It’s a red-hot property market with house prices going up and up. David Lamb, property landlord, refurbishment and renovation expert and owner of Orange Lettings, encourages buy-to-let investors to stay cool!
It’s an incredibly busy time at Orange Lettings, as we help more buy-to-let investors make the most of the red-hot property market, which has seen rents as well as house prices rise.
We are seeing a 10% to 20% uplift in rents across the North East region and whether that’s in Northumberland, Redcar or other parts of Teesside, it’s the same story.
Houses that previously achieved rental incomes of £400 or £500 are now being rented out for around the £600 mark.
More investors than ever before are coming to me for advice on whether to take the plunge and buy to keep the momentum going with their growing portfolio, or whether to wait it out until prices come down.
The answer might not be straightforward, but one thing is certain. The property market is very difficult for buyers at the moment.
On the one hand, this could be seen as a good thing for existing buy-to-let owners, as those saving up for their dream home may have to wait and continue with their tenancy for longer.
But for those with money to invest in a buy-to-let right now, it might be a good idea to cool off and wait for a correction in the market before splashing the cash.
However, there is also an alternative.
Those keen to make an investment could find a profitable solution if buying off market - through the likes of a property sourcer - rather than through agents.
There is a great deal of competition for buy-to-let properties, making it very difficult to find what I would call a good deal, where the numbers stack up in favour of a profit.
Should you find a property through an agent that needs a refurb, you might discover that it is selling for a premium price you would have expected a fully refurbished property in the same area to sell for.
However, as the owner of another property company, Revive NE we are doing a lot of refurbishments so there are a lot of people still buying and there are still direct to seller deals to be found.
My advice to people would be to try to work with property sourcers and people within the industry that can point you towards deals that are off market.
Don’t become a motivated buyer – instead, you want to find a motivated seller to get a deal. Despite the current market, there are still plenty of those around at the moment.
If you would like to know more about how to make the best of the current property market in the North East, contact us at Orange Lettings and Revive NE.
We are property experts in the North East who have been investing in the North East for 20 years.
We can put people in touch with trusted property sourcers and if it comes to refurbishing or renovating your property, at Revive NE, we have several build teams that we can rely on - so you can trust us to deliver your project on time and on budget.
When the project is complete, you can then rely on Orange Lettings to get the best deal in terms of rental income for your property.
Having an expert renovation and refurbishment company working hand in hand with Orange Lettings means we have a vested interest in making sure the properties we transform are finished to the highest possible standard.
It’s not just about making things look right to the eye, we ensure tenants will not find any snags with the property at all – and the better job we do on the refurbishment, the easier our management of that property will be.
Because our two businesses go hand in hand, you are guaranteed to get a top-quality refurbishment and a high quality lettings agent run by landlords, for landlords.
At Orange Lettings and Revive NE, we take care of your property as if it were our own investment.
Contact David or Louise on 01916030484 or 01642903242