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.

Contact us today to find your buy-to-let property

 

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***

 

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****

 

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.

Contact us today to discuss your rental requirements

 

English Housing Survey*

 

Periodic inspections are a vital part of being a landlord and running a successful enterprise. By performing regular inspections, you can maintain high standards throughout your properties and ensure you maintain happy tenants for the duration of their tenancy agreement.  

What are periodic inspections?  

The primary purpose of this inspection is to assess the overall condition of the interior and exterior of the property. Throughout the tenancy agreement, periodic inspections should occur at regular intervals. These are performed by the landlord or letting agent to assess the property’s legality, standards, and whether the tenant is meeting their responsibilities.  

Landlords have a duty of care that must be met, so periodic inspections are important. They deliver a high standard of living and maintain healthy, happy relationships with tenants. These inspections enable the identification and resolution of minor issues before they escalate into more significant ones. Maintaining these inspections on a regular basis allows you to avoid strain on your landlord-tenant relationship.  

How often should periodic inspections be completed?  

As well as performing inspections at the beginning and end of the tenancy, you also need to perform regular periodic inspections throughout the rental period. Periodic property inspections should be carried out at three to four monthly intervals, as this allows the change of seasons to occur, which can help reveal maintenance issues.  

When you have a new tenant, it’s important to begin the tenancy the right way by performing the first periodic inspection as little as one month after they move in. This will help you identify what your new tenant is like and allow you to build a good landlord-tenant relationship.  

Following this inspection, you should be performing periodic inspections at three-month intervals; otherwise, this could be seen as invasive. Your landlord's insurance guidelines will help advise you on how often you are expected to perform these regular inspections for insurance purposes.  

Giving your tenants notice  

To maintain a healthy landlord-tenant relationship, it’s important to have periodic inspections scheduled ahead of time. This shows the tenants that you have their best interests at heart and that you don’t want to catch them out when these inspections occur.   

When attempting these periodic inspections, it’s vital that you give your tenants notice. The ‘1988 Housing Act’ states that you must give your tenants at least 24 hours’ notice prior to an inspection, scheduled or not.  

What you should look out for during the inspection

Once you have agreed on the time and date of the inspection with 24 hours’ notice, it’s important to know what to look out for. As a landlord, you need to ensure everything in the property is legally compliant and is a safe space for people to live. This inspection also allows you to check that the tenant isn’t breaching their agreement, make sure they are happy, and resolve any issues or queries they may have.  

Statutory inspection checks  

You must check the property's gas safety and ensure that there is a gas safety certificate in place. Every gas appliance should be assessed by a gas safe registered engineer annually.  

Fire safety is another important factor. You must legally install smoke alarms and ensure they are continuously in working order. You can also supply fire blankets and extinguishers in the property, but they are not a legal requirement.

Electrical safety is another important part of checking the property’s legality, and you should have a registered electrician carry out a professional check every five years to get an EICR (Electrical Installation Condition Report).

All these certificates and reports should be available for the tenant to access.  

Tenancy breaches  

Tenants should take care of the property and are responsible for what occurs there. When performing these regular, periodic property inspections, this is your time to carefully inspect and see if any unwanted activity has been occurring in your property. This could range from subletting rooms to potentially smoking inside.  

Property condition  

Recording the condition of the property is a crucial part of periodic property inspections, as it allows you to arrange any maintenance or improvements that need to be carried out. By maintaining these regular periodic inspections, you are protecting your investment, and you can ensure the property is always safe.  

The benefits of using a letting agent  

Whether you are a landlord with one buy-to-let property or a large portfolio, periodic inspections are a vital part of property management. These can be difficult to carry out periodically without the help of a letting agent.

By using a property management service, you can ensure positive relationships and high standards within your properties are maintained. This could reduce your overall stress as a landlord and allow you to focus on growing your property portfolio.  

 

Get in contact with us today on how we can help manage your properties

 

Searching for the right rental home is rarely a simple task, but throw family into the mix and you’ve got a seemingly endless list of wants and needs to consider. We’re proud to offer an extensive range of suitable properties for a variety of unique households. But if you’re unsure where to start, here are the key things you should look out for.

Community

The community surrounding your property is all the more important when you’re raising children. You’ll want a location that feels safe, with friendly neighbours and a warm community spirit. You can find out a bit more about the local community through online forums, checking the local crime rates, or even paying the place a visit before committing to finding a home.

Schools

Proximity to schools should sit high on your list of priorities if you have young children. Many schools have a catchment area, so you should start your research as early as possible. Catchment areas are calculated based on the distance to the school, but each school will calculate this differently. You will most likely need to directly contact your chosen school to find out more about their specific catchment area.

Pets

Pets are a huge part of many families, and if this is the case for you, you’ll need to look out for a pet-friendly rental home. If you are lucky enough to find one in your desired location, it’s important to prove that you’re a reliable pet owner from the offset as this may increase your chances of having your application accepted. You can do so by providing details about your pet such as their demeanour (are they quiet and friendly?), their vet records (are they flea’d and dewormed?), or even a solid reference from a previous landlord regarding you and your pet.  

Outdoor space

You may not need a huge garden for your family home, but you do need access to outdoor space. Whether it’s a balcony, a communal outdoor area, or a pretty nearby park, fresh air is vital for everyone in your household. 

Transport links

Whether you drive or not, it’s important to research the area’s transport links. You can find most of this information online, or you could ask questions during your viewing. Are the buses reliable? How close is the railway station? Are there any roads you should avoid on your commute?

If you plan on making use of the local public transport regularly, you can also find out the fastest and cheapest routes using Google maps and ticket apps.

