Unbelievably its almost the end of 2016 and time to have a look at our year in retrospect.
It has been a year of change within the private rented sector and Rentlocally has been adjusting to these new challenges in preparation for continued success throughout 2017 and beyond. One of the main characteristics of the sector has been a serious under supply of affordable property to let. This has of course meant that average rents have increased which to some degree compounds the problems faced by those tenants on a strict budget. Our response to this has been to ensure that we have a percentage of our stock that is aimed squarely at those who need it most as we continue to balance profit with social responsibility.
To illustrate this heating up of the Edinburgh and Glasgow market , research suggests that rents for 2 bedroom flats have risen by over 6% in the last twelve months. This is good news for landlords but a note of caution must be sounded.
Landlords have to think carefully about how the legislation might affect them in future and we have been on hand to help them negotiate the changes both actual and proposed.
Clearly the suggested changes to mortgage interest relief have been of greatest concern because this represents a potential reduction of income. We can advise on setting up a limited company which seems like a sensible plan and statistics record nearly two thirds of buy to let applications are now made by limited companies.
The recent announcements on fees are not likely to affect us as Scottish Agents have long since adjusted to a no fee proposition and we welcome complete transparency on costs and charges.
For our own part we have broadened our operating platform to include Estate Agency Services for landlords seeking to sell or indeed purchase the right property at the right price. We have welcomed several new Regional Partners to our growing list and will be supporting them fully throughout the coming year with new sales initiatives and software developments. We have added to our team some new key members of staff to manage the back line services which are so important in serving our clients and fulfilling our aim to be better letting Agents.
This year we have won more business , retained more clients and moved successfully into England with the opening of our Tunbridge Wells Office. Lots to be excited about for the future and we shall be posting on this Blog on a regular basis information that we hope will be of practical help to tenants and Landlords alike.