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Anyone who’s looking for property for sale in Retford with a view to setting up a buy-to-let portfolio may be interested in research which shows that England’s rental market is incredibly profitable.
Residential Landlord shared the figures compiled by VeriSmart, which revealed that private tenants in England pay an average of £10,128 a year to rent their homes. Social renters pay an average of £5,304 annually, bringing the country’s combined total for the whole market to £66.7 billion.
This means that, if the country’s rental market were placed in a table of global GDP rankings, it would sit above 159 countries around the world.
London alone would sit higher than 124 nations, with its rental market valued at an impressive £21.8 billion.
Although there have been a number of changes to the legal landscape for landlords in the UK in recent years, it appears that the sector is still going strong. And given that over one-third of current rental tenants said they’d be happy to stay in rented accommodation for the rest of their lives, there’s certainly an appetite for these kinds of properties.
Jonathan Senior, founder at VeriSmart, pointed out that government policies targeting landlords have dented their confidence. However, despite this, he noted that “the backbone of the UK rental market remains strong and it’s still one of the safer investments one can make”.
There are clearly opportunities in the buy-to-let sector, but you need to make sure you purchase the right kind of property in the right area to ensure you’re getting a good return.
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The best places to live around the UK have been unveiled in the latest The Sunday Times Best Places To Live survey. The annual listing looks at the UK as a whole, as well as picking the ten best places to live in all the regions of the country.
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There’s much in the news about generation rent and the fact that many people under the age of 35 face the prospect of never being able to purchase their own properties. However, it appears that some of them are happy with the thought of continuing to rent.