With recent events including the stamp duty changes and the EU referendum vote the property market has certainly been through a few tricky times, however it has come through fighting and we are currently in a growing rental market.
Yes the market is actually growing, in recently publish figures from ‘Countrywide Lettings Index’ we can see that tenant demand has risen by 10% from this time last year and tenants are willing to pay extra for their perfect rental property. This drive in demand is due in part to the lack of affordable housing (purchase) but in certain large cities such as Sheffield the drive is due to the job market, universities and the city lifestyle choice often attracting young professional who are not a the stage of deciding their roots.
We have seen rental prices increase from last year and multiple applications on sought after properties which is really giving landlord the choice of tenant. The summer months are Sheffield’s lettings market boom months when demand is high and supply of property is also generous which is great for both tenants and landlords.
While other areas of the UK lettings market are seeing marginal decline in rental growth the North has hit a two year high which is great for landlords in the northern powerhouse Cities, the yields are also presenting excellent investments for landlords.
If you’re looking for a buy to let property the northern cities are really proving attractive, Sheffield West is a growing market and is sure to stay buoyant for the foreseeable future.
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