Welcome to your monthly property update!

Six mistakes landlords should avoid making

The rental market is highly lucrative and full of opportunity, with soaring demand and lists of people looking to rent. As a landlord, you are set to gain a good return on investment; it’s just a bit more complex than it used to be.

Not conducting tenant screening
It’s vital to carry out the right background checks. The last thing you need is to place a tenant who is problematic when it comes to damage to your property or paying rent. Credit checks and references are good ways to ensure you are letting your property to the right tenants.

Not keeping on top of maintenance
It’s imperative to keep on top of your property. Small issues can very quickly become expensive problems if not dealt with quickly. If tenants live happily in a well-maintained property, then this reduces the risk of accidents, claims, or losses in revenue if your tenant decides to leave.

Not conducting inspections
A great way to prevent expensive repairs is to conduct regular inspections of the property. This will help you identify any potential problems before they become repairs. It's vital that you give your tenants at least 24 hours' notice before conducting viewings. It’s less about checking up on tenants and more about keeping your property in good condition.

Neglecting legal obligations
From the right safety checks to the correct level of insurance, there is a lot to remember. Having the right tenancy agreement is also vital, and you don’t want to skim over the details of this. It’s important to define the cost of rent and what it covers to notice periods. It’s also important to maintain records of rent payments, and while some things may not be a legal requirement, they can help your case if legal disputes arise.

Incorrect pricing
When deciding how much rent to charge, it’s important to strike the right balance. You don’t want to charge too much, which could lead to your property being vacant. On the other hand, you must factor in your maintenance costs and the area where your property is located.

Not using a letting agent
A letting agent can take care of as much or as little of all these processes for you, which helps protect your investment and ensures your rights as a landlord are protected. Managing your own buy-to-let property is a time-consuming business. But more than that, you don't want to get caught out or increase your costs due to poor management.

Buyer demand remains strong this summer

Buyer demand in July was 3% higher than in 2019, but the number of available properties for sale was 12% lower than the same period in 2019.* This means that your home is in demand. While there is a healthier choice of properties than in recent years, demand still exceeds supply.

The housing crisis
There is a backlog of 4.3 million homes that are missing from the national housing market because they were never built.** With so much talk of high interest rates and the cost of living, it’s easy to forget that the housing crisis has not gone away.

Some good news about inflation
Inflation is finally falling, as it dropped to 7.9% in the year to June.*** This is the lowest level for over a year and will impact the base rate, meaning lower mortgage interest rates should follow. As this happens, the property market will revitalise, but without the sudden upsurges of the past.

First-time buyer homes
The national average asking price for these types of homes decreased by -0.4% from June to July, with an annual change of +0.3%.* The demand for first-time buyer-type properties is high, with many people still managing to get a footing on the ladder despite all the challenges. The mortgage guarantee scheme, which ends in December, has helped, as has a competitive range of mortgages from high-street lenders.

Second-steppers homes
The national average asking price for these types of homes decreased by -0.5% from June to July, with an annual change of +0.6%.* With many home movers getting a good price for their first-time buyer-type homes, they are taking advantage of good levels of equity and moving to something bigger. Whether it’s a house in the suburbs or a townhouse, the figures show that these types of houses have increased in value over the past year.

Homes at the top of the ladder
The national average asking price for these types of homes decreased by -0.1% from June to July, with an annual change of +0.8%.* Homes at this end of the market had not been quite as buoyant in terms of sales as those in the first-time buyer market. However, overall, as with all house types, the value of these types of properties looks healthy on an annual basis.

Spend some time with your agent
It’s easy to listen to the news or look at average house prices and arrive at the wrong conclusion. Agents know your local market intimately. Better still, they have the right approach when it comes to pricing your home at the correct level. Properties that need a reduction in asking price are 10% less likely to find a buyer compared to a property that was priced correctly in the first place.* Your situation will differ from that of the next person. You may have high levels of equity in your home, but even if you don't, agents today can put you in touch with mortgage providers and advisors who will create a solution that is right for you.

Get in touch today for advice on all aspects of your move

Rightmove*
centreforcities**
Office for National Statistics***

Great news! Mortgage interest rates are falling

There is nothing better than good news, and while the UK property market is resilient with plenty of buyer demand and many home movers getting on with finding their dream homes. There is much to feel positive about thanks to lowering inflation and falling mortgage interest rates.

