30 August 2014
Another year of rising demand for rental property shows no signs of abating, according to Yorkshire's largest residential letting specialists.
Linley & Simpson - whose eight-branch network includes offices in Leeds city centre, Horsforth an
More home-buyers continue to be unwilling or unable to step on to the property ladder, following the continental trend and preferring to rent - not least because of the flexibility it offers. A growth in the number of single-person households is also triggering extra interest in renting.
Director Will Linley said these changing trends were taking the residential letting market into a new era: "Recent months in particular have witnessed a shortage of properties available to rent. In some areas, our stock levels are down as much as 75 per cent on 'normal' levels, with around 18 times as many tenants now seeking accommodation.
"This is unprecedented. It has resulted in a rise in rental prices, some going up between 5 per cent and 10 per cent in the last few months. Void periods which can be costly for landlords are almost non-existent.
"We are letting more and more properties without the need to advertise them, and we've seen an increase in multiple applications for the same properties.
"We've recently turned down one prospective tenant not on the grounds there was anything wrong with her application, but because another party was able to move quicker.
"She told us it was the fourth time she had suffered the same experience because other applicants were able to get there first."
The health of the rental market has also coincided with more investors taking advantage of Linley & Simpson's property acquisitions service, which guides prospective landlords through the maze of identifying, buying and letting out a rental property.
The initiative harnesses Linley & Simpson's long-standing knowledge and expertise of the regional rental market to deliver yields as high as 8.6 per cent on some buy-to-let properties.
She said: "Over the long term, property has historically proved itself to make a sound investment, provided that you make well-informed purchases.
"As our network within the industry expands, we are progressively able to identify stronger and stronger opportunities for our clients through a mix of good discounts and motivated vendors. The result is naturally high yields that outperform any bank or building society rate."
For more information about this service, visit www.lsbuytolet.co.uk.