The latest findings from the National Landlords Association (NLA) have revealed that 35% of landlords believe leaving the EU will have a negative impact on their ability to attract tenants.
On the other hand, some 39% think that Brexit will have no discernible impact on their business. The NLA’s research also found that 21% are unsure about what impact Brexit will have, while 5% are of the opinion the vote to leave the EU will have a positive effect in the long-term.
The NLA’s findings come hot on the heels of Theresa May’s announcement at the Conservative Party Conference that Article 50 will be triggered by March 2017 (kick-starting the two-year process of withdrawal from the EU).
The region with the highest proportion of landlords who think their business will be badly impacted by Brexit is London (55%), while only 22% of landlords in the North East can see significant downsides post-referendum.
Here in Scotland, just 4% of landlords think Brexit will have a positive impact on their ability to attract tenants, with 39% (the second highest after London) believing withdrawal from the EU will have a negative impact on their business.
Of course, much is still up-in-the-air and undecided when it comes to Brexit, but landlords will understandably be worried about what the rental market will look like in a post-Brexit world.
Currently, though, the fundamentals remain largely the same. Demand is still hugely outstripping supply when it comes to private rented properties, which means that landlords have a large pool of potential tenants to choose from. This means a greater chance of swerving void periods and occupying rental properties with ease. This, combined with consistently rising rents, increases the chances of achieving healthy rental yields.
There are lots of questions surrounding Brexit, but the property market has proven resilient in the past to political and economic upheaval and there is no reason to suggest it won’t do so again.
As usual, there are a number of things that you can do as a landlord to boost the appeal of your home. Ensuring that the property is bright, attractive, well-maintained and spacious will help you to attract good, reliable tenants.
The rental market is a busy and crowded marketplace, so it’s vital that your property stands out. At Letting Solutions we can help you to do just that, with a combination of online and traditional marketing methods to ensure your property looks its best and remains occupied.
As West Lothian’s first dedicated lettings agency, we believe in the personal touch and are more than happy to tailor packages to your needs.
For more info about what we can do for you, please give us a call on: 01506 496 006.
To find out how much you could be charging in rent, check out our free and instant valuation tool.