According to official government figures from the English Private Landlord Survey published last December, the private rented sector is now England’s second-largest housing tenure, accounting for almost a fifth (19%) of all households.
What’s more, it grew 52% between 2008-09 and 2023-24, increasing from 3.1m to 4.7m households.
So the UK’s rental market is big – and set to get bigger in 2025, in a market that’s driven by low supply and high demand plus, in recent years, high interest rates pushing mortgages out of reach for many. So if you’re considering letting out a flat or house this year, there are many sound reasons for doing so:
- A rental income
Clearly, this is the obvious advantage – making your property work as a long-term investment with a regular monthly income from rent. You can use this to pay off the mortgage on the place or cover other expenses, making a profit at the same time. (After all, a flat or house is only an asset as long as it is making you any money.)
Additionally, depending on the agreement you strike, your tenants can pay for bills including utilities and council tax, which will help cover the costs of running your rental home.
- Property value
Well-maintained properties will appreciate steadily in value over time. By letting out somewhere, you can benefit from this increase while making money from rent. Then, if and when you do come to sell, you can cash in the equity.
- It’s not the right time for you to sell
There could be any number of reasons why you feel reluctant to sell a property. Perhaps you’ve inherited a home some distance from where you live and are in no rush to sell, or are not emotionally ready to do so. You may need to relocate quickly for work, for example overseas, and not have time to sell first. Or you might want to live in the place yourself at some point in the future. Or if the housing market is sluggish, it could make sense to hold on to your property instead of selling it. It will remain yours, and occupied, which obviously always better than letting it stand empty. And it will still be there should you ever want to return to it. Letting out is a highly flexible solution.
- Property management doesn’t have to be a hassle
You can take on a property management company who will take care of day-to-day tasks such as repairs and maintenance and disputes over any issues such as deposits.
- Paying for care bills
If you or an elderly relative need to go into residential care suddenly or unexpectedly, renting out your or their home will bring in an income quickly, all or some of which you can use to pay for the care fees. This can work out really well, and, again, bring in an income without the need to sell up.
Let your home through Carter & May
At Carter & May, we’re the award-winning estate agents for the Salisbury area, whether you’re a first-time landlord or an old hand with plenty of experience at lettings. We aim to make renting out a place a stress-free experience from start to finish, and offer a highly personal service alongside extensive, deep knowledge of the local market. (By the way, as well as Salisbury itself, we cover Alderholt, Ringwood, the New Forest, Amesbury and Fordingbridge.)
We’ll work hard to identify the best tenants for the home you’re letting out. Choose from our straightforward service in which we just find tenants, or our fully managed package in which we handle everything.
Get in touch today to learn more about how we could maximise the rental income from your property.