Market Overview - Spring 2011

With the continuing poor sales market and uncertainties in the wider economy renting is becoming an increasingly attractive proposition.  The market for houses to let is at present extremely buoyant with rents on the increase and void periods (the empty time between tenants) at an all time low.  Good quality properties in good areas, which are not hindered by any fundamental problems and priced sensibly, let very quickly and in many cases attract multiple applications.  At present it seems there has never been a better time to be a landlord.

On a local level Hayfield Robinson are seeing extremely strong demand in the Worth Valley and in particular Haworth and Oakworth.  Aire Valley villages are also proving popular with demand for two and three bedrooms being very strong.

From a tenants point of view renting your home provides a much easier and flexible alternative to home ownership.  Tenancies can be terminated a short notice and tenants do not of course have the same repairing obligations as home owners.

The key to a successful letting is ensuring the property is presented well, concentrating on meeting the basic tenant needs which include a good kitchen, bathroom, fixed heating double glazing, parking and ensuring the property  is finished in neutral decorations and of course clean and tidy.  By following a few simple rules landlords, can improve their chances of success at very little cost. 

Despite an extremely strong market however landlords still need to take care as the world of residential lettings and property management contains many challenges and potential pitfalls if the correct procedures are not followed.   Changing regulations and legislation in relation to tenancy deposits, gas and electrical safety, inventories and both landlord and tenants obligations mean getting things right is becoming increasingly complicated. Following the right processes and procedures in terms of property presentation, tenant vetting, inventories, deposits and agreements followed by thorough and conscientious management will ultimately result in a successful investment for both landlord and tenant.