UK Rental Market Evens Out

Leading UK letting agents claim that the property of rental property in the South is becoming more balanced as it shifts away from the situation when it was only favourable to tenants. One of the letting agents, Paul Weller, claims that although the property market is still more of a tenant market, the number of properties for rent is decreasing and tenant demand in increasing, which helps to level out the market. He added that house prices are beginning to rise, which is expected to make a large number of so-called “reluctant landlords” to take their properties off the rental property market and to start selling them in the coming months. He added that the exit of reluctant landlords from the market as well as almost 0% entrance of new buy to let landlords will contribute to the fact that tenants will have less choice, which will balance the rental property market. As for the rent rates, Mr. Weller claims that they have remained the same on existing tenancies as tenants prefer to stick to the old rules rather than to incur the costs of moving; the rates on new tenancies have decreased slightly, but Paul Weller is determined that it is a price adjustment, rather than a fall. Moreover, he added, the rent rates in good areas, which are in most demand, have remained firm. Very soon tenants will have fewer chances to negotiate the price of rent as the demand and supply will even out. In conclusion, Mr. Weller has given a few tips for landlords, who struggle to rent out the property. He said that the presentation of property is crucial as poorly presented properties usually do not let at any price. In addition, flexibility in such issues as pets, property update, furnishing and decoration make it easier to secure a tenancy. And last, but not least, according to Mr. Weller, is adequately pricing the rental property!