Property investment advice - the rising cost of renting property

Many first-time buyers have been priced out of getting their foot on the property ladder, and as a result the cost of renting a home has hit an all-time high and many are finding that instead of being an affordable alternative to buying.

London, United Kingdom (prHWY.com) July 30, 2012 - Many first-time buyers have been priced out of getting their foot on the property ladder, and as a result the cost of renting a home has hit an all-time high and many are finding that instead of being an affordable alternative to buying, it's much less affordable. It's important that these investors get the right property investment advice in order to be able to get onto the property ladder.

Presently, estate agents are finding that rental demand is on the rise. This is good news for landlords, as property is being let in record time. There are up to five tenants fighting over every property and the problem seems to be countrywide.

Recent figures released by Halifax shows that the average monthly rent has risen to £722, yet the average cost of a mortgage including other costs has fallen to £600 and it seems that rents are still rising. Halifax has also shown that renting a home is 17% more expensive than owning.

Homeless Charity Shelter has found that families are increasingly finding that they are priced out of the rental market in more than half of England's local authorities.

Susan Alexander is a property coach and mentor. She says:

"Recently Ken Livingstone raised the issue of the London Property Market needing a major overhaul to make the system fairer, and believes that there is little incentive for bad landlords to ensure their property is of a decent standard, and goes on to promote a new website regarding rogue landlords.

"There are undoubtedly landlords who do not maintain their properties to acceptable standards, and who take advantage of their tenants. Privately rented properties are a business for the landlord - just like when individuals obtain services from any other business - there are different levels of service and they come at different prices, and the service provider is liable to incur losses as well as profits.

"That said, what of the tenants who accumulate continual rent arrears in the thousands, and who thanks to the imbalance of notice periods being weighted more in favour of the tenant, i.e. 2 months required to be given by the landlord with no guarantee of the tenant moving out at this stage, and only one month required by the tenant? This can create further substantial rent arrears, of which the landlord is often left picking up the bill for. In addition to this, a small number of departing tenants can often cause substantial damage to the property beyond that of a deposit, which can run into thousands of pounds, with no real consequence or deterrent for the tenant, or prevention for this to happen again with another landlord in another property. I believe more needs to be done, to ensure the system can be made fairer for both the tenant and the landlord."

About Susan Alexander Coaching

Susan Alexander provides coaching and property investment advice to people who are serious about taking control of their financial future, but want a little help in determining a strategy and setting goals, or simply need someone to push them along and ensure that they are moving in the right direction. Her one-on-one property coaching helps investors to be clear on where they are headed from the start, putting in place an action plan that will ensure that they know what to do from day one.

Visit www.susanalexandercoaching.com for more information on property coaching.

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Tag Words: susan alexander coaching

Categories: Real Estate

Press Release Contact
Holley Samuel is a business writer for business clients throughout the UK. For enquiries email Holley at holley@digitalcascade.com or visit http://www.digitalcascade.com.

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