Lancaster has a rental crisis. Simply put there are simply not enough rental properties to go around. Demand is high. Supply is low and prices have been pushed up. On average, every rental property in Lancaster is getting in excess of 20 applications. More apartments and houses are needed – of all sizes!
Rental price growth is set to outpace sales price growth over the next two years. Driven by a shortage of stock and increased demand, rental growth averaging 3% per year is anticipated for the next 5 years and over 4% each year in the next 2 years alone.
The good news for landlords is that in addition to rental prices going up, house prices are also coming down. There are deals to be had. For those that require a Buy-to-let mortgage, mortgage rates are starting to become more attractive than they were pre-Xmas.
With many attractive gross yields on properties across Lancaster and Morecambe, could now be a good time for you to consider investing? Don’t forget, property is still one of the best long-term investments you can make!
If you would like to chat about the buy-to-let market, please give me a call or email me at josh@jdg.co.uk. I also like to highlight what we feel are great buy-to-let deals. Ask to be added to our investor list!
Thanks for reading
Josh