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With the UK housing market still seemingly at standstill, do you have an empty property sat 'unsold'! If so maybe now could be the time to consider turning that property into a monthly return. Every month that passes by with your house empty is a months worth of rent that could offset the likely reduction to value that many have experienced during the downward turn. 

We think most people agree that its the most difficult time in the past 15 years to try and sell your property. Whilst sales figures continue to be sketchy and only really motivated sellers seem to be able to achieve a sale what can't be disputed is the massive and continuing surge in the property rental market. Demand is peaking at an all time high and with a seeming housing shortage and increasing population this situation seems unlikely to change anytime soon.

Perhaps then its time to take your property off the 'for sale' market and change it to 'to let'. With house prices not predicting to recover for at least 5 years ask yourself the question could you avoid having to sell that house today and hold onto it for another five years. You might just kick yourself if you don't. 

Imagine the scenario. Lets say you have a property valued at £125,000 and you don't know what to do with it.

Option 1 try and Sell it. Lets assume there is no mortgage on the property so you are not under any pressure. On average most vendors are needing to accept around 7-10% below market value currently to obtain a sale, lets say it takes 6 months to sell and you achieve £115,000. Minus fee's you net out £112,000 in 6 months time.

Option 2 you decide to let it. If the house is in good order it should rent within 4 weeks or so. Lets assume you achieve £600 per month rent. Now you decide to sit on the property for 5 years whilst the market recovers. Thats £7,200 rent per year, not withstanding any tax, voids, or maintenance over a five year period thats £36,000 in rent. Lets say there is £10,000 of costs along the way for tax, voids, maintenance etc. Over 5 years you will have netted £26,000. Now lets assume the market is much stronger than it is today and your house is now worth £130,000. Now you decide to sell and achieve the asking price. After fee's and associated costs you net £127,000 for the house. The net result is you are £41,000 better off over the time period because you decided not to sell.

Now we realise these are hypothetical figures, however, they attempt to demonstrate how many people are taking advantage of a strong rental market.

We say unless you have too then avoid the S word at all costs!

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