Many buy to let investors will have been deterred from viewing property because of the weather over Christmas and the New Year. Will this have affected the recovery in the let property market that some agents were noticing at the end of last year?
London Agent Marsh and Parsons reported in December that a shift in the market had taken place in the second half of 2009. They said that after 18 months of falling rents the market had stabilised and in some cases rents were actually rising. They put this down to a shortage of let property on the market and an increase in demand in the summer and autumn.
Marsh and Parsons said that some properties that they let in 2008 were being re-let in 2009 for 15-20% higher. They cautioned that prices in Kensington and Chelsea had fallen sharply when the market turned down so property owners who had entered the market at the wrong time were still not out of the woods. Marsh and Parsons are optimistic for London landlords and prospective landlords.
What do you think? Is the picture outside London very different? Do you feel that the recent bad weather will be a threat or an opportunity for people seeking to buy property to let out?
If you are thinking of buying property to let out you should purchase buy to let insurance to protect your investment. Buy to let insurance is specially designed to insure your property while rented out to paying occupiers which most standard home policies do not.