Content
Landlords
Are you considering entering the vibrant residential property-letting sector?
There are many different reasons for becoming a landlord and you could be:-
- Moving home and deciding to keep your existing home as a future source of capital and revenue income;
- Relocating for a temporary period and seeking to cover the cost of your mortgage;
- Entering the market solely for investment reasons - “Buy to Let”.
Although relatively small as a market compared to some other European countries, about one in 10 households in England rent their accommodation from a private landlord (some 2.2 million dwellings). During the ten years to 2005, the sector increased by almost 50% and has continued to grow, regardless of fluctuations in house prices.
Private renting has advantages over owner-occupation for many people due to its flexibility and speed of access. It remains difficult for first time buyers to enter property ownership; average age of first time marriages is rising into the mid-thirties; we have an increasingly transient professional population; relationship breakdowns create the need for two homes.
So take advantage of and enjoy the opportunities offered by the private rental sector, but remember, this is a business venture, so before you do, research the market carefully and seek advice from the many sources available to you.
