Update on the letting market in Nottingham
The letting market has risen sharply in the United Kingdom in recent years and there have been a number of reasons for this. Clearly the fact that many people are being priced out of buying a home is a big factor in the rise in demand for letting but the increased opportunity to invest in property and then let it out has helped that side of the conundrum many first time buyers find themselves in. There are many cities experiencing high levels of interest in the letting market and it would be fair to say that Nottingham is one of these cities.
Given that Nottingham is a City that is well known for its educational population, it comes as no surprise that there will be a high demand for rental property. This is a market that is well served by 6 months and year long lets. It is therefore no surprise to see findings from Barclays Mortgage Department which state that Nottingham is ranked as the fourth most popular place for buy to let. In 2014, Nottingham was ranked 17th in the overall list but clearly savvy investors have been studying the market and realised that Nottingham is an area where there is an ongoing demand for letting opportunities.
As you would expect, London is far and away the most popular destination for buy-to-let opportunities but when it comes to property and rental markets, London should be taken as a standalone entity as opposed to being categorised with the rest of the UK’s towns and cities. In this light, only Birmingham and Bristol have performed better than Nottingham when it comes to the buy-to-let market.
Nottingham has a diverse rental market
Although it is understandable that there is a focus on the educational aspect of Nottingham when looking to the rental market, it would be fair to say that there is quite a diverse rental market. The fact that Nottingham is regarded as a location that offers stable employment means that many people are keen to move to the area. When people move to the area, they are more likely turn to the letting market first, giving them time to settle before they consider buying. There is also the fact that recent changes to pension regulations have helped make this decision for many.
There has also been an increase in rental opportunities in the suburbs of Nottingham too. This is possibly due to the number of great transport links in and out of the heart of Nottingham but there has also been a rise in what is on offer in popular areas like West Bridgford. There has been a rise in the number of coffee shops, restaurants and ‘trendy’ bars, all of which are attractive in drawing young professionals and modern families out to these parts of the city.
The letting market in Nottingham continues to be on the rise and with investors and potential landlords becoming more aware of this fact, means that there will be an increase in the number of rental opportunities in the local area.