Trying to sell your home? Now could be the right time to become a landlord.
As we come into August, any mention of the word ‘property’ is either surrounded or closely followed by ‘prices’, ‘interest rates’, and ‘mortgages’.
The property press at large are reporting that, as it stands (certainly as far as London is concerned), prices remain strong and there is good demand from buyers due to the overall shortage of property. However, this is not the whole story as a recent article in Estate Agent Today looks at.
Data from Street Group cites that between the start of June and middle of July, the number of properties going under offer within the first three weeks dropped from 40% to 34% of listings. Furthermore the number of properties that had been on the market for 20-26 weeks rose in the same period from 3%-8% of listings.
It is also worth highlighting that price reductions have also increased between January and June 2022 from 13% - 18% as a percentage of stock on the market.
Is there another way?
We can see that the market is cooling, so now may be the perfect time to consider becoming an accidental landlord, particularly if a timely onward purchase is necessary. Compared to traditional methods, co-living can more comfortably facilitate the renting of a property to allow an onward move and so can be the perfect way out of a squeeze in the market.
Accidental landlords are often concerned by the unknown and understanding whether or not renting could work for their property. Lyvly can ensure that landlords generate the maximum possible return on their property while ensuring the asset is maintained to a high standard, thus enabling future resale when the market is most suitable.
The prime concern for accidental landlords is whether the rental income will cover the outgoings on the property and crucially whether it will enable the funding for the onward purchasing. Lyvly can deliver a market beating 60% increase in net profit which means the onward purchase becomes much more attainable.
If you are currently trying to sell your property in London with no success, or have had a sale fall through, please contact us through www.lyvly.uk/landlords and one of our team will be happy to advise.