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Buy-to-let landlords should act now in order to attract students
-January and February are key months for landlords looking to attract student rentals -Landlords need to have an offer accepted by 1 November 2012, to secure the best tenants
The latest survey, which was conducted by Move with Us amongst over 40 university accommodation officers in the UK, has revealed that over half of second and third year students start looking for property to rent in January and February for the following academic year, not September as previously assumed. The majority of first year students choose to go straight into halls of residency, but will start to look for suitable accommodation for their second year when they return from their Christmas break.
The average time taken from having a purchase offer accepted on a property to completion is 54 days**. Therefore, landlords looking to take advantage of the next intake of students need to have their offer accepted on a property by 1 November 2012 in order to have the keys to their investment by 1 January 2013.
Robin King, director at Move with Us, comments: “Although January may seem a little premature for students to be looking for properties to rent for the next academic year, the competition for high quality accommodation nowadays is fierce and its very much first come, first served.
“Second and third year students typically begin to look for property at the start of the second term after the Christmas break, therefore it is a huge misconception that September is the date that landlords should work towards. Making sure that you complete on your property by January will give you a much higher chance of securing good, reliable tenants.
“The myth that students will live anywhere is a long out of date and these days they are demanding much higher standards of accommodation. When looking for a property to rent out, investors need to bear this in mind and amongst other things should ensure that the bathrooms and kitchens are modern and bright, the internet connection is fast and reliable and that the property is in a good location.”
*Move with Us contacted 41 University accommodation officers and calculated that 51% of students look for rental property in January and February and 21% look for property in November and December for the upcoming academic year..
** Average days to sell from September 2011 until August 2012 is 54.2 days from property sales by Move with Us.
For further information, please contact:
Sarah Evans Toyne / Lianne Robinson / Chiara Barreca, Broadgate Mainland: email@example.com / Tel. 020 7726 6111
About Move with Us:
• We are one of the UK’s leading residential property experts, providing a broad range of simple and effective services to help consumers buy, sell and value their homes. Our aim is to do property, properly.
• We provide free, impartial advice and tools to home buyers and sellers in the UK through our website and consumer helpline.
• Founded in 1997, we have become one of the largest estate agency networks, with more than 1,100 estate agents in the UK, ensuring that we have access to the best local knowledge.
• We work with the best independent, accredited estate agents across the country, providing property instructions and a host of moving services to help provide our customers with a smooth and efficient move.
• Based in Cambridgeshire, we have approximately 300 staff.
• Our business growth has been recognised with a number of awards, including The Sunday Times Fast Track 100 award in 2005, 2006, The Sunday Times Profit Track 100 award in 2008 and 2009 and The Telegraph Fast Growth List, 2011.
• For further information, please visit: http://www.movewithus.co.uk