09 January 2010 - Property Lettings Kettering; Market Review Year End 2009

- Green Shoots Spotted in this Northamptonshire Town.

 

Harpreet Garcha the MD of Belvoir Lettings Kettering looks back over 2009. It is apparent that the year has been both negative and positive for the local housing market.  Towards the first part of the year, the so-called ‘credit crunch’ was having an adverse effect on rents and the ability of first-time buyers and landlords to obtain mortgages.  Those that could get mortgages had to start putting larger deposits down than ever before.

 

Around the Spring/Summer of 2009, there were some signs of a slow recovery in the rental market.  More tenants were looking for property and so properties were being tenanted relatively quickly and the number of voids reduced.  Moreover, landlords were coming back to the market due to the increased yields; although rents have come down by some 10%, property prices have come down even more, thus resulting in greater rental yields.

 

Around Autumn/Winter 2009 the market has become busier than expected and void periods in properties reduced to those levels last seen in 2008.  Those landlords recently to the market are seeing rents stabilising with purchase prices still low, can now see the real benefit of investing in Kettering buy-to-let properties.  As a result it is now a Belvoir Ketting offers service that can help would-be buy to let landlords in Kettering to source properties and assist in arranging finance.

 

To summarise, there have been many positives towards the end of this year in Kettering even though globally it is not certain we are yet seeing the end of the recession.  Investing in property in Kettering is still makes good financial sense for landlords taking a long term view of the market and 2010 should see rents moving back to 2008 levels and tenants numbers are forecast to increase. And of course landlords should look for the best property lettings agent in Kettering!