The property market is constantly evolving, and there are always new trends emerging. This can be both a challenge and an opportunity for property investors.
One of the most significant trends in recent years has been the rise of HMOs, or houses of multiple occupations. HMOs are properties that are rented out to multiple tenants, and they have become increasingly popular as a way to generate income from property investment. It’s also worth noting that the government has relaxed the rules on HMOs, making it easier for investors to convert properties into HMOs.
There are a number of reasons for the rise of HMOs. The demand for rental accommodation has been increasing, as more and more people are renting rather than buying homes because of the rising cost of living. Also, with the cost of buying property rising and with more competition between investors, it has become significantly more difficult to buy traditional buy-to-let properties.
Another trend that is gaining traction is the growing popularity of holiday rentals. Vacation rentals are properties that are rented out to tourists on a short-term basis, and they can be a great way to generate income from property investment. This is especially true in popular tourist destinations like Glasgow, which is the sixth most visited city in the UK.
There are a number of reasons for the growing popularity of holiday rentals. First, more and more people are now going on shorter trips away rather than longer ones. On shorter holidays where people are only away for a handful of days, there’s not as great of a need to take advantage of all the amenities offered by resorts and hotels. Since the cost of hotels has also been rising and booking holiday rentals has become easier than ever thanks to the internet, holiday rentals are becoming an increasingly appealing alternative.
The increasing demand for sustainable properties is another trend that is worth noting. Sustainable properties are designed to be environmentally friendly, and they are becoming increasingly popular as investors look for ways to reduce their environmental impact.
Sustainable properties have become increasingly popular as a result of growing awareness of the environmental impact of our homes. Moreover, for property investors, they can be a cost-effective strategy as there are government incentives available for sustainable properties.
If you want to take advantage of the latest trends in 2023, Flyt Properties could be the answer. Book a call with us and let’s chat about how we can turn your unused property into attractive spaces for tenants, holiday goers and sustainably-minded clients.