It will be a happy new year for landlords

Katie Martin, branch manager of Accord Lets in Leamington Spa, has reviewed 2011 and is optimistic about the residential lettings market this year.

She said: “High demand and low supply has been consistent throughout 2011, causing rents to rise by an average 10 per cent in Leamington Spa and Warwick.

“It is easy to see why rental prices have increased so quickly and by so much when you consider that although there have been some new investors and accidental landlords providing additional opportunities for tenants, this has not been nearly enough to satisfy the staggering increase in tenants.

“The peak of the summer months saw a 50 per cent increase in the number of vying professional tenants we had seeking properties to rent.

“Economic factors continue to fuel this demand and we continue to see a large increase in the number of professionals relocating to the area for employment, which encourages the rental market further as people often rent before buying, in an unfamiliar area. The housing market also means that most are uneasy about buying a property at the moment.

“I believe demand will continue to grow in 2012 and as we head into the year, demand will continue to surpass supply and additional areas will start to benefit from the overspill of tenants in need of more affordable accommodation, which in turn will provide even greater investment opportunities for landlords to expand their portfolios.

“We know there are many potential landlords who are looking at starting to buy-to-let and existing landlords who are looking to increase their portfolios. With this in mind, there is a need for the banks to free up more mortgage products to assist these ‘would be’ investors and ensure the private rented sector can endure continued demand, which ultimately will also help the economy.

“When there is more choice for tenants, it is vital landlords use a pro-active agency that maintains regular contact with applicants and attracts the right tenants. This pro-activity has enabled us to rent a record breaking number of properties in Leamington and Warwick and many of these were done so on the first viewing.

“We urge new investors and landlords looking to maximise their returns to speak to us. We are able to guide landlords through all that they need - from their legal obligations to how they can get the best possible return from their investment.”

Call Katie and the team today on 01926 437800.

Pictured: The Accord Lets team in Leamington Spa.