Supply of homes keeping up with the demand
AS DDM Residential approaches the halfway point of the year, the renting market remains extremely busy. With mortgage rates slightly increasing and the consumer squeeze continuing, you would not bet on the situation changing anytime soon.
A year ago specialist commentators were reporting that we were seeing a major new trend that would fundamentally change the shape of the property market for a generation, moving the country closer to the continental model, where the level of home ownership has always been much lower than in the UK.
It is easy to overdo the pessimism but there is no doubt that many people are putting their plans to buy a home on hold for the time being, which is creating a lot of demand in the renting market.
The good news for tenants in our area is that the supply of flats and houses is pretty much keeping up with the demand. So they have plenty of choice available and, unlike some parts of the country, rent levels have not been doing anything dramatic so far this year.
NEED A NEW BOILER OR NEW LUXURY BATHROOM ??? THEN READ OUR...View details
IF YOUR LOOKING TO REPLACE YOUR BOILER OR BATHROOM, THEN CALL P & P PLUMBING. WE OFFER, A, FULL DESIGN, SUPPLY & INSTALLATION SERVICE. SO TAKE A FEW MINUTES TO READ OUR REVIEWS, & THEN GIVE US A CALL.
Terms: TS & CS APPLY
Contact: 01472 803004
Valid until: Friday, May 31 2013
Looking at the DDM Residential website and the available properties earlier this week at www.ddmresidential.co.uk, I found that we had a total of 148 properties available to rent across the whole of northern Lincolnshire at rents ranging from £250 a month through to £800+.
The under £350 category – a sector that is now almost unknown in many parts of the country – extends to 13 properties, mainly flats. It includes a one-bedroom ground-floor flat in New Haven Terrace, Grimsby, with off-road parking, at £250 a month through to an unfurnished one-bedroom ground-floor flat in Kirmington (very handy for the airport) at £325 a month.
There are also town centre flats available in Brigg (£300) and Barton (£325), as well as a three-bedroomed mid-terrace house in Grimsby, with lounge-diner, modern fitted kitchen and a ground floor bathroom, gas central heating and uPVC double glazing, all at just £295 a month.
Of course, the bulk of the available properties on the list are in the most-in-demand middle ground, the £350-£500 a month bracket. Here we had available almost 100 properties on offer with DDM Residential, ranging across terraced houses, semis, detached homes and bungalows in Grimsby, Cleethorpes, Barton, Brigg, Scunthorpe, Gainsborough and various villages.
Of particular interest to anyone looking for something a bit unusual is a one-bedroom apartment in the High Street at Cleethorpes, so right in the heart of the town. Members of my team say it is a fabulous place, with a great open plan kitchen/diner/lounge that makes a great space to live in and entertain friends. Being on the first floor it makes a great lock-up-and-leave property as you head for the restaurants and nightlife. The rent is £350 a month.
Also slightly out of the ordinary are a pair of furnished two-bedroom cottages in Elwes Street, so the centre of Brigg. Newly refurbished and redecorated, with fitted kitchens, they are each available at £440 a month.
Over £500 a month takes you into the largest properties in the most sought after locations such as Scartho and the villages and there is quite a lot of choice.
Meanwhile, currently we have just a couple of properties available at £800 or more a month but they are quite special. They include a six-bedroom period house at Barrow on Humber that, amongst other things, includes a converted barn, with a galleried upper floor. The rental for that is £800 a month.
The good news for landlords is that, priced correctly, their properties will attract tenants quickly in the current market. Get the rent right and places are being snapped up in two or three weeks on average.
Of course, much depends on what the property is and the location. The upper end of the market, which is over £750 in our area, which has fewer properties and fewer prospective tenants, tends to move at a gentler pace. The most attractive places, in the mid-market, in the most demand areas, can be snapped up overnight.
At DDM Residential we find the market remains competitive and there are still good deals to be had, for both tenants and landlords. We have mentioned our 'DDM Move-in-Deal' previously and this is available on selected properties.
It involves bundling together all the costs involved in taking a property to produce a cut-price package. The savings on the average property for the in-going tenant can amount to several hundred pounds.
Meanwhile, there are some very attractive management deals with DDM Residential. We have promotional offers in respect of new properties, and landlords transferring over to us.
I would add, as always, that the quality of management services do vary quite markedly and smart landlords will not only look at what the service is going to cost but also what they are going to get for their money.
Fees may be very similar from agent to agent but services are not.
For a free discussion and a "Guide to Letting", call or visit your local office, visit www.ddmresidential.co.uk or telephone 0845 4 599.499.