Page 32 - Redbrik: Lifestyle Magazine Autumn and Winter 2018

32
LET’S TALK LETTINGS
1. Choice. Tenants want the choice
of high-end properties for let, despite looking up to £2000 PCM, the availability is often only up to £1000 PCM and the houses are not fit for their purpose.
2. Quality homes with a high specification.
3. Location and schools.
4. Long-term letting.
5. Acceptable for pets.
Firstly, there really is a lack of stock for the higher end of the market so there is very little choice for Tenants. We are finding that a lot of current Landlords with family homes are looking to capitalise on high sales values and are selling their properties rather than going down the rental route.
In addition, it is not often that investors
WRITTEN BY
think to buy larger properties due to the lower yield and higher capital outlay but this could be a short term view.
There are examples of this where a four-bed detached property in Dore,
in the south west of Sheffeld, could cost £650,000 - the rental value tends to top out at £2000 PCM. This only gives
a gross yield of 3.7 per cent – however if you include capital value increases at say 4 per cent (the average price increase in Dore for the last four
years) then over a four-year period the property could have gone up by £81,000.
Secondly, we do attend a lot of valuations where properties are in average condition. At this higher end, specification is very important with modern kitchens and bathrooms, quality clean floor coverings, neutral wall colours and double glazing. If Landlords wish for properties to be
PETER LEE
PETER.LEE@REDBRIK.CO.UK
As I sat down to write this article I spoke to my Lettings Team about topics they thought I should address.
The overwhelming feeling was to address the real shortage, yet huge demand, for family homes across the Lettings sector in Sheffeld and Chesterfield.
Going to press we have 58 families registered on our database looking for high-end properties throughout Sheffeld and Chesterfield.
So, I spoke to several of these families and asked what their top five requirements are when looking for a rental property. Their answers and the order of them make for interesting reading – especially for Landlords or potential Landlords.
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