Nottingham Letting Agent Property Blog

According to the latest Housing Market Activity Reports by Connells Survey and Valuation, there were 30% more valuations carried out last month than in August, but is spite of this figures were still 4% lower than for August last year. However this is the first time valuation figures have seen an annual drop this year. When compared to the previous quarter, valuations were down by 1% but were still 1% higher than figures for the third quarter of last year.Traditionally the housing market does tend to see more activity in September once the summer holidays are over and the new school...

Apparently some buy-to-let investors are choosing to put money into risky schemes that promise huge returns. Some are investing in properties they haven’t seen, many of which aren’t even in this country. These include properties that can supposedly be let out to tenants immediately, but investors are being warned that unless they investigate the firms concerned very thoroughly, they are at risk of losing all their money. These schemes are somewhat reminiscent of those seen 10 years ago when many people invested in rental property that had yet to be built, both in this country and abroad. Many of these developments...

According to a report from Jones Lang Lasalle, the private rental sector within Britain has grown by an amazing 47.9% since 2007. This huge growth is attributed to high property prices, constraints on mortgage financing and the massive deposits required by lenders which have made home ownership unattainable for many people. It is expected that the private rental sector will continue to grow as rental demand is expected to increase.The report is anticipating another 1.7 million homes will be needed within the private rental sector during the next four years in order to meet growing demand, giving landlords good reason to...

A new survey shows more landlords within the private rental sector are offering long term tenancies. The survey found 54% of tenancies last for two or even three years, while 32% last longer than four years. The report also found 12% of tenancies continued for more than five years, and that the average void period is a little over two months, at 69 days. Longer term tenancies are becoming more necessary as increasing numbers of people are choosing to rent for the adaptability it offers. Being able to rent for a longer time gives tenants additional stability while still retaining flexibility....

The latest research shows around 72% of landlords in the private rental sector felt confident about the prospects of the buy to let market last month, compared to March. The research was carried out by a national online lettings agency, and found the optimism was largely due to continued tenant demand.This optimism may mean more landlords decide to enlarge their property portfolio, as The Young Index, which is published by the Young Group has found nearly half of investors surveyed were considering buying more properties this year due to the continued positive outlook.The research by the letting agency also found landlords...

Apparently some tenants are becoming a lot choosier about the type of property they are willing to rent, and this may be because many are now looking for a home rather than relatively short-term accommodation. This increase in expectations is leading to better rental stock, and well maintained and attractive properties are renting out much more quickly than less desirable properties. This means landlords who fail to take care of their property, and who aren't interested in taking care of their tenants aren't benefiting from increased rents, and are far more likely to suffer from longer void periods.However many landlords are...

The latest report from the Royal Institution of Charters Surveyors is still positive for the residential rental market, especially as tenant demand continues to exceed new instructions in some areas. With many people still unable to get onto the housing ladder due to continued lack of mortgage financing and the large deposits required by many lenders, the RICS is predicting the market will remain buoyant.The supply of rental homes is continuing to grow, as 7% more surveyors reported an increase in the number of landlords looking to let out their properties, and although rents have risen substantially over the past few...

Latest statistics from the government show the number of repossessions rose during the last quarter, increasing by more than 5% annually to reach 142,088. Significantly, some 25% of courts processing claims by landlords and letting agents, and which resulted in an order for possession have increased by 20% compared to last year. Areas seeing the highest increases in repossessions include the South East and East. Chelmsford has been the worst affected, with an increase of 65%, with Ilford seeing an increase of 36%. With statistics like these it is hardly surprising that one of the biggest fears of private landlords is...

The buy to let market is still being forecast to grow, with more landlords adding to their portfolios, while growing numbers of first-time investors are predicted to enter the market. According to a survey from buy to let specialists, Paragon, first-time investor’s account for 23% of all buy to let business. Some 39% of their business came from existing landlords, and 31% was due to remortgages, demonstrating their confidence in the market The news comes as first-time buyers continued to struggle to get mortgages, and increasing numbers of lenders cut back on cut-price loans.During the first three months of this year...

A nationwide survey has found 54% of landlords think deposit schemes favour tenants, and 35% think neither party benefits from the scheme. Letting agents agree with this assessment with just 20% thinking schemes favour landlords, while 52% think they favour tenants. Some 22% thought the deposit schemes didn't favour either the party. New rulings mean landlords have to register a tenancy deposit with a recognised scheme within 30 days; otherwise they'll face fines of up to 3 times the amount of the deposit. Anyone incurring such a penalty will be unable to evict tenants using a section 21 notice until the...

