Due to the current circumstances surrounding COVID-19, we have decided to close the Office until further notice. Staff will be working remotely.

In the first instance any enquiry should be sent to info@pennington-online.co.uk, this email address is monitored during normal working hours and will be dealt with accordingly. Any maintenance should be reported via Fixflo.

Should you need to contact us in an emergency then please call 07823 651832, 07823 651890 or 07474 342732.

Support, Advice and Experience within the Property Market

Demand for rental property at all time high

From Robert Ulph on March 13, 2020

ARLA Propertymark produces regular reports on the private rented sector and their latest findings show that demand for rental property has hit an all-time high. This is against a backdrop of falling supply of rental stock.

This brings me to the subject of buy-to-let (BTL) investments, which is perhaps unsurprisingly, one I get most questions about. So, if you are considering BTL and you have the finance to do so, is now a good time to invest and what should you be buying?

As one of the largest local agents, at Pennington, we know how strong the local rental market is and in line with the national results ARLA Propertymark has, we too are finding an increasing supply and demand shortfall. This all means that rents are healthy but what does it mean for investing.

As with any investment you make, I would always advise to do your research. I have seen too many times BTL properties bought almost on a whim. Investors may have bought in a certain area because they liked it, but it might not mean this is the best area for renting the property they have. I always look to advise how to get the best return on their investment in terms of where to buy, what to expect to pay for the property and what return to expect in rental income.

Also remember it is important who you get advice from. Agents are working for their clients and that will often mean looking to get the best price for them. Speak to a number of agents before taking any leap.

As well as initial sale price you will also need to look at what rents have been achieved in the past, how long it will take to let, what your potential outgoings will be for the property, also what is required of you as a landlord and more importantly what regulations you need to adhere to.

For many, the lettings market can feel like a minefield, as there are many potential pitfalls with letting a property. If you are not up to speed with legislation and the changing implications of owning a BTL property, you could leave yourself exposed to penalties and incur hefty fines and financial losses as a result.

The best advice I can give is to get assistance from a professionally qualified agent, who is ARLA Propertymark licensed. You can check credentials on the ARLA website as all members are named on the site. ARLA membership requires us to know the current legislation but also carry out Continuing Professional Development which ensures we are always up to date. At Pennington we have a number of in-house licensed members of ARLA Propertymark so there is always someone on hand to assist.

I have assisted hundreds of first-time landlords and seasoned investors purchase the right BTL property, so please do not hesitate to contact me for any advice.