Housing Stock at ‘Serious Low’

News release

12th June 2012

More landlords are needed to boost Lincoln’s private rental housing stock, a lettings and property management agency says.

Bosses at Lighthouse Property Services, based on Carholme Road in Lincoln, say an increase in the number of tenants staying in one property for longer periods of time coupled with a greater need for rental properties means demand is outstripping supply.

Now the agency has launched a new promotion offering a chance for reduced management fees for a year in an attempt to entice more property owners and investors into making the move to becoming landlords.

Simon Sewell, Lettings Director at the agency, said: “We are getting more calls from people wanting a private rental property than we actually have housing stock on our books – and I can’t see it improving unless more properties become available.

“We have to turn away several potential renters each week which is why we want more people to sign on as landlords. We actually have more properties on our books now than we have ever had, but it still isn’t enough to meet demand.

“We’ve now brought in an offer for new landlords giving them a chance to win their management fees at 10 per cent for the year rather than 12 per cent, to hopefully meet the demand that’s out there.”

The agency has around 330 private rental properties in the city – with only 13 properties available at the present time – but says that not all of those properties are vacant as yet and more diverse range of property would be welcome.

According to ARLA (Association of Residential Letting Agents) the average length of tenancy across the UK has increased by 17 per cent in the past two years, from 16.5 months in 2009 to 19.3 months in 2011.

“We are very keen to hear from potential landlords to expand on our available stock” added Simon. “With the right type of presentation and accurate pricing, we could use flats, small houses, large houses, bungalows, modern and period homes to fill the gaps.”

Ends

Notes to editors:

  • Lighthouse Property Services is a property management company which was established by Tim Clark in 2000. The firm now manages a wide range of rental properties including students and the private sector. Visit www.lighthouse-property.co.uk or call 01522 780020 for more.
  • Lighthouse Property Services is part of Countywide which is the UK's No.1 Property Services Group.

Cerri Delaney
Shooting Star PR
01522 528540
cerri@shootingstar-pr.co.uk
www.shootingstar-pr.co.uk
t: @cerridelaney

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Lighthouse Property Services is having to turn potential tenants away due to a shortage of rental properties
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We are getting more calls from people wanting a private rental property than we actually have housing stock on our books – and I can’t see it improving unless more properties become available.
Simon Sewell, Lettings Director at Lighthouse Property Services