On 12th August 2020, the UK recession was announced, not much to our surprise given the circumstances as a result of the global Coronavirus pandemic which began last spring. This may be unsettling for a lot of landlords with properties around the UK, especially if they have empty properties. However, there is no reason to be alarmed, anyone can utilise this recession to improve their property investment in the long run, with research and re-strategist.
2 biggest impacts that the recession will have on your rental properties:
It is common knowledge that a recession means an influx of job losses, which means you could find yourself chasing up rent more often than usual or end up being underpaid. This will be a stressful situation for yourself and your tenant.
Depending on your property, you could find it difficult to find tenants. This will mean longer void periods, which is definitely not ideal when you have to cover the mortgage and any other unexpected expenses such as repairs.
4 ways to recession proof your rental investment strategy:
Focus on buying properties close to public transport so that tenants can travel easily to work and if they find themselves unemployed during the tenancy, they have easy access to travel around London for interviews to secure a new job quickly.
Work with one of our property managers at Hyde & Rowe so we can deal with tenants and arrange for any necessary repairs. We offer various solutions such as let and management, guaranteed rent and serviced accommodation.
Opting in for Guaranteed Rent is simple, we let your property within 24 hours of signing the contract and you don’t have to deal with any void periods. We also provide full management on the property so you don’t have to lift a finger.
Our CEO, Michelle Mcpherson, regularly runs workshops for landlords and investors. The most popular is The Landlord Income Maximiser, however Michelle also does Buy to Let Mortgage Advisory sessions as well as Landlord Income Maximiser sessions.
If you would like more information, please do not hesitate to contact us on 020 8686 1799 or drop a line to [email protected]