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The rental market is looking promising as we settle into 2024
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Whether you’re an experienced landlord looking for new investment opportunities or looking to take your first steps to becoming a landlord, the market is looking promising as we settle into 2024.
Let’s look at how the rental market is shaping up and how you can benefit from it as a landlord.
Rental prices are still on the rise
According to Zoopla’s rental index, average rental prices increased by 9.7% across 2023*, and it is predicted that average rent prices will increase by a further 5% this year*, hopefully maximising return on investment for landlords.
Mortgage rates have decreased
Further positive news for landlords is the more competitive mortgage rates on the market, potentially making property investment more affordable. Currently it’s possible to get a 5-year fixed-rate mortgage around 4%, suggesting you may be able to obtain a better deal when investing.
There is plenty of choice
Now is an opportune time to search for new properties to invest in, as there is currently a high volume of properties on, and coming to the market. On Boxing Day 2023, over 10,000 new properties were listed on the market, which is the largest number of new listings in a single day since 2011.** With an abundance of properties to choose from, you can look to select those that align with your investment goals, budget, and target market to diversify your portfolio.
How an estate agent can help you
If you’re looking for properties to invest in, an experienced estate agent can conduct a thorough market analysis to understand the trends and dynamics affecting property prices in your desired areas. This knowledge will help you find strong investment opportunities to set the right rental price, maximising your rental income while remaining competitive in the market.
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
