Private Rented Sector Expected to Double Over Next 6 Years
In just six years from now, the private rented sector could double in terms of investment.
By 2025, it is expected that the industry could generate a record of £75 billion.
House owners and homeowners-to-be will be getting exciting about the prospect.
Especially if there is a lot of money to make in the private rental sector in the coming years.
The advantages for landlords are obvious here, and it is important that existing house owners make sure they follow all the new rules and regulations.
Regulations are constantly updating for homeowners.
It is for this reason that house owners understand all the latest requirements.
This will put them in good stead for the future.
Some tips for landlords would be to read up on things like discrimination.
Besides, it’s tight rules that need to adhere when choosing tenants.
Tips for House Owners
House owners must prepare for the future by making sure the property is in perfect condition for renting.
Property owners must also make sure they use a reputable letting agency and one that conforms to new government regulations will be introduced from April 1, 2019.
Home Ownership is in Decline
However, while the private rental sector is expected to soar, the number of people investing and buying into new properties or existing ones is expected to fall.
House prices have become unaffordable to many and some new families are struggling to find the deposit.
This has meant many young families are looking at the rental market in preference to house buying.
The growth in this sector will come from two angles: more homeowners investing in buy-to-let properties and build-to-rent.
The huge Growth will Probably be Within 4 years
By 2023, the rental market is going to grow to 22 percent of all properties.
Besides, it currently stands at 20.6 percent.
However, there are some important tips for landlords here.
It will not just be a case of jumping on the gravy train and taking your seat.
Therefore, property owners will be fighting over the best tenants and looking for renters may actually become that much more demanding.
There is a raft of new rules set to be introduced this year which go a long way to helping tenants protect their investment.
Landlords and property owners will need to be vibrant and dynamic to cater for a wide range of tenants’ demands and needs.