Falling mortgage interest rates
Mortgage interest rates are finally falling as the rate of inflation slowed to 7.9% in the 12 months to June.* This means that two and five-year fixed-interest rate deals have been reduced. According to Moneyfacts, the average two-year fixed interest rate deal fell from 6.81% to 6.79% in July.** While this is not a significant reduction, it is a good sign of things to come. With inflation now at its lowest level for more than a year. Many analysts now expect the Bank of England not to raise the base rate by quite as much due to slowing inflation.

Cost of living support
More good news is that lenders are now offering you the chance to extend the term of your mortgage or pay interest only for up to six months. This gives you a breather and will reduce your monthly outgoings. This was instigated by the government and aims to help people who are feeling the pinch of high interest rates.

First-time buyers
The Mortgage Guarantee Scheme was extended until the end of December 2023. The government-backed scheme has helped over 24,000 households get on the property ladder.*** Its aim is to help people with a 5% deposit, and it was launched in April 2021.

Aimed at first-time buyers, it’s similar to the government’s Help to Buy scheme, which ended earlier this year. So, you still have time to take advantage of it.

Increase the term of your mortgage
With mortgage providers now offering longer-term mortgage deals, in some cases up to 35-year terms, you can get on the move now as your mortgage will be more affordable. This could also be a short-term solution to buying the home you want now, as there is nothing to stop you from getting a new deal in a few years.

Have you considered porting your mortgage?
If you are currently locked into a favourable fixed interest rate deal but really want to move home, then porting your mortgage is the perfect solution. Some lenders will allow you to keep your existing mortgage to buy your new property. So, you can move home without changing your mortgage.

Talk to an expert
Your agent will put you in touch with a mortgage advisor who will be able to find a solution that works best for you. In June 2023, there were 5,000 mortgage products available on the market.****

Whether you are a first-time buyer, have a lot of equity in your home, or are downsizing and want to invest in a second property, there are many ways to go about financing a home you can cherish.

Get in touch with our dedicated team today to discuss your property aspirations

BBC*
Moneyfacts**
GOV.UK***
Zoopla****

Eight great things about being a tenant

Being a tenant has a lot of advantages. In the UK, 36% of households rent, 35% of households own their house outright, and 30% of households are mortgage holders.* This technically means that the UK is now a nation of renters. It’s a good time to look at some of the great reasons to rent in the UK.

It’s easier to move
Once you find your perfect place, it’s relatively easy to make your move. With no selling or buying involved, you have a lot more flexibility to find something bigger or somewhere in a different location with speed and convenience, and your agent will take care of everything for you.

Fewer financial commitments
With an initial deposit for a rented property being a fraction of the amount needed for a deposit for a mortgage, you are already saving before you move in. Then, if there are any maintenance issues, you are not liable for the costs. You may find that bills are included in your rent, and this allows you to budget for the more fun things in life.

Less responsibility
With less responsibility for repairs, all you will most likely need to do if something needs fixing is call your agent, who will have a dedicated maintenance team. This, combined with a lower financial commitment and the legal responsibilities of home ownership, means you are not tied down.

You don’t have to worry about rising interest rates
Many homeowners are currently worried about increasing interest rates and paying their mortgages in the current cost-of-living crisis. When you rent, you don’t have to think about this, nor will you need to borrow or become tied down with a mortgage.

Social opportunities
Whether you are renting in the suburbs or a city apartment, because of the ease of moving, you can find a place near the social scene or amenities that most interest you. Whether you are addicted to travelling and want proximity to the airport, or you simply want to be near a decent gym, living close to good restaurants and bars will save you time and add to the quality of your life.

You can focus on other investments and goals
With fewer financial commitments, you could choose to invest in the stock exchange or perhaps properties in locations that are more affordable. You may have a retirement plan, a hobby, or a business you would rather develop. Perhaps you have other passions you want to pursue.

Greater freedom to explore
If you are developing your career and, as a result, may move abroad or change your job roles regularly and don't want the financial commitment of a mortgage, then renting can be the perfect solution. Renting also allows you to explore different living arrangements, from sharing to city life and then, in no time at all, country living.

Try out different properties
There are so many different property types you can enjoy renting. From a flat in the city to luxury homes, humble terraced homes to rural retreats. Whatever you are looking for, from a quaint village to a place in the leafy suburbs, it’s always worth talking to a good agent to help you in your search.

