Lettings market forecast for 2019
The outlook for the lettings market in 2019 is likely to be one of transition, according to Ian Wiggett, Managing Director of Henry Adams Lettings.
“In terms of new properties to let supply for the moment remains good although the market has been more subdued in 2018 in comparison to recent years following the government’s changes in stamp duty and tax allowances targeted at the buy-to-let sector,” said Ian. “However there is no let up in demand from tenants.”
“There’s nothing to suggest that this is likely to change in the short term and in many cases the long term prospects of this market sector are still sufficiently appealing for landlords to maintain their investments and the comfort of bricks and mortar remains a factor.”
The stamp duty levy on buying to let has become a barrier for some new landlords considering entering the sector but is also encouraging landlords who didn’t have to pay this to remain in the market.
Furthermore, the tenant fee ban may come into force in April 2019 which is likely to change the way the sector operates to cope with the new regime.
“As with any changing legislation, a period of transition is to be expected during the introduction. Henry Adams is well placed to deal with the ever-changing backdrop to the market and our staff are trained to advise our clients as and when new legislation comes into operation.
“However, if some landlords do decide to sell their investment properties then there will be fewer properties available for private rental and with no shortage of tenant demand, there is likely to be some upward pressure on rent levels.”
Henry Adams also operates a successful holiday lets service across the region and reports a bumper year boosted by good weather and an increase in ‘staycations’.
Ian reported, “Previous experience tells us that the year following a fantastic summer results in high levels of bookings with memories of glorious warm weather in mind.
“Our busy holiday lettings team has noticed a rising trend for shorter bookings at the last minute so we have introduced new technology to handle these enquiries.
“Technology has made us much more of an instant society, so decisions are influenced when people can see the UK weather forecasts and act on last minute plans. We have however, already received a great number of bookings for 2019 from those who prefer to plan ahead and enjoy the local towns, cities, scenery and coast next summer.”
If you’d like to discuss any aspect of the buy-to-let market, property investment, or if you are considering moving the management of your investment property, get in touch with any of our Henry Adams Lettings offices across the region:
Bognor Regis & Aldwick Lettings - 01233 538464
Chichester Lettings - 01243 537704
Haywards Heath Lettings - 01444 458380
Horsham Lettings - 01403 282500
Midhurst Lettings - 01730 817376
Petersfield Lettings - 01730 262628
Storrington Lettings - 01903 745511
