properties are renting well amid rising competition in the residential lettings sector, it has been suggested.
The latest Rightmove house price index - published today - found that property available to rent has increased by about 37 per cent since May last year, as frustrated sellers switch to renting rather than selling up at knock-down prices.
It comes after figures from the Association of Residential Letting Agents last month reported that the average value of houses in the rental market fell by 8.3 per cent last year.
Miles Shipside, commercial director at estate agents Rightmove, commented that the lettings market is starting to experience oversupply.
On investors consulting letting agents and researching their local markets, he added: "The ideal investment at the moment would be properties that return close to ten per cent, so that if rents or capital values fall a bit further and take some years to recover, the investment still stacks up financially."
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