An article by the Association of Residential Letting Agents has highlighted the changes recently made to HSE Legislation regarding the private rental sector. The recent changes mean that all owners of private residential rental property, and who are responsible for the water systems in the premises must now have a Legionnaires' risk assessment carried out. Many landlords are already aware of this responsibility, but others may not know about these changes.Legionella is a bacterium which is commonly found in rivers and lakes and artificial water systems. Whenever you hear about an outbreak of Legionnaires ’ disease it's usually in larger facilities...

Property prices have risen by 4.9% since the beginning of the year, and according to Rightmove this is the largest Q1 increase since 2004. House prices increased by an average of 1.6% in March to reach £236,939. Prices rose in the majority of England and Wales, with East Anglia enjoying the largest monthly increase of 3.9%, while Yorkshire and Humberside saw prices increase by 3.3%. There was also a 16% increase in the number of people looking for a new property, and experts are hopeful this year could see a more robust property market.However there are still concerns that this jump...

A new survey by the Association of Residential Letting Agents (ARLA), suggests the number of long distance landlords in the private rental sector is increasing, and the trend is especially prevalent in the capital and Scotland. ARLA thinks this trend is likely to continue as more owners may be forced to, or will choose to rent out property when moving to another part of the country. There is also an increasing trend for parents who have bought a property for their children to use while at university, to continue renting it out after the child has graduated.ARLA points out that being...

Accidental landlords are being warned to tell lenders about that change of circumstances as otherwise they could be breaching the terms of their contract. These are landlords who have been forced to rent out their home due to the stagnant property market. The trouble is that some lenders are taking advantage of the situation and are putting householders onto more expensive buy to let mortgage rates. Policies can vary from bank to bank, but most will charge a slightly more expensive rate. Before the financial crisis things were a lot more relaxed and most banks were reasonably happy over allowing householders...

The Royal Institution of Chartered Surveyors is urging landlords to be cautious when buying older properties, and to arrange a full survey so they know exactly what they are letting themselves in for. It can be quite tricky finding the perfect buy to let property, especially as there aren't that many homes on the market, and many landlords are choosing to buy properties which need work. The trouble is that many of these older properties could need substantial work to make them suitable for rent, and typical structural faults could include fractured support beams and subsidence, dry rot, rising damp and...

The government originally set up an emergency bank to oversee mortgages from Bradford & Bingley and Northern Rock, but it's being alleged that this bank is treating landlords unfairly. UK Asset Resolution is apparently being somewhat heavy-handed, and this is leading to tenant evictions and the sale of properties at below market value. The bank’s purpose is to wind down £77 billion worth of mortgages which it took on when Northern Rock and Bradford & Bingley failed, with the aim of reclaiming as much of the money used in bailouts as possible. This might seem laudable but there are claims the...

It’s good news for landlords and letting agents in Nottingham, as a recent survey by FindaProperty has found more people are becoming comfortable with the prospect of renting a home for the longer term. Their research found that 38% think owning a property isn't that critical, while 26% said they had no problem with renting a home long-term. Around 50% don't expect to buy a property until they reach middle age.Although rental rates increased substantially in many parts of the country over the last year or so, just 54% of those surveyed regarded owning their own property as being important. While...

According to an insurance company, the number of fraudulent tenants could be increasing. Apparently more potential tenants are filling out application forms fraudulently, and have no intention of continuing to pay the rent as they are constantly moving from property to property. Such tenants often give false information as to their previous address to try to prevent letting agents and referencing companies from tracking them down. Unfortunately these types of people also seem to have substantial knowledge of the legal system which makes it very difficult to evict them quickly.Anyone thinking of letting out a property is advised to have a...

Last year HM Revenue & Customs set up a task force to target tax evasion amongst landlords and small businesses. This task force initially focused on the North-West of England and North Wales, but it looks likely that it will expand to the rest of the country. Apparently HMRC is taking on around 90 new members of staff to help conduct these investigations so many more small business owners can expect a knock on the door.The purpose of the spot checks is to ensure records are being kept correctly and that they back up tax returns. Anyone found to be keeping...

Research carried out by the Association of Residential Lettings Agents (ARLA) shows an increase in the number of people being forced to rent out their homes in certain parts of the UK as they are unable to sell them. A survey carried out during the third quarter of last year showed that 47% of ARLA member agents had seen an increase in the number of reluctant landlords who have been forced to turn to the private rental sector, either because they are able to sell their property or because they are reluctant to sell at current prices. At the beginning of...