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Letting boom yields rewards for landlords

A record-breaking number of new prospective tenants came to the rental market in April, according to Propertymark. It is a fact that we can validate across Shropshire and bordering counties, north, south, east and west into Wales, writes Jackie Monro FARLA FNAEA, Head of Lettings.

Prospective tenants are registering their interest with Balfours every day, so we would be delighted to hear from more landlords. Consequently, we are seeing a direct correlation between boom demand and rents increasing. Propertymark says 67 per cent of agents saw landlords raising rent compared to 60 per cent in March. The gripping fact is that year on year this figure has more than doubled in the past two years since April 2019.

Whilst the residential sales market is currently on fire too and that might be tempting some landlords, but for those that wish to hold their investment portfolios the future remains bright. This is not withstanding the fact regulations are constantly on the move. The very latest reflects government delays lifting the remaining lockdown rules; now the right to rent code of practice document checks will not happen until September.

More than ever, using a respected professional to ensure you remain compliant with regulations, has the added benefit of knowing your agent is living the market every day and by virtue of this fact is best placed to achieve the very best return for your property.

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