Softening, cooling, contracting, slowing – they were all terms used to describe the imminent future of the residential housing market but there’s some serious trend bucking going on. Right now, the only way is up for property values - a trajectory that led the Financial Times to say the price rises were ‘out of sync with economic reality’.
Prices, however, keep on inflating and the Halifax reported that values had risen 1% in May 2022 – the eleventh month in a row that bricks and mortar became more expensive to buy. In monetary terms, Rightmove says an average of £7,400 was added to the value of a property in the last four-week period.
With property prices hitting an all-time high, it’s no wonder another study shows that a record number of landlords are quitting the buy-to-let market to cash in on rising property values.
The National Association of Property Buyers – of which our parent company, Open Property Group, is a proud member of – said it is seeing a sharp rise in the number of landlords selling their rental property as they can ‘very often get a better price for selling an empty property, than by letting it.’
Record-breaking property values come at the same time as a maelstrom of financial and compliance complexities in lettings. Tougher EPC rules for landlords are drawing closer, while two imminent White Papers relating to Levelling Up the UK and the Renters’ Reform Bill will change how lettings operate beyond recognition – mainly in favour of tenants’ rights. Of course, we also have the cost of living crisis, a labour shortage and rising interest rates, all making the future of lettings less predictable.
Cashing in on current property values is certainly an attractive proposition but landlords hoping to make the most of their assets need to act quickly. Let’s return to the ‘softening, cooling, contracting, slowing’ prediction. Property experts are unanimous in saying it’s only a matter of time before the wider economic downturn catches up with the housing market and that soaring house price trajectory plateaus or even nosedives.
LandlordBuyer offers property investors the quickest way to sell and complete – before property values start to tumble. We can make you a genuine cash offer and provide completion in as little as seven working days, so you’ll receive cash in the bank before the market turns. And unlike using a High Street agent, you don’t have to wait for a vacant property before selling as LandlordBuyer purchases buy-to-lets with sitting tenants.
We’d like to temp you into a sale – start with a no-obligation valuation or contact our team for advice on your buy-to-let’s value. Don’t forget, you can sell your portfolio to us in its entirety for a simple, stress-free way to dispose of your assets while values are high.