Is the rental tide in Crawley turning?
Since the credit crunch in 2008 estate agents have been extremely grateful for the rental market supplying a steady income, as the sales market had fallen of the edge of a cliff. Renting a property was proving considerably financially more attractive than buying.
However more recently the cost of buying has fallen dramatically helped by the Governments funding for lending last year, costs have now fallen by more than a third, meaning that buying has become cheaper than renting. A recent study has found that it is £900 per year cheaper to buy than to rent.
So is there still a strong rental demand in Crawley?
In short the answer is yes. Normally when the sales market picks up it has an impact on the rental market, however this year we haven't experienced that. This tends to suggest that there is a chronic shortage of housing in Crawley, and the attraction of low unemployment rates, excellent commuter links and affordable housing makes Crawley an attractive proposition for buyers and tenants alike.
This encouraging news makes it a great time for Landlords to invest and we welcome any advise you may need. Many landlords make the mistake of embarking with their investment purchase without knowing what their goals are! You should decide if your aim is a high rental yield or whether your aim is for strong capital growth.
Once you know what direction you are aiming Inspire Estate Agents will be able to advise on the best areas and what types of property you should be looking at to achieve your goals.
I can be contacted on 01293 582335 and more than happy to share my 15 years knowledge of investing in the Crawley property market.
This blog was written by Matthew Cousins, Director of Inspire Estate Agents.