Near Perfect Conditions for Property Rental Market 2011

5 01 2011

Hi Guys, Hope you all had a fantastic Christmas break and you are ready to take on a challenging but exciting New Year.

I thought to share with you some of our views on the rental market for 2011.

Looking back over 2010

  • Demand for rental property saw exponential growth with an over-supply of prospective tenants and an under-supply of landlords.
  • Because of the slow down in residential property sales, many estate agents entered the lettings market, with no prior expert knowledge of the sector, leading to increased competition for quality properties and difficulties in some areas.
  • More than ever before, tenants and landlords needed to do their homework before selecting an agent to work with.

 Looking ahead to 2011

  • Renting will continue to be regarded as the preferred alternative to home ownership, allowing for greater mobility. As we come out of recession people will feel more comfortable about changing jobs and become increasingly mobile in their search for the right work.
  • Residential sales will continue to struggle for the foreseeable future as banks continue to make far more difficult lending decisions.
  • Long term investors in buy to let property will be the catalyst to attract much needed private capital in the local residential property market. With the scaling down of Government schemes such as Homebuy, new initiatives will be needed to increase the flow of properties onto the market and keep the recovery process on track.
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