A developer has offered any potential landlord the chance to own a new Southampton home which comes with a rental income that is guaranteed for six months. Barratt are offering landlords the chance to own a two-bedroom apartment for £155,000 with a promise that they will then immediately rent it back from the landlord for £650 per month.
Barratt feel investors are starting to return to the local property market and believe the area has not seen this level of demand from buyers outside of London since the credit crunch of 2007. Landlords will appreciate the scheme as it will give them time to source a suitable tenant and affordable landlord insurance. The landlord will also benefit from the Barratt guarantee that will see the developer keep the property in pristine condition as they are the only major house builder who offers a five year internal fixtures and fittings guarantee.
Rents in Hampshire are rising rapidly and are expected to carry on increasing in the coming years. This means that rental homes are increasingly in demand from landlords who take the view that the direction of prices means they should expect to be sitting on a profit in four or five years’ time. Having a minimum six-month agreement with Barratt means they can get off to a good start with the apartment.
Barratt senior sales manager, Zak Long, said “At the moment they are being used as sales offices. This represents a fantastic opportunity for someone to invest and then we will rent it back for more than they are likely to receive if they rent it privately. The apartment will continue to be used as a sales office until all of the properties are sold at Hollybrook Lodge. The lucky buyer will receive a guaranteed income on their new investment and we believe it’s an offer that cannot be matched.”