It is interesting to look at some facts.
The lettings stock available in Aylesbury has increased and continues to do so from 116 properties in January to 156 today. This illustrates that you as a landlord have more competition currently. You need to make sure your price is right and present the property to a high standard to ensure you let swiftly.
The number of lets in Aylesbury was just 62 in February, fewer in any one month than I can recall for years. New to the market tenants are reluctant to enter the market when high prices prevail. Fortunately March has been much better but some landlords have found themselves forced to reduce rents to attract tenants.
The supply of new stock coming to market is only slightly lower than last year. This surprised me as we were seeing many investors buying and then letting prior to the Stamp Duty changes in 2016.
The sales market has been indifferent in January and February but that is entirely in line with previous years. We have seen lots and lots of activity that does not convert to results until you reach March. This month has seen our sales double the previous two months and even more surprisingly double the level of sales we agreed in March 2016!
So there is no sign that prices are about to fall back. Of course they have to be realistic to start with. You are seeing many price reductions in the market but don’t be fooled in to thinking this is a sign that the market is falling. It is not. This is merely over ambitious agents working to bring their overpriced stock in line with the market, where it should have been to start with! I think many investors, buy to let landlords were waiting to see if the market would fall back from its high levels as the year progressed, but there is little sign of that.
In summary…if you were waiting for the market to take a tumble before buying to let it does not look like that is about to happen. Buy now before the good stock has disappeared.
If you are trying to let, getting your price and presentation spot on is vital to attract tenants.
As always do your own research and make sure you are buying the right property to suit your investment goals.
Thinking of buying? Get in touch to discuss your plans - I give FREE no obligation advice and can probably save you money! firstname.lastname@example.org
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The figures used above have been generated via Rightmove using various filters in the search for data. These filters or lack of them will generate different results dependent upon the filters used.