Being a landlord in Somerset can be an attractive way to earn income but it can be a difficult task. This is why there is a need for landlords in Somerset to familiarise themselves with the local area and learn what the buy to let market has to offer.
The average property price in Somerset, as of November 2016, was £264,351; which represents a 5% increase on the November 2015 figure of £250,874. The average price of flats stood at £190,646 which considering the importance of one and two bedroom properties in the Somerset property market is likely to be of interest to many landlords.
The average property rent in Somerset stands at £885 per calendar month but of course, this is made up of a wide range of properties. With an average time on market in Somerset of just under 100 days, it may be that a landlord will have to wait a few months before they are able to fill their property, so this is something that they need to consider.
The importance of finding the right property is crucial and this is shown by the average rent for different property types. A one bedroom property provides an average rent of £590 per calendar month while two bedroom properties offer an average rent of £776 per month. Three bedroom properties offer an average rent of £952 per calendar month and four bedroom properties offer an average rent of £1,447 per month. Five bedroom properties offer an average rent of £1,531 per month.
The most common option for letting in Somerset is two bedrooms, with one bedroom and three bedroom properties coming in as the next most popular options.
Know the market
There are close to 30 separate areas in Somerset which have a population of 5,000 or more. There are areas like Bath, with a population of around 94,000 and Weston-Super-Mare which holds a population of around 83,000. There are also towns and villages like Cheddar, with a population of just over 5,000 and Long Ashton, with a similar population.
There are a number of areas to consider in Somerset, which is good because it provides a landlord with flexibility. Acting as a landlord in Bath is likely to pose some different challenges to the issues faced by the landlord solely operating in Cheddar. If you are looking to operate in a particular part of Somerset or you want to deal with certain tenants and challenges, there are a number of options that will meet your requirements.
Know who your audience is
Another issue that is very important for a landlord to be aware of is who is likely to rent property from them in a particular area? The demographic of likely tenant impacts on how you promote the property to them, how you present the property to them and how you engage and interact with them.
These are all factors that should be considered before a landlord invests in property or starts to promote the property. This is because a property may be perfect for one style of tenant but completely unsuitable for another and the landlord needs to know who they are aiming at before they enter the market.
Properly vet tenants
Even if this act takes you some time and costs you a bit more money, it will be worth it in the long run. The quality of your tenant is often a major factor in the success or failure of a landlord so if you take the time to find the best tenant for your property, you will be well on your way to success.
Quick tips that are suitable for all landlords include:
• Be as professional as possible
• Seek help from experts and professionals
• Try to offer more
• Be aware of the laws and regulations regarding property
• Be respectful of your tenant
The Somerset lettings market offers a number of affordable opportunities for landlords but it is essential that a good level of research is undertaken before investing in the market.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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