Rental market is "dog-eat-dog" - buy to let mortgages

27 November 2008

People with buy to let mortgages have been offered advice on how to survive in today's competitive market.

Paul Shamplina, the founding partner of Landlord Action, gave property investors some tips at a seminar entitled How to Avoid the Tenant from Hell at the Landlord and Buy to Let Show, held at the Birmingham NEC recently.

He described the modern buy to let sector as a "dog-eat-dog" environment and noted that there is a high level of competition, particularly in city centres such as Manchester or Birmingham.

"You have got to be methodical. Do not cut corners … do not be rash. The main thing is to manage it properly," he told his audience.

He also recommended that those who use a letting agent should ensure they are obtaining references from prospective tenants.

Meanwhile, Rentright's price index has shown that the average UK monthly rent for November is £621, up from £529 in October.