The serious shortage of properties in Oxford to meet demands for student accommodation in September has led to the introduction of a new incentive scheme by a provider of student accommodation, Oxfordlet.com
Currently buy-to-let returns in north Oxford are outperforming most other areas of the South- East. Business development manager Sally Franklin says: “We are now offering property investors and those who wish to purchase buy-to-let property a free rental assessment service to ensure that they will be able to achieve a rental income with a decent returnafter servicing a mortgage.”
The company has now launched a mortgage consultant's incentive scheme with cash incentives for property introduced for letting to meet the current student demand. Oxfordlet.com, which is a subsidiary of North Oxford Property Services, also ensure priority letting treatment and, for mortgage customers, a 50% management discount in the first year of the let in return for a three-year contract. The average saving over a three-year period including VAT will be about £1,000.
Franklin adds: “With planning difficulties in north Oxford there is not nearly enough property becoming available. Many people, particularly single people and couples who are underutilising large houses and paying the price in high rates, might be better off buying something smaller and considering letting their properties to students. This will give them a good return on the one hand, and help the student population on the other.”