The rental market continues to grow by Bolton Letting Agents Westpine Property Lettings
According to the latest English Housing Survey, home ownership levels are continuing to drop whilst privately rented households are on the rise.
The results confirmed that 65% were owner-occupied, 17% socially rented and 17% privately rented. The number of owner-occupied homes has dropped by around 400,000 since 2005.
The report also surveyed tenancy deposit protection and found that 70% of private tenants had their deposits returned in full, 17% received part of their deposit money back, and 13% had none of it returned.
Tenants were also asked why tenancies had ended. Around 81% ended because the tenant wanted to move, 10% ended their tenancy by mutual agreement, and 9% of households were asked to leave by their landlord.
Westpine Property Lettings & Management of Bolton believe that the figures evidenced are good signs for Landlords in that the private tenant pool is still increasing and leading to more competition for housing. This will in turn mean fewer void periods and possible choices between those wishing to make applications.
The figures also show that there are a large number of tenants who are treating rented properties well and maintaining the property and furnishings to a high level. Only 13% of tenants had their deposits taken in full. Westpine believe it is important to establish a suitable deposit amount that does not discourage applicants but that will cover the landlord for a satisfactory amount in the event of any damage. In order to be able to claim from the deposit, it is essential to have a signed and agreed inventory, a schedule of condition and where possible photographic evidence of the original and damaged state of any items.
Westpine offer Landlords a comprehensive inventory, schedule of condition and photographic evidence at no additional cost under our full management package (currently 50% of the 1st month’s rent tenant find & 7% monthly management). We also offer quarterly inspections included in the full management package which are designed to identify damage within the property at an early stage before issues progress.