With the 2008 banking crisis causing the property market to plummet and housing in real terms less affordable than it was 50 years ago, the rental market has flourished.
The private rented sector has grown significantly in recent years, reflecting a national trend, and 16 per cent of Sheffield’s households now live in this tenure.
Despite the new help to buy scheme now being in place, young buyers are still struggling to raise the capital needed for a deposit to buy a property.
For a fortunate few, parents are stepping in and helping with deposits, however an increasing number are still left with no alternative but to turn to the rental market instead.
It is predicted that over half of UK homes will be rented by 2032 for the first time in 60 years if current housing trends continue, according to a new report from the Intermediary Mortgage Lenders Association.
With a rising demand for rental properties, like most letting agencies Northwood is in need of more properties to cope with the growing demand from young and professional adults looking for their first rental property.
With the growing rental market, the economic downturn and the burden of the unpopular bedroom tax there has inevitably been an increase in late and missed rental payments.
Northwood, however, offer a unique guaranteed rental scheme to combat this, whereby we guarantee the rent even if the property is empty or if a tenant fails to pay.
This takes all the stress and uncertainty out of the renting process, allowing our landlords the luxury of a regular fixed income.
Northwood also offers a choice of traditional property management services for landlords who prefer a more hands-on approach and are prepared to take on some of the risks themselves.
Northwood Sheffield is a local franchise with local ownership with over 30 years of combined experience of the South Yorkshire property sector.
Northwood provides a localised service with the benefit of all the services of a national network, with national television coverage and advertising campaigns.
With the increasing demand for rental properties, we need more houses than ever to cope with the growing demand.
If you are considering letting your property or are an existing landlord please visit our local Hillsborough Branch or visit our website www.northwooduk.com for more information.
n Christopher Cooke is a branch director of Northwood.