At Just Lets Peterborough, we take great pride in assisting landlords manage their rental property and liaise with tenants. We know it has been a challenging time for everyone, so we are pleased to hear many landlords are keen to invest more time and money in their rental activities.
Information contained within the National Landlord Index, which is published by Accommodation.co.uk, spoke to UK landlords and found that 18.5% of respondents say they plan to expand their rental property portfolio. This is despite more than half of the respondents suffering a loss in profits in the past few months.
There is no denying the heightened level of activity in the housing market, partially fuelled by the stamp duty holiday, has caused further challenges to landlords. When you consider the impact of the pandemic and lockdowns already placed many landlords under pressure, it has been a trying time.
There will be good opportunities for landlords
However, with the housing market settling, it appears as though demand for rental property is on the rise, which is always a positive sign for landlords. Also, with a dip in sales expected in the property market, any landlord looking to expand their rental property portfolio will find there is less competition.
When demand falls, it is likely that prices will at least level out, and they might even fall. Therefore, landlords should be prepared to make an offer on suitable property if they intend to expand their rental property portfolio.
We know the Peterborough rental and property market very well
At Just Lets, we know the Peterborough rental market well, and we look forward to assisting landlords at every step of the way. This includes selecting the best area to invest in property, and how to reach tenants in this area.
As of the end of September 2021, Rightmove states house prices in Peterborough are as follows:
“Properties in Peterborough had an overall average price of £229,124 over the last year.
The majority of sales in Peterborough during the last year were detached properties, selling for an average price of £326,745. Semi-detached properties sold for an average of £204,540, with terraced properties fetching £169,293.
Overall, sold prices in Peterborough over the last year were 7% up on the previous year and 16% up on the 2018 peak of £197,156.”
Aaron Short, Founder and CEO at Accommodation.co.uk, comments: “It is vital we understand the current and future needs of both tenants and landlords across the letting market and this is why the National Landlord Index is so important. It is so encouraging to see so many landlords expanding their portfolios and continuing to invest in the property market.”
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at firstname.lastname@example.org or call us today on 01733 346255.