Friday News #0114 – Young People Eye Up a Return to City Life

Young professionals are returning to city life in high numbers, and as prospective tenants numbers are increasing, rents are rising too. Furthermore, with the number of landlords actively letting property dwindling across the country, largely due to the tightened restrictions, there are fewer properties available to rent. At the very core of property investment are supply and demand.

The team here at Thirlmere Deacon continuously assess areas where the supply and demand are evidently uneven, tipped in the investors’ favour, and source suitable investment opportunities in these locations. Get in touch to learn more. 

Here’s what we’ve seen in the news this week:

Young people eye up a return to city life: Young people will drive a return to city life in the wake of the pandemic, according to a new report. While families will continue to look for homes with gardens, or even more rural locations, 20-somethings have a different agenda. After more than a year of Covid restrictions, the desire to get back to the buzz of urban living will release pent-up demand, says property consultancy JLL. Read more. 

Rent rises reach record high: A record 68 per cent of letting agents reported that landlords raised rents in May, up from 67 per cent the previous month, according to Arla Propertymark. The average number of new prospective tenants who registered with letting agent branches last month reached 97, which was a record for the month of May and up from 82 in April. Read more.

More new landlords replacing those quitting sector, survey shows: Nearly a million landlords plan to review their buy to let portfolios over the next two years with the number planning to sell outnumbering those planning to buy more properties. Read more. 

Stamp duty holiday: How much do I have to pay now? Stamp duty rates in England and Northern Ireland are changing from 1 July, as the tax holiday introduced in June 2020 starts to be phased out. It means house buyers will have to pay stamp duty again for purchases above £250,000. Learn more from the BBC.

Off Plan Investment: We’re often asked about off plan investment, the merits of buying property at this early stage, what it means for the overall strategy and the types of returns investors can expect. In our latest blog we highlight why investors should consider off plan and answer some of the most frequently asked questions. Read more.