English Housing Survey*

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What landlords need to know about changing EPC requirements in 2025

The UK rental market is set to see changes in energy efficiency regulations, but not in the way initially expected. The previous Conservative government had planned to enforce stricter Energy Performance Certificate (EPC) requirements by 2025, requiring all newly rented properties to have a minimum EPC rating of C. However, these plans were scrapped in September 2023 due to concerns that landlords would face excessive financial burdens to meet the short deadline.

Understanding the EPC changes

In September 2023, the Conservative government abandoned the proposal to enforce EPC upgrades by 2025. The decision was made due to concerns that landlords would be required to undertake costly energy efficiency improvements within a short time frame.

The Energy Secretary has since pledged to take action to address past shortcomings in energy efficiency regulations and has committed to consulting on new measures by the end of the year. The revised proposal will focus on improving energy efficiency standards across both private and social rented properties by 2030.

As it stands:

Private rented homes can still be legally let if they meet the current EPC rating of E.

Social rented homes currently have no minimum energy efficiency requirements.

The government will consult on new regulations to bring private and social rented homes up to an EPC rating of C or equivalent by 2030.

How these changes affect landlords

No immediate mandatory upgrades: Landlords are not required to make EPC upgrades by 2025, as the original plan was scrapped.
Possible future regulations by 2030: The government is expected to introduce revised regulations, likely requiring rental properties to meet EPC rating C by 2030.
Longer time to prepare: While landlords now have more time, it is advisable to plan for future changes to avoid last-minute expenses.
Energy-efficient homes remain attractive: Despite the lack of immediate requirements, properties with higher energy efficiency will continue to attract tenants and could justify higher rental prices.

Steps landlords should take now

Review your EPC rating: Check your current certificate to understand where your property stands.
Plan for future improvements: Consider cost-effective upgrades such as better insulation, LED lighting, and energy-efficient heating systems.
Budget for gradual upgrades: With a longer timeline, landlords can set aside funds to improve their properties without financial strain.
Stay informed on upcoming regulations: The government’s consultation process will provide more clarity on future requirements, so staying updated is essential.
Consider financing options: Explore potential government schemes or green financing that may become available as part of the new regulations.

What happens if landlords do not comply in the future?

While there are no new fines or restrictions in place for 2025, the anticipated 2030 regulations may introduce penalties for landlords who do not upgrade their properties. Failure to comply could result in restrictions on letting properties and possible financial consequences.

Final thoughts

Although the proposed 2025 EPC upgrades have been scrapped, landlords should still prepare for potential changes in the coming years. Upgrading energy efficiency now can enhance property value, attract tenants, and ensure compliance with future regulations.

If you are a landlord looking for expert guidance on managed lettings services or a tenant searching for a property to rent, contact us today

How to minimise wear and tear in your rental property without overspending

Keeping a rental property in good condition is essential for maintaining its value and attracting quality tenants. However, regular use naturally leads to wear and tear, and constant repairs or replacements can become costly. For landlords, the key is to minimise damage while keeping expenses under control. Here are some practical and cost-effective ways to reduce wear and tear in your rental property without overspending.

Choose durable materials and finishes

Investing in high-quality, durable materials for flooring, walls, and fixtures can reduce the need for frequent replacements. Hard-wearing laminate or vinyl flooring is a cost-effective alternative to carpets, as it is easier to clean and less prone to damage. Walls painted in washable, scuff-resistant paint allow for easy maintenance, reducing the need for frequent repainting. Opting for sturdy, low-maintenance kitchen units and bathroom fittings also helps minimise wear over time.

Set clear expectations with tenants

A well-informed tenant is more likely to take care of the property. Providing a clear tenancy agreement that outlines maintenance responsibilities, such as keeping carpets clean and reporting issues promptly, encourages tenants to look after their home. A simple guide on how to care for appliances, heating systems, and ventilation can also prevent unnecessary damage caused by misuse.

Use protective measures in high-traffic areas

Simple, affordable additions can significantly reduce wear in areas that experience the most use. Doormats at entrances help prevent dirt and grit from damaging flooring, while fitted furniture pads protect wooden or tiled floors from scratches. Installing door stoppers and kick plates can prevent damage to walls and skirting boards, reducing the need for repainting and repairs.

