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Which Rental Properties Are Most In Demand?

cottage style house in the country

Renting a property continues to be a favourable option in the housing market, and popular rental properties are in high demand due to low levels of availability. This creates a promising opportunity for buy to let investors.

However, before you buy a house or flat and become a landlord, you should consider what constitutes popular rental properties in today’s market. With work and life patterns changing in response to the current pandemic, people are reassessing where and how they live. This creates high levels of activity and demand in the rental market, so if you know the trends, you are on your way to building a successful rental property portfolio.

 

Popular Locations

The location always has and will continue to play a crucial role in where you are likely to find success as a landlord. Buying in the right place will demand the highest rental prices and have tenants lined up.

According to letting agent Howsy, tenant demand is highest in Newport, followed by Bristol, Nottingham, Cambridge, and Belfast. Portsmouth, Plymouth, Bournemouth, Manchester, and Leicester are also crying out for popular rental properties. The lowest demand is in locations such as Aberdeen, Swansea, and Leeds.

Within London, Bromley, Bexley, Lewisham, and Sutton top the rankings, closely followed by Merton, Croydon, Haringey, Greenwich, Enfield, and Kingston.

According to Zoopla, the average rental price is increasing in Preston, Sunderland, Rochdale, Leicester, York, and Bristol, so these are good locations to consider.

 

In Demand Properties & Amenities

Many renters are looking to upsize, seeking more space as they spend more time at home due to minimising social contact during the pandemic. A home office space is top on the list for many who have now found themselves working from home. Internet connectivity and speed are also important factors. The most popular rental properties will be those close to open spaces such as parks.

In most locations, houses are in greater demand than apartments and flats. However, Manchester and Liverpool are two examples where flats still top the bill. Amenities in high demand include those that provide the most convenience, including washer-dryers, dishwashers, and microwaves.

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"A challenging site like no other with every inch of the plot being built on and 12 apartments built-out through a driveway 2.5m wide off of a main high street with limited access rights, not to mention all the complexities associated with 13 Party Wall Agreements. Most lenders would not have had the vision for the scheme or the confidence in Spiller Builders to build out the scheme.  I just wanted to say how helpful the entire BLG team have been during the build. A very approachable and knowledgeable team, with a “can do” approach to lending. We will be looking to do more business with you for sure."

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“I approached BLG Development finance with an opportunity I had in Chesham, Buckinghamshire, to build 5 new build houses in 2021. My main contact was Anil Bains who is a Director covering Asset Management. Within very quick timescales, BLG provided me with indicative quotes in regards the finance levels they could offer me. Having considered those levels, I requested a valuation to be carried out which again was dealt with swiftly. We proceeded to completion. The build went very smoothly with monthly monitoring being carried out by BLG and monthly drawdown requests dealt with in a very timely manner. Due to a difficult time generally in the market in regards selling, I was in need of a six-month extension to the loan which again was appraised very quickly and granted. Having dealt with numerous funders over the last 20 years, I can only speak highly of my personal experience with BLG and would very confidently work with them again on any future projects. “

"From our side it has also been a pleasure working with BLG and the team there. We have found you easy to deal with, proactive in resolving any minor issues that have arisen through the project and shown great flexibility in working with us as a partner. We will certainly like to work with you on future partners."

“I really appreciate your hard work. We really like the way you communicate & I must say I haven't seen many people who are that approachable.”

“A very efficient processing team, dealing with the DD once deal credit approved, through to completion”

“Many thanks for your efforts on this one and getting it approved and sorted so swiftly, very much appreciated. I am sure I will be speaking to your over the coming months.”

“We had other funding options, but chose to use BLG again, as we work well with the team, who always provide very clear information and advice with a friendly approach throughout the funding process. Very efficient and always very helpful.”

“Many thanks Anil, it’s been a real pleasure working with BLG so far.  We’re lining up the next project too”

“We would recommend all staff we have dealt with at BLG, as we are very satisfied with the team and the initial offer/terms presented, then you and the funding team, through to the draw down team at valuation stage.”

“All documents are clear and the way you keep clients informed, all the way along the funding process, is refreshing for us”

“With regard to what should be improved at BLG, we work with many lenders in our business and we do not get the help and response we have had on the two projects with all at BLG on our funding for our developments.”

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“We would like to express our appreciation for your support on our development in Bristol. We were very pleased that, from the outset, you shared our vision of the project to convert a dated but classical building, that had outlived its usefulness as a school, into unique luxury apartments with views overlooking the city. We found our dealings practical and streamlined. Monthly payments were processed in an efficient and timely manner.”

“BLG are very good at communicating with clients and all documents are very clear and all at BLG are always happy to help.”

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