Professional Realtors in Littlehampton

Rental demand is expected to increase this year as the number of first-time buyers fell by 9% in 2022. This is despite first-time buyers making up 53% of all buyers with a mortgage. Nitesh Patel, economist at Yorkshire Building Society, said: “[2022] started much as 2021 had ended, with the supply of a significant number of low deposit mortgages, an overflow of healthy deposits from the build-up of household savings balances during the pandemic years and a steady economic picture. Then came the infamous mini-Budget which sparked panic in the mortgage market, leading to low product availability, higher borrowing costs and a slowdown in house price growth among other things.” Landlords who are choosing to weather the current financial downturn will undoubtedly be relieved to hear that demand for rental properties is expected to remain high this year. They should, however, be wary of hoping to use it as an opportunity to increase rents exponentially as tenants' incomes and affordability pressures will mean landlords could run the risk of pricing their properties out of the market. If you are concerned about the affordability of your rental property in Angmering, Littlehampton, Rustington and East Preston please contact us for an up-to-date review of your investment. Give us a call on 01903 791727 or send an email to find out how we can help.