After many months of a sellers’ market, anyone trying to sell a property now will be aware that the sales market has slowed considerably, with buyers reluctant to pay full asking prices and many waiting to see what will happen to house prices and interest rates. Unless sellers are willing to drop their asking prices, they could be stuck for some time trying to get a sale.
But, according to one of the UK’s largest independently owned letting specialists, Leaders, there is another option – one that could not only enable you to move home when you are ready, but will also provide an income and allow you to delay your sale until a more favourable sales market. That option is letting.
“Demand for rental property is stronger than ever, with more young people and families choosing to rent,” says Leaders’ managing director, Paul Weller. “Rental demand has increased for a number of reasons: it is more affordable and flexible; there are more people moving around for work; and more immigrants.
“We are seeing exceptionally strong demand for all types of properties in all the areas we cover – from studio flats to large family houses – with available properties renting very quickly and many tenants wanting to extend their tenancies indefinitely.”
With winter underway and sales slowing, Leaders see letting as the ideal option for homeowners struggling to sell. The property can be let for six months until the spring – or longer if it suits – until the sales market improves, and in the meantime provide a useful income.
This applies equally to landlords trying to sell an investment property. An empty property is a waste of potential income and it is always preferable to have it occupied during the winter months. Leaders have recently seen a number of landlords decide to re-let their property after several months sitting empty on the sales market; in each case the property was let within a few days.
Says Weller: “The option of letting your property until you are able to sell works well, even for people who need mortgages. A number of mortgage lenders offer ‘Let To Buy’ mortgages, an alternative to the well-known ‘Buy To Let’ option, which allows you to borrow money to buy a new home to move into, while your existing residence is let out to tenants.
“We would of course advise homeowners to speak to an independent financial adviser to find out if this is a suitable option for them, but if it is, it could mean a way to avoid a delayed move while waiting for a buyer, plus all the disappointment and frustration that entails, and to supplement your income at the same time!”
Leaders, which is a fully bonded member of Association of Residential Letting Agents (ARLA) – has been letting and looking after residential property in Surrey, Sussex, Hampshire, Berkshire and Dorset for almost 25 years. The company has a reputation for providing a high quality, personal service and independent expert advice on all aspects of letting and renting, and are happy to offer a free, no obligation rental valuation of your property, or independent advice on buying a property to let.
For independent advice on ‘Let To Buy’ mortgages, you can search for details of Independent Financial Advisers in the area of your choice on the following website: http://www.unbiased.co.uk
Established in 1983, Leaders has 31 branches and is a fully bonded member of ARLA. The company has built its reputation on providing a friendly, reliable and professional service and as a result remains the first choice for thousands of landlords and tenants across Sussex, Surrey, Berkshire, Hampshire and Dorset. For more information please visit www.leaders.co.uk