With many lenders announcing that recovery could be on the cards for the property market overall, ‘those in the rentals market are already experiencing increased demand and profit’ claim the leading letting agent in Birmingham city centre, Accord Lets.
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With many lenders announcing that recovery could be on the cards for the property market overall, ‘those in the rentals market are already experiencing increased demand and profit’ claim the leading letting agent in Birmingham city centre, Accord Lets.
With rentals remaining stable for the first time in nine months, the rental property market has seen signs of recovery since May, unlike the sales market where prices still continue to plummet. As the average rents remain fixed for the first time in months, those who have invested in a rental project are enjoying the returns and remain unaffected by the sales market.
As house prices begin to drop and buyer confidence remains defeated, the number of rental properties available has risen dramatically causing increased competition among tenants, which has resulted in not only a steady stream of business for would be landlords but also increasing the average waiting time for a property to 65 days.
Mr Mimmack, from the firm who offer not just Birmingham apartments to let but property to rent in Leamington and Warwick property to let, said, “The sales market remains fragile especially given the weak outlook for the economy. Recent figures launched by the Land Registry for the month of April back this viewpoint up and indicate that the UK is still very much in the midst of a recession.”
According to the Land Registry, the average asking price for a semi detached home in April was an estimated £171,399, down 14 per-cent on last year’s figures. Similarly, the average asking price for a terraced house in April was £143,307 which has seen a drop of 17.9 per-cent.
According to mortgage lender Paragon last week, strong rental demand has now pushed the average cost of renting a home in England and Wales up to around £1,000 a month for the first time, showing very positive signs for the rental market indeed.
Mr Mimmack, added, “Many potential buyers are put off by the chance of gaining negative equity if they buy now and this could be a sensible move. Many of our tenants are renting because money is tight or because they are being sensible about their investments- and who can blame them?”
About Accord: Accord was formed in 1990 with the aim of providing a professional, approachable, honest and caring service. They are a premium-letting agent with property to let in Leamington, Birmingham and Warwick. They believe that they have been able to hold on to these principles and that is the reason why so many of their clients have continued to use them. Their clients include a mix of prospective tenants and property owners, and they are proud that their clients still recommended them to others. Currently the company has two offices: one in Birmingham city centre and the other in Leamington Spa. As a company they are committed to building long-term relationships as they have found that property letting is not just about property and systems but, most importantly, about people. You will find the company harnesses the latest technology to present properties well and as widely as possible, communicates efficiently and effectively and believes strongly in personal customer service.
Editor’s Note: Accord Lets is represented by search engine optimisation agency, Top Position. Please direct all press queries to Tina Clough. Email: tina topposition.co.uk or call: 07792638394.
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