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.
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 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.
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.
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 firstname.lastname@example.org and we will be glad to help.