Carry out regular inspections and maintenance

Regular inspections allow landlords to catch small issues before they become expensive problems. Spotting early signs of damp, leaks, or damage gives you the chance to address them before they lead to costly repairs. A scheduled maintenance check every few months helps keep the property in good condition and reassures tenants that issues will be dealt with promptly.

Provide quality fixtures and fittings

While it may be tempting to furnish a rental property with budget-friendly items, poor-quality fixtures can break easily and require frequent replacement. Investing in sturdy door handles, strong curtain poles, and reliable kitchen appliances can save money in the long run by reducing the need for repairs. Choosing neutral, timeless designs also helps prevent the need for frequent updates due to changing trends.

Encourage responsible tenant behaviour

Encouraging tenants to report maintenance issues as soon as they arise can prevent minor problems from turning into expensive repairs. Providing a simple process for reporting issues and responding quickly to repair requests builds a positive relationship with tenants and helps keep the property well-maintained. Offering incentives for long-term tenants who take good care of the property, such as minor upgrades or professional cleaning, can also be beneficial.

Limit excessive wear with smart furnishing choices

For furnished rentals, choosing stain-resistant fabrics for sofas and chairs, and using wipeable surfaces for dining tables and worktops, can help keep furniture in good condition for longer. If you provide a washing machine, consider installing a filter to prevent damage from limescale and debris. Simple choices like these can significantly extend the lifespan of furnishings without increasing costs.

Use a professional end-of-tenancy clean

At the end of each tenancy, having the property professionally cleaned can help prevent long-term damage. Deep cleaning carpets, appliances, and bathrooms keeps them in good condition and makes it easier for new tenants to maintain the property. Some landlords include professional cleaning as a requirement in the tenancy agreement, ensuring the property is returned in good condition.

Protect your investment cost-effectively

Reducing wear and tear does not have to be expensive. By choosing durable materials, setting clear expectations, and maintaining the property proactively, landlords can keep their rental homes in excellent condition without overspending. A well-maintained property attracts responsible tenants, reduces repair costs, and helps ensure a long-term, profitable investment.

Deposit Protection Schemes in 2025: What’s changing and how it benefits you

For tenants, a protected deposit provides peace of mind that their money is safe and will be returned fairly at the end of their tenancy. In 2025, there are updates to deposit protection rules and processes that tenants need to be aware of. Understanding how these schemes work and what changes are being introduced can help you feel more secure in your rental agreement. Here is what is new this year and how it benefits you.

What is a deposit protection scheme

Deposit protection schemes exist to ensure that tenants’ deposits are kept safe and handled fairly throughout a tenancy. By law, landlords must place your deposit in a government-approved scheme within thirty days of receiving it. At the end of the tenancy, deductions can only be made for agreed reasons such as unpaid rent or property damage. If there is a dispute over deductions, the scheme provides a resolution service to ensure fairness for both parties.

What is changing in 2025

New measures are being introduced to improve deposit protection, increase transparency, and make it easier for tenants to track and manage their deposits. Some of the key changes include.

Digital tracking and notifications

More schemes are moving towards online systems where tenants can log in and check the status of their deposit at any time. You may now receive automated updates confirming when your deposit has been protected and details on how to retrieve it at the end of your tenancy.

Faster dispute resolution

Improvements to the resolution process mean that disputes over deposit deductions are expected to be resolved more quickly. Some schemes are introducing stricter timeframes for landlords and tenants to submit evidence, helping to prevent unnecessary delays in getting your money back.

Stronger penalties for landlords who fail to comply

If a landlord does not protect your deposit correctly, they can now face tougher financial penalties. This change is designed to encourage full compliance with the law and ensure tenants’ money is safeguarded properly.

How these changes benefit tenants

The updates to deposit protection schemes are designed to make the process fairer, clearer, and more efficient for tenants. Here is how you will benefit.

Greater transparency

With more digital tracking options, tenants will have better access to deposit information, reducing uncertainty and making it easier to check that their money is being handled correctly.

Quicker access to your deposit

Faster dispute resolution means tenants will not have to wait as long to receive their deposit back at the end of a tenancy, even if there is a disagreement over deductions.

More security for your money

Stronger penalties for landlords who fail to protect deposits properly mean fewer risks for tenants. If your landlord does not follow the correct process, you will have more legal backing to claim compensation.

