I’ve heard various stories post Brexit regarding the property market, housing prices freezing, dropping, people deciding not to sell, but what about rental properties? What’s happening with them? Now, I’m not a property expert, but I do have some experience of renting homes, so after some thought I’m sharing my opinions on the topic. If you want an expert perspective, there is a great ebook available from HomeLet about the rental market post Brexit with plenty of advice from property experts, available to download now. The ebook is aimed at Landlords, but makes for interesting reading for tenants too.
In my opinion, the most important thing to do if you’re trying to rent a property is keep calm! You don’t want to regret a house move, so take your time, consider the area you wish to live in and if necessary extend the area you’re looking in to maximise the properties available to you. As far as I’m concerned the tips for those looking to rent post Brexit are similar to pre Brexit rules. Properties not coming on the market for sale, doesn’t necessarily mean that properties won’t be available to rent, so stay positive! Make enquiries in the area you want to live, the pub landlord, local shop, or the parents you meet at the toddler group may know of a property coming up to rent, so make sure you let people know you’re looking!
Nationally, rents are apparently not rising quite as fast as they once were, and with interest rates creeping upwards landlords need to find the balance between affordability for tenant and profitability for themselves. As a result I’d be tempted to negotiate with a prospective landlord for the best price on the monthly rent – be polite, know the market (so you don’t make a ridiculously low offer!) and don’t be offended if they say no, it’s a business deal after all, so consider why a landlord may give you a better deal – have you got super references from previous Landlords? Tenants causing damage to property whether accidentally or maliciously is costly, and so Landlords need to make sure they choose great tenants and are well insured. Home Let offers Landlords Insurance which is specifically tailored towards rental properties, and they also offer Landlords lots of advice via their website.
So, if you’re trying to move post the Brexit vote, stay calm, and keep looking! Good luck!
Disclaimer; This is a collaborative post, all thoughts and opinions are my own and are not intended as advice.