Finding right tenant more important than high rents

As a result, finding the right tenant should be seen as a higher priority than increasing rents.

Maria Lucas, managing director of Let Lucas Rental Specialists, believes attracting reliable tenants is the best way landlords and letting agents can ensure they continue to thrive despite resurgent property sales.

Maria said: “The co-existence of a buoyant sales market and PRS is going to lead to a high level of movement in the housing sector.

“Faced with this situation it is tempting for landlords to set their rent levels high, but instead it’s better for landlords to focus their efforts on attracting the right type of tenant for their property at the right price as it is unclear how long both sectors can sustain these conditions.”

While the number of first-time buyers is likely to increase in 2014, there will still be a “great pool” of tenants that remain unable to afford their own home due to property prices rising by up to sixper cent.

It is rare for the sales and rental markets to be flourishing at the same time and suggests this is due to a “severe lack” of affordable housing in the UK.

Letting is a complex, specialist field incorporating more than 50 Acts of Parliament and 70 sets of regulations which landlords should be aware of.

Contact Maria Lucas,of award winning, qualified and licensed Let Lucas Rental Specialists for a no obligation consultation or guidance on 01295 234717.