With the new university year beginning, there are opportunities for landlords to rent out rooms individually. The biggest advantage of renting rooms to students is that there is a consistent, strong demand for accommodation, depending on where you buy of course. In today’s market, students are not the only tenants looking to house-share. According to Ideal Flatmate, the average age of a room-share tenant is now 30 years’ old. Houses in Multiple Occupation (HMOs) are the second largest tenure in the UK; there are about 4.5 million HMO households in England.
The Secretary of State for Housing, Communities and Local Government, James Brokenshire, has proposed introducing longer tenancies for private renters. If the plan, which was tabled in July this year, is put into action it would mean landlords and tenants may have to commit to a minimum three-year residential tenancy term in place of the current six to 12 month tenancy agreements.
Buying a house is a momentous occasion in anyone’s life. Whether buying alone or with a partner, getting a mortgage and signing the deed is a huge commitment. But the security of owning your own home is something we all dream of having, and the earlier you can get on the property ladder, the better.