Nottingham Letting Agent Property Blog

According to minister, Grant Shapps, the government is considering drawing up a charter with the aim of simplifying the private rental sector. The charter of requirements would be intended for both tenants and landlords, and could include rules covering antisocial behaviour, and rules covering legal fire safety standards.The question arose in the House of Commons after Liberal Democrat MP Adrian Sanders asked Grant Shapps if the government had thought about simplifying the private rental sector in the same way the planning system has recently been simplified. The intention would be to reduce the regulatory burden on landlords while helping to improve...

Increasing numbers of tenants are choosing to share their homes as a way of coping with rising rents, according to property analytics company Hometrack. Although they found demand for rental property is still strong, many people are struggling to cope with the rising cost of living, and certainly cannot cope with increases in rent. This is particularly true in London, and couples who would have previously rented two-bedroom flat and kept a spare bedroom, are now choosing to let it out to another tenant. The rental market in the UK is split into two distinct sections, as rents in London are...

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...

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 figures recently released by the Council of Mortgage Lenders, the number of properties purchased with buy to let mortgages rose by around 84,000 last year, helping to increase the supply of privately rented homes. During the last quarter of 2011, 34,800 buy to let mortgages were approved, although 15,000 of these were remortgages. They have a total worth of £4 billion. These figures are almost the same as those seen in the third quarter, but are substantially up on the fourth quarter of 2010 when 26,300 loans were approved, worth £2.9 billion.While this might seem like a relatively large...

According to the Association of Residential Letting Agents, last year saw more private rental landlords buy and sell property, but it looks as if this won't continue this year. Their research shows the percentage of landlords selling property during the last 12 months increasing from 6% to 8% during the last quarter of the year, while the number buying property increased from 23% to 25%. However the percentage of those intending to buy properties during the coming 12 months fell from 27% to 25%, while the number of those intending to sell property has increased slightly from 8% to 9%.Apparently private...

A new survey just released by the Association of Residential Letting Agents shows demand for rental property may finally be waning, and the market is showing signs of softening. According to the latest research for the last quarter of last year, some 55% of ARLA members still reported more tenants than properties, and while this figure is still good it is significantly less than the 74% seen during the third quarter of the year. Figures for people actually signing a new tenancy agreement were consistent with the previous quarter, but were slightly less in central London.During the fourth quarter 39.2% of...

it's your responsibility to ensure your rental property is in a safe condition to be let. Basic responsibilities include ensuring any appliances which burn fossil fuel, and which could produce carbon monoxide if fitted improperly or not serviced, are tested annually. Landlords can be, and are prosecuted for failing to ensure safety regulations are met, and run the risk of incurring considerable claims for damages from any injured parties. Renting out your property through letting agents in Nottingham does not absolve you from this responsibility.If your property had gas appliances these must be checked once a year using contractors registered with...

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...

The Association of Residential Letting Agents is predicting a mixed year for the private rental sector, and even though recent measures unveiled by the government could help to get the housing market going once more there are concerns that things may get worse before they get better. It will be quite some time before the full impact of the new measures can be assessed and in the meantime it is expected that there will continue to be a lack of rental property. A recent survey showed that nearly three quarters of ARLA members had more potential tenants than available rental properties,...

Many homes in the UK suffer from being badly insulated, especially older terraced properties which are often ideal as rental homes, and this is once again drawing the attention of the Friends of the Earth and the Citizens Advice Bureau. They estimate some 680,000 tenants are living in poorly insulated homes and are being forced to either shiver through the winter, or to spend hundreds of pounds on heating. According to them, tenants living in homes which have an energy performance certificate of F or G are spending an average of £488 a year on extra fuel, with many unable to...

There has been a lot of news recently about the buy to let boom, as many first-time investors are putting their money into bricks and mortar rather than the banks, while first-time buyers are still struggling to save for a deposit. However experts are now issuing a word of caution and are warning landlords that annual rental yields won't always be this high, and could fall substantially at a later stage.One lender has found buy to let mortgages have increased tenfold since last year, and according to LSL Property Services the average rent is now £720 a month with rents having...

Property prices have been predicted to grow by up to 3% next year, but of course there will be regional variations with the North-South divide expected to widen even further. Major concerns remain over the economy, with worries about unemployment being top of the list. The supply of new property is also expected to remain low, and could force rents to rise by several percent, especially as the mortgage market is likely to face continued constraints in the wake of the Eurozone crisis.Experts are predicting property prices will remain fairly flat, with the exception being London and commuter hotspots in the...

Proposed EU legislation which is intended to regulate the buy to let sector could have several unpleasant and unintended consequences. The new legislation could result in mortgage availability becoming restricted, and some landlords may be forced to sell which could affect house prices and reduce the already overstretched private rental sector.The Treasury already decided two years ago that further intervention in the housing market wasn't necessary, but in spite of this, this new EU directive looks set to take effect in 2012, and seeks to regulate buy to let mortgages in the same way as residential mortgages. The effect of this...

Approvals for a home loans have fallen for two consecutive months, as October saw a 1.1% decline compared to the previous month. This decline is being blamed on mortgage lenders who are focusing their attention on borrowers who have larger deposits, and 90% loans account for just 1% of all lending. The cheaper end of the property market is seeing the fastest drop in approvals as buyers struggle to meet the strict lending criteria. Even though it appears as if higher loan to value mortgages are available, the truth is that most first-time buyers simply aren't eligible.In the past this might...

Winter is coming, and it’s pretty hard to believe that it’s a little over six weeks until Christmas day. While that is something most of us look forward to, the cold weather most definitely isn’t, so are you prepared?It can be difficult getting tradesmen during the severe weather, and they can charge quite a premium for out of hour’s work, so this is a great time of year for essential maintenance, especially as the last couple of winters have been pretty severe. Think about getting the exterior of rental property checked to ensure guttering isn’t blocked or leaking, that the roof...

The Association of Residential Letting Agents has warned the private rental sector is running out of space due to continuing high tenant demand. ARLA has 6,000 members throughout the UK, other survey revealed there are more tenants and properties with 74% believing demand is outstripping supply with the shortage being particularly acute in the south-east and London. The survey also showed that tenants are staying in their homes for an average of 19 months which is a record high and demonstrates worries over finding suitable new property to rent.Part of this shortage may be due to the lack of quality rental...

The number of buy to let mortgages on the market is now 26% higher than in the second quarter, according to a report in Property Wire, and there is now a choice of over 500 products, compared to just 400 in the previous quarter. This increase in products is in response to the continuing demand from buy to let investors as the rental sector continues to strengthen.The report found that complex buy to let deals give the best yields, but new products aimed at investors looking to purchase smaller Houses in Multiple Occupation have caused yields for this type of property...

At the moment is estimated that around one in six households in Britain rent their home privately, and there's no doubt that the private rented sector is increasing at the moment. The latest research from Savills predicts that by 2020, the private rental sector could account for 20% of the housing market, and letting agents in Nottingham could see even greater demand for good quality rental property. The percentage of owner occupiers is expected to fall from its current level of around 70% to just 60% as attitudes towards renting continue to change. Although the private rental sector is expected to...

The buy to let market has celebrated its 15th birthday, as buy to let mortgages began in 1996 when a panel of six mortgage lenders agreed to launch the new product. Although the market has seen its highs and lows, most experts seem to agree the economic indicators for buy to let sector remain strong. The reasons for this are largely due to lack of financing for first-time buyers, and most believe this is unlikely to change in the short term. The austerity measures are also beginning to kick in so more people have less disposable income and are less able...