The demand for rental property has remained at an all time high during September. We have experienced a huge demand from tenants across the entire North East seeking good quality rental properties.

The increased demand has resulted in rents increasing for many Landlords and Buy-to-Let investors. Apartments in Newcastle city have seen a high increase in demand and asking price, for example, 2 bedroom apartments which 12 months ago were only achieving £650 to £675 per month have increased to £750 and in some cases £795 often with three or four potential tenants fighting for the chance to reserve the property.

Although asking prices have increased we have also seen a higher percentage of tenants looking for properties which accept LHA (housing benefit). These have not all been traditional LHA users, many are tenants who have lost their jobs and found themselves unemployed and unable to continue with mortgage payments, resulting in renting a property rather than owning. This trend has also caused many tenants to receive bad credit in the form of County Court Judgements and IVA’s or even bankruptcy. We still treat every tenancy application on an individual basis ensuring a constant flow of fully checked and approved tenants for client’s properties.

We have also received an increase in enquiries from investors looking to re-enter the Buy-to-Let market, many of whom see this as an ideal time to invest in rental properties. Our experienced team can provide invaluable insight information on the best places to buy and what rents are achievable, if you require any information call us on 0191 215 4567.

Our forecast for October remains strong as enquires from tenants continue to flood in. If you have a property to let please do not hesitate to contact us on 0191 215 4567.