What’s your next buy to let property purchase?
Landlords looking to expand their buy to let property portfolio need to think carefully about their target tenants as a primary market is beginning to flounder.
According to data from the Universities and Colleges Admissions Service (UCAS) student applications have dropped for the second consecutive year; rising university fees being cited as the primary reason for this decline.
Annual university fees can now cost up to £9000. This means a standard three-year course could saddle a graduate with debts of £27,000 while a 5-year medical degree or 7-year architecture qualification would result in charges of up to £45,000 or £63,000.
Previously a rental ‘dead cert’, reduced university application numbers could now affect landlords with student lets, particularly as this trend is expected to continue.
John Jones is one of the lawyers behind GW LET and a licensed conveyancer:
“It is our advice that landlords keep a watchful eye on university admissions as it could act as a catalyst in their next property purchase.
“It is also worth bearing in mind the significant increase in university fees may also prompt a rise in students remaining at home and attending their local university as a cost cutting exercise. This too would have an impact on student landlords.”
GW LET is the dedicated department for landlords at Goldsmith Williams Solicitors which has recently been recognised as one of the UK’s top two national conveyancers at the Mortgage Strategy Awards. The specialist team can provide legal help to landlords as well as assisting with buy to let purchases and remortgages from just £299^.
^Based on remortgage legal fee including VAT and standard disbursements.
Content correct at time of publication