With the South West region recording the highest average rent increase in 2020* and a forecasted 1.8 million new UK renters by 2025**, it’s a good time to be a landlord.
That is the view of Alastair Brain, a partner at Salisbury’s longest-serving property company, Myddelton & Major.
“While interest rates are at an all-time low, other means of investing are performing significantly worse than residential rental property,” he said.
“The potential annual yield on well-chosen rental properties in Salisbury can be in the region of 4%-5% gross per annum.
“Rising property prices are also bringing excellent capital growth uplift for long-term landlords.
“And with the rental market forecasts also predicting significant growth, becoming a landlord could add a lucrative string to any investment bow.”
While the benefits of renting out a property certainly stack up, stocks of quality rentable property in Salisbury and the surrounding areas are alarmingly low.
“Some landlords are deciding to sell or reoccupy rental properties, encouraged by the active sales market and stimulated by the Stamp Duty Holiday,” Alastair said.
“Some have also been discouraged from letting their properties by recent regulatory and taxation changes.
“As a result, we are witnessing fervent competition for newly-listed properties, with some being rented within hours.This is great news for landlords, but sadly not for tenants.
“While landlords are able to pick and choose suitable tenants, many deserving applicants suffer great anxiety and disappointment.
“It would be great to be able to offer more properties to supply this demand.”
Myddelton & Major Residential Lettings & Management team is on hand to provide advice on suitable rental investment properties to any potential landlord investors.
It continues to offer a full range of property services during the current Covid lockdown, whilst following government guidance.
During this period Myddelton & Major is not encouraging visitors to its offices, but staff are available by phone, email and online meetings.
Contact Myddelton & Major on 01722 337575 or visit www.myddeltonmajor.co.uk.