LONDON, January 14, 2013 /PRNewswire/ --
Swinton Commercial, one of the UK's leading business insurance brokers, is offering advice to people looking to invest in properties to rent, as the buy-to-let sector of the housing market is expected to boom in 2013.
The latest census figures show that the proportion of UK households renting has risen in the past decade from 31% to 36%, indicating huge demand for rental properties, especially in areas within and around major cities.
Rental industry statistics also show that for many Britons, buy-to-let is becoming an even more viable option for generating additional household income, as UK rents have risen by 13.6% on average since 2009, while capital values in most places have fallen.
With this in mind, Swinton Commercial is offering the following advice to those looking to enter the buy-to-let market in 2013:
- Make sure you're covered - buy-to-let insurance is a specialised form of landlord insurance, that offers additional security to landlords should a tenant be unable to pay, and will also allow you to insure multiple properties under one policy
- Know the market - do your research and make sure the investment is in the sector that you want, whether it is students, professionals or first-time buyers
- Be area savvy - choosing an area where people would like to live is crucial before making your investment. For example, does it offer good transport links and diverse employment opportunities? Or good schools for young families?
- Do the maths - calculate the cost of the properties you are looking to rent out, and how much rent you would be likely to get. Most buy-to-let mortgage offers also require at least a 25% deposit, so be smart with your money and shop around for the best rates
- Legals - if you are using a letting agency, make sure it is registered to the Association of Residential Letting Agents.
Brian Greenfield, Chartered Insurance Broker at Swinton Commercial, said: "While the buy-to-let sector of the housing market looks set to provide a healthy investment for many in 2013, it's also vital that would-be landlords consider all aspects of their decision before committing to a property or properties.
"The right insurance policy can also offer additional security for landlords, and a specially tailored buy-to-let insurance policy can help new landlords to protect not only their properties and contents, but also their rental income and liabilities for single or multiple properties."
Notes to Editors:
About Swinton Commercial:
As one of the UK's leading commercial insurance brokers, Swinton Commercial has the expertise and industry knowledge to provide you with highly competitive business insurance that's tailored to your needs.
With 34 branches across the UK, including 19 regional centres, Swinton Commercial has quickly established itself as the UK's local broker, offering a dedicated team of advisors with specialist industry knowledge in many sectors.
Your local Commercial Account Executive has an in-depth understanding of the insurance market in your area and will arrange a face-to-face appointment with you, taking the time to thoroughly understand your business and its specific requirements.
We cater for most types of business - from small start-ups to well-established organisations, comparing quotes from leading UK insurers to find you the right level of insurance, at the right price.
What's more, our award-winning offering has over 80,000 business customers - and we're growing fast.
Visit http://www.swintoncommercial.co.uk for more information or call 0800-954-3802.
For more information, contact Anna Goulding and Alyssa Harrison at SKV Communications on +44(0)161-838-7770 or email firstname.lastname@example.org
SOURCE Swinton Commercial