Brexit – what it means for renters…
On 23rd June, the UK public voted to leave the European Union – a momentous decision that many believe will have a huge impact on our lives.
However, despite all of the media hype, tales of woe and indeed promises of greatness, the truth is, nothing much will change until Article 50 is triggered and the UK begins the formal process of extracting itself from the European political block.
Even when this happens, we will be entering such unknown political territory that no-one can really predict exactly how we as a nation will be affected. This is also true for the rental market.
With this in mind, if you are a tenant, the best advice we can give is to remain calm, don’t panic, and make preparations for every situation.
A huge part of this is to ensure that you keep your finger on the pulse of the market. Keep up to date with the news so that if there are any changes in rent, you are fully prepared. This preparation should involve allowing for a rise in rent by putting a little extra money away each month over the course of the next few years. This will ensure you are covered in any eventuality.
Overall, as a tenant, you are in a strong position because you have freedom that is not enjoyed by homeowners and this could prove to be a great advantage.
Looking to rent?
If you are currently looking to rent a property and would like to discuss your options in more detail, please call one of our expert advisors.