We spotted something in Property Eye this morning which really piqued our interest. The latest statistics from Eurostat, the EU’s official statistics bureau, show that home ownership in the United Kingdom has dropped from 70% in 2005 to 64.6% in 2013.
This puts the UK amongst the lowest in Europe, with only France, Denmark, Austria, Germany and Switzerland showcasing lower percentages of homeowners, not bad company to be in.
So what does that mean for us? Well, in short, it means those with the resources have a fantastic opportunity available to them. If you’re in a position to expand your portfolio or invest in a buy-to-let property then we couldn’t really recommend a better time to press ahead with it.
In November last year, the city’s estate agents were in a tricky position. As an industry, we had plenty of applicants but very little stock. For context, it is well worth considering that FleetMilne were among those offering the most choice to potential applicants with 5 properties on the market. One unnamed agent even experienced a week or two where they had no properties at all to offer.
Hopefully that particular anecdote helps to illustrate just how strong the rental market is for landlords in Birmingham at the moment.
So is now the right time to be looking at your next investment? We think it might be.