Short Lets: How the Latest Rental Trend is Affecting the UK Property Market
Renting property in the UK is an awesome option, particularly as renting is so flexible. Wherever you’re staying in fact, short lets mean staying for a few weeks or month in a furnished place with all your usual home comforts.
Perhaps the biggest benefit of having rental property is you have a steady income stream flowing your way.
Rental Prices set to Rise
Prices for property in the UK capital, London, have been declining slowly, and Brexit seems to be the main cause of the sales slump. People are uncertain. Vendors are holding back, believing that they will be able to get better prices later when uncertainties in the country have subsided a bit.
It’s not all about Brexit though, and increases in land tax and stamp duty and lack of affordability are also factors that have to be considered. The letting side of things is also affected by similar factors. Landlords have wanted to offset the government’s tax regime by raising rents, but Brexit has meant most forfeiting this so as to just maintain a steady income.
Uncertainties Mean Dealing with Reputable Agents
The limited supply of rental property has meant that, even with the political climate, rents are increasing. That’s why short lets are so popular, and a significant number of private renters as well as companies use these short-term lets as a more cost effective solution to staying in a guest house or hotel.
UK rentals are going to rise over the next 5 years, and the demand for rental apartments and houses is set to increase. This is after a couple of years where rentals were slow.
There is a lot going on in the rental market in the UK, and it is imperative to only deal with a reputable estate agency letting expert. You can visit Draker here and discover how they go beyond the call of duty to honestly source the best properties for their clients in a focused, straightforward manner.
With rentals set to rise in the next months ahead because of a shortage of supply in the market, more pressure will be put on the Government to provide social housing.
Better Deals for Tenants
Since 2017, there has also been a bigger adoption of PropTech so as to ensure clients deal with only reputable agents. The Housing and Planning Act 2016 plans to crack down on rogue landlords who rent out substandard accommodation to ignorant, vulnerable tenants.
The government will be aiming to crack down on these landlords and get them banned. Also, the ‘Homes for Londonders’ portal was also launched last year, 2018, to help tenants search for affordable housing. This includes rental property. It is free to register. Prospective tenants can, for the first time, look at properties that are affordable.
In 2019, there are going to be more agents, councils and landlords implementing more regulation to the rental property management. This is for the benefit of a safer property management for tenants.
There are also new rules coming which ban inconsistent tenant letting fees and high deposits by agents, and this will take effect from June 2019.
It looks as though the rental property market in the UK is going to be more favourable this year and beyond, as the country moves through troubled waters.