A New Year doesn’t always herald new beginnings! Will the rental property market level out in 2023 or continue its meteoric rise?
While I’d love to have a crystal ball, it’s fair to predict that Brighton and Hove is likely to remain a good, long-term choice for rental property investment, due to its popularity. Record demand in 2022 shows little sign of abating and demand continues to outstrip supply.
An article published by Brighton & Hove News on Tuesday(January 10th) showed that the city has the highest number of private rented homes outside London. Click on the link below for some interesting facts and statistics.
News that nearly a third of privately-owned homes are rented locally is unlikely to come as much of a surprise. As our fashionable and popular city is sandwiched between the English Channel and the South Downs, it means that building land will always be at a premium.
This is compounded by the ongoing national housing shortage that is particularly critical in the over-populated South East, with many first-time and younger buyers still being priced out of the market, sadly.
I won’t go into the political rights and wrongs of the Government’s housebuilding policies but there is no real sign of any let up. On a positive note, I’m glad to say that I work with professional and committed landlords, who aim to comply with the spirit as well as the letter of the law. The industry continues to need more.
One of the most common questions is: “Will I get a decent return on my investment, if I go ahead and buy a new rental property now?”
It’s important to stress that I can’t offer financial advice – you need to speak to a professional, licensed advisor for that. But I can give informed insight into the local lettings markets.
It’s fair to say that tenants and landlords like are starting to feel inflation’s squeeze. But on a positive note, there are tentatively positive signs that mortgage rates might not go up as sharply as feared originally
Pundits are also divided as to whether the property market will take a dip. A trawl of so-called experts, reveals widely diverse views. Again, whatever happens, historically the housing market tends to rise and fall, but invariably recovers.
In summary, if you’re considering entering the rental market – or expanding your existing portfolio – it is best viewed as a long-term strategy. “Get rich quick schemes” are still thin on the ground and are rarely sustainable. If the markets dip, then sit tight if you can and wait for the “bounce”,
As always, if you’d like to find out more and chat through the various options available, plus latest market intelligence, please give us a call on 01273 771977 or drop me a line at firstname.lastname@example.org