The strength of the current lettings market has been reported continuously in recent months and we are now seeing the return of buy to let from investors, who have seen the potential in putting their money into property at this time. In particular, foreign investors have shown an increased interest in UK property, although this has been more common in the South of the country. In a change to the initial ‘property boom’ though, is it now houses, as opposed to apartments, that are seen as the better option?

Natalie Evans, Property Manager at GO Lettings in Leeds, commented, “In Leeds we have Landlords with both apartments and houses and the year they bought these properties very much determines how profitable they are currently. Landlords buying property now are in a more fortunate position now that property prices have decreased and there’s an abundance of tenants getting in touch, but whether they go for a flat or a house is tending to depend on the individual landlord. In terms of apartments, Landlords need to take into consideration that there is a service charge for the management company looking after the development and they would need to abide by the terms of the lease. Apartments do tend to let for shorter periods of time too, but then the demand for City Centre apartments is very high, because people desire the convenience of not having to worry about travel time and costs and there’s a very romantic notion about living in a City Centre pad! Houses, on the other hand, tend to let for longer periods of time, and are often let unfurnished, and don’t have management fees or service charges, but then may not receive the same level of interest as apartments do when it comes to renting them out. When they do, they can offer better returns though.”

There’s no simple answer as to which is best, house or apartment, as it really depends on what the individual needs of the Landlord from their investment. Some may say that houses are the best bet as they can offer the higher returns, but others feel more confident about the speed of letting their property with the current popularity of city centre flats with young professionals. It’s worth all prospective landlords speaking to their letting agent about the individual areas they’re looking at though, as any good agent will be happy to provide advice and information to help them make an informed decision.

If you need advice on which property to go for in your area, call a GO Property Manager on 0845 226 0345.

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