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Oversupply of Rental Properties in East Midlands from "UK Landlord" magazine, July 2007
In a speech to the Nottingham City Council An oversupply of rental properties, particularly in the student and new-build apartment sectors, has led to many student lets being put back on the market, a proliferation of empty new-builds, and falling rental yields. "The low rental yields are more worrying in light of rising interest rates, which are predicted to continue," she told participants. This is of concern for new landlords just coming into the business who "may have been encouraged to take out huge loans to buy properties in the belief the property values and rents can only go up, and that this is a foolproof way of making money." Nottingham City Council is aware that certain central areas appear to be suffering a marked decline in prices, which may be due to saturations of some market segments such as city centre flats. While this may make some housing more affordable, the Council has stated it could also lead to long-term empty buildings, abandonment or even dereliction. Christine Darville added her concern that it could also lead to a rise in repossessions. "Although the present situation is difficult, landlords as a whole are a very tenacious and determined bunch," she said, and stated that the landlord community is certain to overcome the challenges it is currently facing in the region.
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NLA East Midlands Regional Representative Christine Darville has raised her concerns about the oversupply of properties for rent in the East Midlands.
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