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House prices in Bedfordshire
House prices in Bedfordshire are expected to soar by 10% in the next five years, while property developers will cash in on the rising demand for rooms to rent, says Luton-based property guru, Samantha Bains. And in five years, prices should be running above inflation, she predicts.
Ultimate Connexions Director, Sam, who started her booming property consultancy firm from a tiny hall table in her starter home, is responsible for turning around the fortunes of many struggling buyers who have found themselves unable to sell property in the stagnant market, as well as commercial investors, by advising them and co-ordinating money-spinning developments. And much of it is down to location, she says."There are hot spots for commercial property just as there are hot spots for residential that defy the market logic," says Sam. "The trick is to study prices on the net and find the hot spots then work out where the next ones will be and try and buy before the fever reaches there."
Property investors are now racing to cash in on the rising demand and demand for rooms to rent in new hotspot Lutpn. The Bedfordshire town has come second only to London as the most in demand town in a new survey from flat-share specialist Spareroom.co.uk.
The property website has published a list of ten locations around the UK where demand for rental property is booming. Top of its table was London, with 8.9 applicants chasing every room available for rent.
However, our nation's capital isn't alone in experiencing a major imbalance in the demand and supply of rooms to rent. In the Bedfordshire town of Luton, tenants face a similar shortage of rental properties, with 8.8 tenants chasing each room.
New housing developments are springing up in Luton and surrounding areas to meet demand, with hotspots including Hemel Hempstead and Houghton Regis.
"In Luton, demand is so frenzied that many new rental properties are snapped up within a few hours of coming onto the market," says Sam.
"With mortgage lending in June at just £500million- the lowest figure since 1998 - the outlook for rents is very positive. If people can't buy they will have to rent and with supply and demand economics there is only one way rentals can go and that's up."
But it isn't all bad news for home owners. Sam, who is the only agent on the street in Luton, Beds who deals with both residential and commercial sales, as well as lettings predicts: |
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