The Buy to let Market has experienced changes over the last year – this includes tax regulations, letting fees banned and rising interest rates.
It’s worth totting up any income versus any outgoings to decide whether you want to downsize your portfolio to redress the balance slightly. Although there are more pressures on landlords, from a financial point of view, there is an increasing need for rental properties. The growing national demand, due to younger people, in particular, being unable to save enough deposit to get on the housing ladder, means that the rental market is definitely in need of more landlords right now. For those wanting to remain a landlord, it would seem that raising rental charges might be the only option.
If you’re a landlord and don’t want to penalise existing tenants by putting up the cost of their rent then it might be time to consider offloading some of your portfolio.
There tends to be enough investors, particularly ones fresh to the property market, who are eager to add to their own portfolios. This means that if you choose to offload some of your properties, you are likely to sell these fast on the open market.
If any of your properties don’t have a good rental yield then it might be time to say goodbye to them. Keep an eye on the market and check which areas have the best rental yield and use the cash from any sale to buy properties in these areas. Many areas have stabilised recently, especially outside of London and the South East. Currently, Manchester is the best place to invest if you’re a BTL landlord with a rental price growth of 5.76%.
Should you decide to sell your buy to let – please get in contact with arrow conveyancing. We are experienced in buy to let properties and a competitive quote can be provided upon request.
Contact Arrow Conveyancing today by visiting our website: www.arrowconveyancing.co.uk calling: 0116 266 5394 or emailing: email@example.com
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The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.