Family-friendly fixtures

The fixtures and fittings inside your family home should cater to the practicalities of modern life, with a healthy balance of durability, safety, and convenience. This might include a large fridge and plenty of cupboard space, hardwood flooring, or a reliable washing machine with a large load capacity. Every family is unique, so draw up a list of wants and needs before you set off on your search.

 

Need help finding a rental home? Contact our expert lettings team today

 

According to a snapshot study by The House of Commons Library, 2.86 million students were attending higher education institutions in the UK between 2021 and 2022*. This is a big market to tap into, so it’s no wonder why so many of today’s landlords opt for student-friendly rental properties. If you’re considering one for your next investment, here’s everything you need to know.  

Safety regulations  

All rental properties must adhere to government safety standards, regardless of who your tenants are. Here are the key safety regulations which must be met in order to legally let out a home in the UK:  

 

• Each bedroom must have a smoke alarm fitted
• The property must have a written risk assessment carried out
• All escape units must be protected by automatic closers fitted onto fire doors
• A fire risk assessment must be carried out and any recommendations should be implemented
• A mains-powered fire alarm must be correctly fitted  

This is not an exhaustive list, so it’s vital to check the legislation in your local area. You could also speak to a local agent who can advise you on any upcoming legislative changes or specific requirements for rental homes in your location.

Registering as a HMO  

If there are three or more students renting your property, and they share a bathroom or kitchen, then the property is classed as a House of Multiple Occupation (HMO). This means your property will need specific licensing granted by your local authority, so get in touch with them to find out whether this applies to your student rental.  

Request a guarantor  

Whatever the reason for renting out their property, most landlords will ask for a guarantor. The landlord must safeguard themselves against missing rental payments, which could be used to settle the property's mortgage. Student guarantors are particularly important, as most students are new to the world of managing their finances alone and asking for a parent or a close family member to act as a guarantor places you in a safer position as a landlord.  

Council tax  

Council tax is waived for students, but to allow this, you must acquire an exemption certificate from the council. You will need proof of your tenants’ student status from the university, otherwise, council tax will apply.  

Furnished properties  

Most students are new to independent living and therefore don’t have much furniture to bring to the home. If you’re keen on attracting this demographic, it’s a good idea to make sure your property is fully-furnished and well-equipped with white goods. Your property may also benefit from more student interest if you supply broadband and Wi-Fi, or even a TV for the communal area.  

Planning outside of the academic year  

Renting to students means you’ll have predictable void periods, such as the end of the school year. Ensure your insurance policy covers periods of voids or empty property and consider hiring a letting agent who can quickly source suitable tenants.  

How to avoid deposit disputes  

Students, for the most part, are not experienced renters, and there could be a few risks associated because of this. However, a lack of experience in renting doesn’t ultimately link to poor treatment of your property, and there are a few precautions you can take as a landlord to avoid deposit disputes.

 

• Perform a detailed inventory of all your fixtures, fittings, contents, and décor before your tenants move in. Make sure to include photos and thorough descriptions of the property’s condition and each item in your inventory.
• Keep a consistent line of communication from the beginning to the end of the tenancy. This will help you avoid disputes and miscommunication later down the line. Students may require more regular assistance and guidance than seasoned tenants, so it’s important that someone is on-hand to help.
• Provide a move-in pack so your tenants know what they can expect from you, and what you expect from them.
• Include the right clauses in your tenancy agreement so that deposit deductions can be negotiated if necessary. A well-drafted tenancy agreement will protect your rights as a landlord, as well as your tenants’ rights.
• Conduct regular inspections and make sure to write them into your tenancy agreement.

 

 

 

Do you need help managing your property portfolio? Our expert team is here to help. Get in touch with us today for more information

 

An increasing number of ‘for sale’ signs have been turning to sold, which has created more confidence in the market this summer. If you are thinking about getting an agent around to place a ‘for sale’ sign in your front garden, here are a few positives to keep in mind.

House prices are settling  

House price fluctuations vary from street to street, town to countryside, and region to region. But, one common thread is that house price changes are small and for the most part, have been increasing. This settling, or hardening of property values, helps firm up the foundation of the property market. 

More people are moving because it’s easier

Is moving still stressful? Certainly not as much as in the past. Home renovations and improvements have got to be higher up the stress ladder. Moving is becoming simpler thanks to an increasingly streamlined process, and agents who offer better customer service with modern tech.       

The market has turned a corner 

The spring market has offered proof that the UK property market is improving and has set the scene for a better summer. Mortgage approvals increased by 18%*, and sales agreed increased by 13%** in the spring.

Mortgage choice remains very strong

It’s worth watching the mortgage market as closely as the property market. With thousands of improving products available, offering innovative ways to buy, such as 1% mortgages for first-time buyers, to offset mortgages, which may help reduce the amount of interest you pay.  

Modernised-characterful properties 

Homes with car charging points, solar panels, smart technology, and higher EPC ratings, are appealing to a growing number of buyers. But, it's not all about keeping it green. Features such as bi-fold doors, a multitude of outdoor spaces, and inspiring layouts are waiting for buyers.  

A new outlook on the UK property market

Homemovers now have a better understanding of the moving market and are getting on with moving, keeping it buoyant. Interest rates, while not as low as previous ultra-low levels, still represent good value. Strong equity levels and slower house price inflation make moving more affordable. 

What’s your moving story?

It’s important to take economic news and market data with a pinch of salt. Each homeowner sits in their own unique corner of the market. Cash buyers for example, may care little for mortgage interest rates. Homeowners have more options due to larger amounts of equity, and if you have improved your home, it may have added a lot of value and help fund your next move.

 

Begin your moving story by browsing our properties