How Long To Sell A Btl Property?
For those buy to let landlords in the UK looking to offload their property, a new report highlights how long it will take to sell it.
The findings have been published by a specialist online agency that has looked at the figures covering the last six months of 2018 to find out what the average selling time is.
According to the firm, the average length of time for a buy to let property to sell is 38 days. That's the length of time between listing the property and an offer being accepted.
However, it's noticeably shorter than the time span indicated by property portal Rightmove recently which stated that sellers are finding it takes an average of 66 days to shift a property and a survey by Post Office Money found it takes 102 days, on average, to sell a property.
Student BTL properties will take 46 days to sell
The online agency's data also highlights that student BTL properties will take, on average, 46 days to sell while some residential homes will sell within 33 days.
Also, 36% of residential BTL properties listed with the agency had an offer accepted within two weeks.
The firm says that the figures show a strong appetite from other landlords wanting to expand their property portfolio in the latter half of 2018.
A spokesman for the agency said: "Contrary to many headlines, landlords are trading property at a quick pace and buyers are securing great deals.
"Online estate agencies like ours offer an expert service to help slash the time it takes to buy and sell BTL property with buyers finding what they want and sellers receiving a service tailored to their needs."
Demand from tenants will grow in 2019
Meanwhile, one real estate firm says that demand for rental homes will grow in the UK during the year.
CBRE says that demand will grow after two years of weakening tenant enquiries and this will be fuelled by lower-earning young people.
In addition, they say that rents in the UK will rise by 11.4% over the next five years and by a more modest 1.3% this year.
The firm also highlights that there is a lot of institutional capital targeting the country's private rental sector with spending set to grow substantially in 2019.
The firm's head of research, Miles Gibson said: "Strong demand and weak supply is creating interest among investors in student accommodation as well as build to rent, particularly in terms of institutional capital."