The buy-to-let market will have been around for 18 years this year, since its inception in 1996. In this time, the market has grown exponentially within the UK; from 2.4million privately rented households in 1996 to over double that amount, at 4.9million today.
The private rented sector is in fact now the second largest housing tenure in the UK according to propertyreporter; which is even larger than the social housing sector.
Why buy-to-let is a good option
What is also potentially good news for landlords of buy-to-let properties is that the number of families living in private rented accommodation has risen by 7% in the last 18 years. So, as well as being a good option for students, couples and individuals, renting a private property is also becoming more and more attractive to families. This of course contributes to the growth of the market, but in addition to this, families may be likely to be the types of tenants that have stable incomes and prefer longer term arrangements.
For advice on whether buy-to-let is a good option for you and for guidance on dealing with landlord and tenant issues, speak to a member of our commercial property team today. We have three main offices across Leicestershire so feel free to phone or pop in and talk to our property solicitors at your local office.
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