'Accidental landlords' are benefitting from Bath's strong rental market
Despite a good sales market in the last six weeks, as anywhere, there are occasions when sellers can’t attract the price they hope for. In this situation, homeowners either relaunch to market at a later date, or reduce the price. However, for those who HAVE to move and can do so without selling up, there’s another option proving popular… letting their home out instead.
Such owners are known as ‘accidental landlords,’ moving due to a change in circumstance such as relocation or moving in with a partner. This option allows them to take advantage of strong rental and house price growth, whilst using the rent to pay their mortgage repayments.
As the lettings market continues to deliver excellent results for our landlord clients, it’s a great alternative. We've recently let a number of 1, 2 and 3 bedroom apartments between £850 and £2,000 that fall into this bracket, including a very smart Bath Riverside apartment that let for £1,700 per month on the very first viewing.
Housing reports tell the same story. All of Rightmove’s rental reports so far this year note landlords continue to reap the rewards. In Q1, Bath claimed second place for annual rental growth (+11.7%), whilst being the second best area choice for tenants in Q2. Whilst I eagerly await the Q3 report, I’m confident our area will continue to impress given our rents have increased approximately 5% over the last three months, some by 10%.
If this sounds like something for you, do get in touch. As managing agents, we would do everything for you and update you with what’s happening in the sales market for when you’re ready to sell again too.