Lettings boom continuing – by Bolton Letting Agents Westpine Property Lettings
Newly released census figures show that the number of private tenants has doubled, while the proportion who own a home has fallen sharply.
One in five families in England (around 1.2 million households) were renting from a private landlord in 2011. This represents double the number from 2001. The proportion of families who own their home dropped by 13% according to the latest census.
The figures show that renting is no longer just the popular choice for the young and for professionals and that more and more families are taking the option of renting as home ownership is not a financial possibility.
Westpine Property Lettings & Management believes that this is great news for landlords. The figures show that there is still a huge growing demand for rental properties across the country and over the years this has led to fewer “void” periods and to increasingly quick tenant applications.
At the same time this has led to tenants facing more competition for rental properties as the demand is currently out-weighing the quantity. Westpine Property Lettings would advise prospective tenants to be decisive at viewings. It is essential to ask the right questions at the viewings and to make not only the right decision, but a timely decision on whether to take the property. All too often, we receive an excited call from a person wishing to apply for the property a few days after viewing it, only to have to inform that another applicant has since applied and reserved the property.
Our advice to viewers is to ensure that all people involved in the property decision are present at the viewing. This allows all parties to see the property and can prevent having to make further viewing appointments and reduce the risk of losing the property to another applicant in the meantime. If the property is the property for you, ask the letting agent involved about making an application and reserving the property. A respectable letting agents will take an application fee and holding deposit which will then cease further viewings/applicants to the property until your referencing has been processed. Always remember to confirm and ask for all fees involved in making an application, moving into the property, throughout the tenancy and at move out – some agents charge tenants undisclosed ‘admin’ fees either on the move in day, when you wish to renew your tenancy and also for your move out inspection – avoid these agents wherever possible.
Westpine charge a flat fee of £100 per applicant (No VAT charged). This covers all aspects of the referencing process, inventory, move-in and also ensures that any tenancy renewals are carried out at no extra cost to our tenants, or landlords. Westpine believe in offering competitive and fair prices to our applicants at a time when the lettings industry is un-regulated and it is common place for agencies to be charging applicants astronomical fees.