The number of tenants looking for rental property in Manchester City Centre with a local letting agent reached an all time high this month, providing further evidence that the Manchester property market is returning to full swing.
The number of tenants registered with Thornley Groves Estate Agents has increased 117 percent since the start of the year, propelling demand for rented property in the city centre to an all time high.
A statement from the company said: “The number of people looking for rented accommodation in the city centre traditionally increases in July, driven in large part by the influx of university students into the area ahead of the new academic year.
“Significantly however, numbers are up more than 50 percent on July 2009, having reached their highest peak in recorded history. We really are seeing more people than ever before looking for Manchester lettings.
“This increase will come as welcome news for the Manchester property industry, and represents a superb opportunity for investors looking to enter the buy to let market.
“There remains a shortage of new investment in buy to let stock following the period of illiquidity brought about by the on-set of the world recession in late 2008.
“With such high current interest in the Manchester property market amongst tenants, we believe that the current window offers the perfect opportunity for new investors to enjoy a high return.
• A Fulham landlord who rented out his property without holding a licence will have to pay back the local council thousands of pounds in benefit payments.
A Residential Property Tribunal has ordered that Rizwan Ahmed must pay the council £37,407.47, which amounts to 12 months of housing benefit payments made by the authority.
Ahmed rented out nine bed-sitting rooms at 796 Fulham Road. When officers inspected they found occupant’s possessions splattered in plaster, a bathroom without heating and hot water, dangerous electrics and no floor coverings.
Ahmed claimed that one particular room was unoccupied but the inspection revealed that there was fresh food in the fridge, clothing and other personal items in it.
Because it had three storeys and was occupied by five or more tenants, Rizwan Ahmed’s property was a licensable House in Multiple Occupation (HMO) but Ahmed did not hold a licence.
The council banned Ahmed from renting out the property. Ahmed challenged the decision but that challenge was dismissed.
A council spokesman said: “Ahmed’s tenants live in putrid conditions and I am thrilled that the Residential Property Tribunal has told him to repay this £37,000.
This should be a warning to all landlords to make sure that their properties are up to a decent standard and that they have the correct paper work.”