How to check if your deposit is protected

If you have paid a deposit, your landlord or letting agent should provide you with details of where it has been registered. In England and Wales, deposits must be held in one of three government-approved schemes.

Tenancy Deposit Scheme TDS
Deposit Protection Service DPS
My Deposits

You can check whether your deposit is protected by visiting the website of these schemes and entering your tenancy details. If your landlord has not provided you with deposit protection information, ask them for it immediately. If they fail to protect your deposit, you may be entitled to compensation of up to three times the deposit amount.

What to do at the end of your tenancy

To ensure you get your full deposit back, follow these steps before moving out:

Check the tenancy agreement: Review the terms regarding deposit deductions to understand what could be charged at the end of the tenancy.

Document the property’s condition: Take photos and videos when moving out to provide evidence that you are leaving the property in good condition.

Request your deposit return promptly: Once you have moved out, formally request your deposit back through the protection scheme to start the process.

A fairer and more secure system for tenants

The updates to deposit protection in 2025 are designed to make renting fairer and more transparent for tenants. With better tracking, faster resolutions, and stricter enforcement for landlords, tenants can feel more secure that their deposits are being handled properly. Knowing your rights and taking simple steps to check your deposit is protected can help ensure a smooth rental experience.

The 2025 mortgage checklist: What to prepare

With the property market gaining momentum in February 2025, and mortgage deals improving, many buyers are taking steps towards securing their dream home. A mortgage is a key part of the process, and being well-prepared can make all the difference when it comes to securing the best deal and moving quickly when you find the right property. Whether you are a first-time buyer or moving home, having everything in order before you apply can help make the process smoother. Here is what you need to prepare for your mortgage application this year.

Check your credit score

Lenders will assess your credit score to determine your reliability as a borrower. A strong credit score can improve your chances of being offered a competitive mortgage deal. Before applying, check your score through a reputable credit reference agency and ensure there are no errors on your report. Simple steps such as paying bills on time and avoiding unnecessary credit applications can help maintain a healthy credit profile.

Organise proof of income and employment

Lenders need to see that you have a steady income to cover mortgage repayments. If you are employed, you will usually need to provide recent payslips and a P60 form. If you are self-employed, you may need at least two years of tax returns and accounts, along with bank statements showing your earnings. Having these documents ready in advance can speed up the approval process.

Calculate your deposit and budget

Knowing how much you can afford to put down as a deposit is essential before applying for a mortgage. The higher your deposit, the more mortgage options may be available to you. In 2025, there are still government schemes such as the mortgage guarantee scheme, which supports buyers with a smaller deposit. It is also important to factor in additional costs such as stamp duty, legal fees, and moving expenses when planning your budget.

Prepare bank statements and outgoings

Lenders will review your spending habits to assess whether you can afford mortgage repayments. Be prepared to provide several months’ worth of bank statements showing your income and regular expenses. Reducing unnecessary spending in the months leading up to your application can help demonstrate financial responsibility and improve your chances of approval.

Get an agreement in principle

An agreement in principle is a statement from a lender confirming how much they are willing to lend based on an initial assessment. While not a formal mortgage offer, it gives you a clear idea of your budget and can make you a more attractive buyer when making an offer on a property. Many estate agents will ask for this as proof that you are in a strong position to proceed with a purchase.

Research mortgage options

There are various types of mortgages available, including fixed-rate and variable-rate options. It is worth researching what suits your financial situation and future plans. Speaking to a mortgage broker or advisor can help you understand the latest deals available in 2025 and find a mortgage that meets your needs. Keep an eye on lender requirements, as affordability checks and lending criteria can change over time.

Consider your future financial plans

Before committing to a mortgage, think about your long-term plans. If you expect changes in your income, job, or lifestyle, it is important to choose a mortgage that fits your future goals. Some buyers may prefer flexibility, while others might want the security of a fixed monthly repayment. Planning ahead can help you choose a mortgage that suits both your current and future circumstances.

Be ready to move quickly

With the property market seeing increased activity in early 2025, being prepared gives you an advantage when you find the right home. Having all the necessary documents in place, securing an agreement in principle, and understanding your budget can help ensure you are ready to act when the opportunity arises.

Book a valuation for expert guidance on the next steps in your home buying journey