One in Ten Buy to Let Landlords Want to Invest in Property Now

The world has gone mad – yes we are all seeing things differently since we heard of Covid-19 and it has shaken things up in all areas of our lives. 

When times get tough we have to look through the gloom and see the positives and do the best we can to ride the storm.  No matter how gloomy things seem there are always some positives to be found. In the long term, many changes thatcome often turn out to be for the better.  One such positive is that more of us will really know what we want from our home environment. 
 

Recent property market research indicates that one in ten buy-to-let landlords are very focused on expanding their property portfolio over the coming months.  Despite this, many news items in the property market press appear to contradict these findings.  However, we do like to say it as we see it.  What we are seeing first hand is that these findings ring very true and the current market is great for investors – especially cash buyers. We see property continuing to be a lucrative investment for landlords and, with interest rates at an all-time low, now is the time to put savings into property and make the most of fantastic buy-to-let mortgage rates. 
 

Rents Continue to Increase With High Tenant Demand

Rents continue to increase and tenant demand remains consistently high with more enquiries per property than ever.  Would-be tenants are frequently frustrated to find that they are all too often pipped at the post as properties are snapped up very quickly, and often before they even get to view.  That alone is strong proof that more rental properties are needed to meet demand.
 

King's Lynn Has a Shortage of Furnished Properties

King’s Lynn is the perfect location to look at a buy-to-let investment.  Property prices are reasonable but rents remain consistently above average and are ever increasing. One of the main reasons for this is that King’s Lynn is home to a teaching hospital - the Queen Elizabeth Hospital.  Because of this, we see a constant flow of medical staff requiring furnished properties and this trend shows no sign of slowing down.

Within King’s Lynn there is a shortage of furnished properties available.  We would strongly recommend landlords to consider furnishing their properties.  We can offer further advice regarding how best to prepare your property for this type of let so you are well placed to achieve a higher rent return. The demand from hospital medical staff has been there for a number of years, irrespective of the current Covid19 crisis. This has remained consistent throughout and at times has increased. Changes in the rental market have also been seen due to Covid19.
 

Tenants and Buyers Continue to Relocate Out of Large Cities

A rise in both tenants and home buyers wanting to relocate away from large cities has gathered pace from the moment lockdown 1 was eased.  This trend continues to be evident as the year draws to a close and we expect this to continue into 2021.

Market activity is further increased by those who want to have their own space instead of living with family or in shared living via house shares. Pre-lockdown 1 many more were happy to hang in there and save for a new home.  Now some of these people feel their own space is a necessity and they do not want to wait.  Christmas is, of course, beckoning and those on the moving escalator will be understandably keen to complete the process and finally get settled in their new homes before the festivities if they can. 

 

West Norfolk is Ripe For Investment Opportunities

All of these factors mean landlord investment opportunities are very much in abundance and ripe for the canny investor. Especially as King’s Lynn and West Norfolk property prices remain very reasonable for now.  As more buyers discover the location this is likely to see further price rises in the future.

To summarise, the current West Norfolk property and financial landscape indicates:

1.     Buy-to-let investment continues to deliver solid returns

2.     Buy-to-let investments outperform most other investment options

3.     Savers receive poor returns on all banks and building societies

4.     Demand for property away from city centres is extraordinarily high and Norfolk is an attractive county for relocation

 

If you would like to learn more about getting started as a buy-to-let landlord or how you can add to your existing lettings property portfolio then please get in touch with Sheridan Sales and Lettings on 01366 858228 or email us on sales@sheridanestateagents.co.uk and we will be glad to help.