Landlords urged to research local markets
Property owners moving into the rentals market have been encouraged to research their local market before letting a house or apartment.
Alan Ward, chairman of the Residential Landlords’ Association, said that knowledge of the industry is “absolutely fundamental” when moving into the buy to let sector.
He noted that student accommodation is one sector that requires a great deal of research due to the variations that can occur.
“In other areas, even the housing benefit market is subject to a lot of pressures at the moment. It is becoming increasingly complicated to manage, it has always been a high maintenance market as well,” he explained.
The expert added that rules and regulations should be considered before joining the buy to let market, before pointing out that planning permission is needed in more than 30 local authority areas in the UK to rent to a group of sharers.
Even landlords already involved in the industry should continue to research changes as there are frequent additions and alterations, with the new deposit protection scheme one area to keep tabs on.
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