9:41 AM, 3rd February 2014, About 10 years ago
I have just completed a telephone review with our partners at LettingSupermarket.com and one of the questions I asked was “what is the most popular area in the Country for Letting Supermarket right now”.
Chris Sheldon, a Director at Letting Supermarket said “without a doubt it is Greater Manchester. We manage more properties there than anywhere else in the Country and time to let is also faster than anywhere else, so much so that we are currently very short of stock in the area.”
Greater Manchester is proving increasing popular to investors and this is probably due to rental yields being relatively high in comparison to other areas of the UK. There also appears to be a migration of business out of London to tap into the lower costs and availability of staff in the North West. The most prolific move in recent times being the BBC but do not under-estimate the number of other businesses locating to the area and the associated prosperity they are bringing with them. If you haven’t visited Manchester in the last few years it’s well worth taking a look, be prepared to be shocked!
Chris went on to say “we are also experiencing strong demand in the North East”.
LettingSupermarket.com has been trading for just over a year and Property118 recognised the potential of the business early on and acquired a 26% stake in the business in April of last year.
Unlike most other online letting agents, Letting Supermarket have agents throughout the UK to deal with inventories, viewings, check in/out and regular viewings.
Due to not having a branch office network they keep their costs right down and charge as little as £24.99 pcm plus VAT for full management for properties where the rent is less than £1,500 pcm. They are members of ARLA and carry professional indemnity insurance as well as client money protection.
If rental income for a property is less than £1,500 pcm and the property is outside of the M25 there are no up-front fees for landlords to pay whatsoever. Also, the management contract only ties you in for 12 months so if you do decide to ‘go it alone’ after the first year there is nothing else to pay, even if you keep the tenants they find for you.
If your property is located inside the M25 or the rent is greater than £1,500 pcm there is an additional £200 premium payable to cover increased costs of professional inventories and a London weighting on payments to agents.
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