The Letting Market Has Become As Bouyant As The Property Buying Market Was Three Years Ago
All things apparently go round round in a loop and that is without doubt true of the housing and rental markets over the last decade. From the nineties to the endlatter part of the 20th century the housing market blossomed and lots of people made lots of money, even those who were not so switched on. Now this market is down at heal and has been so for virtually the last three years. Property prices started to drop three years ago in Autumn and carried on falling until the middle of 2010, finally levelling out. Sadly there has been no regrowth in the house values from then on and new puirchasers are very scarse.
This avoidance has contributed to the length of time the market has stayed flat but it has had a upbeat effect on the lettings market. Those who might have, some time before purchased a house of their own concerned that they may end up paying a significantly higher price a few months later now understand that the opposite is true and are looking to rent until they know the pitfalls are long gone. There are a minority who trawl the market realising that only people desperate to sell house fast will have their houses on the market in these conditions, and that they will offer a superb bargain.
The lettings sector has consequently fared just the reverse of the housing market and thank goodness for that. If all the expenditure made by landlords just prior to 2008 was now to be cashed in the assets of those investors would be hit dramatically. However all but a small number of intrepid young couples or individuals are snapping up the rental opportunities, lining the pockets of the proprietor. Only a few see, and are courageous enough to snap up a bargain, usually offered by a home owner desperate for a quick property sale. Certainly those people who need to sell their property quickly are in the worst situation and the loop carries on.