Last week The Telegraph printed a very heartening article in which it indicated that there are signs the buy to let market may actually be stabilising. As its proof it revealed the fact that in May the average price of renting a property in the UK remained the same for the first time in nine months.
That average cost is, apparently, £819 per month. And for the first time since August 2008 it did not fall in May.
Another good sign according to The Telegraph is the fact that the number of properties actually being put onto the market eased in May. There was a rise of only 2.7 percent in this area in May compared with a huge 14.5 in May last year.
This easing in the rate at which available properties are rising will hopefully start to see the reversal of some of the negative aspect of an oversupply. With any luck we could soon see a decline in the void periods currently being suffered by a lot of landlords, which would be a huge relief for many.
It is also possible we are not far from a time when landlords can feel a bit safer in demanding a reasonable price for the rent of their properties. The increased competition recently has led to a dramatic fall in the rent some landlords are able to ask for, with disastrous results for their bottom line.
Let’s hope all this does start coming true as The Telegraph seems to be indicating it will.
