2009 has been a busy year for the rental sector as property owners keen to make a move, have rented out their properties rather than sell in a deflated market. Others having sold their properties but unable to find the perfect home to buy, have been renting whilst they join the ‘wait and see’ brigade.
The additional supply of property has caused rental prices to dip as the choice of properties available to rent has increased giving tenants the upper hand in negotiations with Landlords keen to keep any void in rental to a minimum.
Mortgage savvy landlords have had the upper hand in the competition having taken advantage of the cut in interest rates to re-arrange their mortgages enabling them to accept much lower rental offers in the short term having reduced their mortgage costs significantly.
Landlords seeking professional help after bad experiences having tried to go it alone have been welcomed by Letting Agents who have been invaluable helping inexperienced Landlords to comply with the many areas of legislation ruling the renting process.
The rental market will soon quieten down for the Christmas period but seasoned Landlords need not worry for 2010 as demand for property in Hertfordshire will continue to come from those moving to the area and from the increased number of students needing accommodation following the expansion in the University of Hertfordshire. The stabilisation in the sales market should see ‘Accidental’ Landlords selling their properties which could lead to less rental property being available causing rental prices to rise again.
Managing Director of Pukkahouse Property