The Rental Market Today20 Jul 2018
What’s happening in the rental market today?
Today’s rental market is hugely buoyant in both Glasgow and Edinburgh. Demand is always high at this time of year and 2018 is no different. The market has seen numerous changes in legislation
in recent years, the most significant being the introduction of the new tenancy agreements.
It’s now 6 months plus since its introduction so Tenants and Landlords are becoming more familiar with the changes. The 2 crucial and key points to remember are that there is no fixed term; just the start date, which can be as much of a surprise to tenants as to Landlords, and secondly, the notice period for both tenants and landlords has changed. Typically, tenants can give 28 days’ notice. Depending on how long the lease has been running, in certain circumstances, the landlord can give either 28 days’ or 84 days’ notice. Of course landlords and Letting Agents have to contend with compliance to numerous pieces of legislation and necessary certification, all of which are all mandatory and need to be renewed at different intervals. However, with our full management service, you can be assured that Fineholm will keep up to date, supervising the renewal and completion process for all of these, making sure both tenants and Landlords are aware of what is happening. Fineholm will ensure that each client has a single point of contact for all maintenance issues so no getting passed from pillar to post – just a nice quick resolution!
What about on the sales side?
It is, without doubt, a seller’s market just now, particularly in Edinburgh where it would be widely agreed within the industry that there is a shortage of good quality property coming onto the market. This does mean that properties are (on the whole) being sold for great prices. Average time for a sale would be 2 months from start to finish. Fineholm have fantastic contacts and can recommend quality solicitors for the sale of your property and can take any stress or hassle away from you by managing everything from start to finish. The beauty of dealing with a company which manages both sales and rentals is that the tenants can remain in residence, whilst the property goes onto the sale market, therefore minimising the vacant period of a property and ensuring continuity of rental income.
Thinking about becoming a landlord or investing in property?
In the current economic climate, property is a great investment and even with the changes in tax and the increase in tax, property still makes sense with returns on property being on average 8% but quite possibly 10%. Only an experienced agent, however, will be able to recommend the “right type” of property to invest in and this may well surprise future investors.
Fineholm provides a bespoke service where we offer and can advise, recommend and source both on and off-market investment properties. You tell us how much you would like to invest and we offer you a fantastic package. Guaranteed!