During 2009, rents around the Peterborough area fell by 10-15% as extra properties to rent came onto the market from frustrated sellers. This allowed tenants for the first time in some years to ‘pick and choose’ the properties they wanted to rent – and negotiate hard on the price!
2010 however looks like it’ll be a very different picture according to Belvoir! Peterborough owner and award winning letting agent Terry Lucking. “We have seen a lot of the excess rental stock disappear over the last few months and tenants have to compete for properties again. Undoubtedly this will push up rental prices, especially in popular areas by as much as 5-10% in 2010.”
The long term prospect is even tougher for tenants. Despite falls in property prices, the need for deposits up to 25% has meant many people still can’t afford to buy, which is why people renting now dramatically exceeds the number of people buying. And with Opportunity Peterborough predicting a population increase of over 20,000 in the coming years, competition for good quality rented property is only likely to increase, and if supply doesn’t so will rents!
To help increase the supply of quality rented property in the Peterborough area, Terry is running the first Peterborough Buy to Let Conference on Thursday 25th February 2010 and has put together great contributors, including Steve Bowyer, Strategic Director of Opportunity Peterborough; Kate Faulkner, Property Expert and author of Which? Essential Property Guides and Andrew Chatterton, a finance expert from St James’s Place.
“My aim with running this event is to ensure landlords and investors understand the amazing opportunities that Peterborough offers so we can provide more good quality rental properties to tenants. Despite the economic downturn and credit crunch, there are still thousands of landlords keen to invest and let good quality properties – and we need them!”
BOOK YOUR FREE SPACE NOW: firstname.lastname@example.org or call 01733 286939
About the Peterborough Maximising Buy to Let Conference http://www.buytoletinpeterborough.co.uk/
The conference is organised and funded by Belvoir! Peterborough to help promote the region to new and existing landlords. The seminar format is a series of short presentations followed by Q&A discussions with property experts. There are two sessions, one from 1pm to 4pm and another from 6pm to 9pm.
About Terry Lucking
Terry is an award winning letting agent who is consistently voted the top performing agent of the Belvoir! Group and in 2007 received the coveted award of Franchisee of the Year 2007, voted by the British Franchise Association.
Terry is always keen to take part in business networks and volunteers his spare time to support franchising and is currently setting up the first National Landlord Association in the Peterborough area.
Belvoir! Peterborough and Corby expands into Cambridge
Belvoir! is one of the UK’s biggest franchised letting networks across the UK with over 140 offices, all of whom are members of the government backed National Approved Lettings Scheme. Terry Lucking, one of the group’s leading agents took over the Belvoir! Cambridge office in January 2010.