Nottingham Letting Agent Property Blog

The buy to let property sector is still receiving a lot of attention in the press, and as always there are reports of high rental yields that can be achieved. But is this really the truth, and if it was that easy wouldn't everybody be doing it? The truth can be somewhat different. Although the rental yields can seem a lot more attractive than the abysmal rates for savers, being a landlord is a lot of hard work and can be quite stressful. One thing to consider is whether or not you actually have the time to manage the property, or...

A recent report from the Chartered Institute of Housing (CIH) has shown that 43% of people aged between 25 and 34 owned their own home last year compared with 67% in 1992. The figures are even worse amongst those aged 16 to 24, as a home ownership in this group has fallen from 39% to 14%. These figures have been obtained by the government's Labour Force Surveys over the past two decades and were analyzed in the CIH’s UK Housing Review 2013. The review is part of a new campaign from the CIH which is called ‘Uncovering the true cost of...

During the last 10 years tenants within the private rental sector have seen their costs go up by 60%, whereas gross income has only gone up by 31%. These figures mean more people are struggling to meet their rental payments and utility bills. According to Shelter, 1.4 million people are behind with their mortgage payments or their rent. The numbers of people struggling to pay their rent or mortgage every month is now 7.8 million people, an increase of 44% over the past 12 months. In addition Shelter found that nearly 1 million people have used a costly payday loan to...

The latest housing market activity report from Connells Survey & Valuation shows annual valuations rose last month due to continued demand from the buy to let sector. The number of residential valuations conducted last month increased by 3% compared to a year ago, although there was a monthly fall in activity levels of 1%. However this is less than the seasonal average of 3%. Connells has pointed out that activity levels last month were far from spectacular, but at least they did show annual growth for the second consecutive month, although much of this is due to the buy to let...

The British Property Federation (BPF) has called for more official data and information on rents, as it feels the private rental sector isn't being correctly portrayed. Although there are numerous unofficial surveys on rents throughout the UK, most are quite flawed. They are frequently based on the advertised rents rather than the rental figures actually achieved. A lot of figures are based only on the new rental agreements, and don't take into account those tenants who merely renew their agreements rather than move, and who don't see their rents rise every year. In addition the sample sizes used in some of...

The number of accidental landlords may be growing, but it's difficult to obtain any exact figures as to how many there are. It's estimated there could be up to half a million who are either unable to sell their property or who do not want to. There are around 1.4 million landlords, many of whom have just one property to rent out. Some of these smaller landlords are being caught out by unexpected costs involved with renting out property.These costs can involve redecorating before the property is rented out, additional insurance premiums and one-off expenses such as obtaining an energy certificate....

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....

Recent research from the Association of Residential Letting Agents shows tenants are staying for longer, as the average length of a tenancy has now reached a record high of 20 months. This is thought to be due to continued strong competition for quality properties. The managing director of ARLA, Ian Potter thinks the private rental sector is still benefiting from a flat housing market and the continued lack of access to finance. He's also pointed out that the increasing length of tenancies has highlighted the need for more regulation within this sector.Letting agencies in Nottingham are also seeing a different type...

Latest figures show that just 66% of homes are owner occupied, down from a peak of 71% nine years ago. This means one third of homes are rented from the council or housing association, or are privately rented. This is the largest percentage seen since 1988 when the push towards home ownership was at its peak. It's no surprise to hear that the major obstacle facing young people is trying to afford a mortgage, and data from the Department for Communities and Local Government shows just 10% of homeowners are less than 35 years of age.Young people have been amongst the...

It's the New Year and price predictions for 2012 show property in London faring the best while the rest of the country is expected to suffer price falls. Unsurprisingly the North is expected to suffer the worst price falls as these areas are more likely to be dependent upon the public sector for employment. Knight Frank is predicting prices could fall by up to 6% in northern England and Scotland, while property prices in London could rise by up to 5% during 2012. Savills predictions are a little more favourable, showing price falls of up to 4% for property outside London...

In spite of the fact that most people would prefer to own their own home, more and more are becoming resigned to renting property for the longer term, and it's likely attitudes towards renting will change. It's only during the last few decades that Britain has become a nation of homeowners, as at the end of the First World War just 23% of property was owner occupied, and those who owned property tended to be the middle classes or landed gentry.As standards of living gradually increased, so did the trend of buying your own home. This policy really took off when...

New data recently released by LSL Property Services Buy to Let Index shows demand for rental property is at an all-time high, and that rents are still increasing in most areas, albeit at a slower rate than inflation. In spite of rents being high, tenant arrears have dropped to their lowest level since April last year, with just 8.6% of rent due being unpaid by the end of September, down from 10.7% at the end of August.In many areas it would actually be cheaper to buy a home than to rent, but this is unachievable for many due to the £25,000...

A new report from Connells showed the number of valuations carried out last month increased by more than a third compared to August, and during the third quarter there were 11% more valuations than during the second quarter. If these figures are assessed annually, they appear far more impressive as the annual growth was 63% compared to September 2010, although during that month mortgage lending was at its lowest level since 2000.According to Connells the mortgage market has improved over the past few months in spite of continuing economic troubles, and it expects the remainder of the year to prove reasonably...

According to a survey by the Association of Residential Letting Agents, only 35% of landlords in the UK know the energy performance of their properties, and around 17% think their property falls into the minimum category of energy efficiency performance, which is the F or G band of the Energy Performance Certificate. If this is true then they need to make plans to improve the energy efficiency of their properties, as from 2018 onwards, under the terms of the governments Green Deal, any rental properties performing at this level will be banned through the minimum efficiency standard.ARLA thinks that landlords should...

Anyone looking to purchase an investment property might be well advised to choose one with energy efficient essentials already in place, or they should be prepared to spend a bit of money making it more eco-friendly. Apparently tenants are becoming more concerned about keeping their household bills low, and are likely to be more interested in renting quality homes available from letting agents in Nottingham, which already have simple energy efficient upgrades. Energy efficiency is going to become more important in the near future, especially with the governments up-and-coming Green Deal policy which aims to upgrade the country's housing over the...

Gross mortgage lending has increased by 10% compared to a year ago, but in spite of this analysts remain cautious and think the long-term outlook is still pretty subdued. Mortgage lending for August was around £13.4 billion, which is a 6% increase on the £12.6 billion lent in July, and is the highest monthly total since July 2009, and the highest monthly total for August since 2008 when mortgage lending reached £19.3 billion.According to the Council of Mortgage Lending, the underlying market appears to be quite stable, even though activity is still subdued, and the August figures offset the weaker than...

The property market has changed substantially over the last couple of years or so, and whereas in the past people would expect to be able to sell and buy a new property on the same day, nowadays many are finding this somewhat tricky to achieve. Increasing numbers are choosing to look for short-term rental accommodation, rather than lose a sale. Buyers are often able to dictate the terms, and many more are changing their minds at the last moment and pulling out. A recent report by a conveyancer found that one in three property sales fell through during the first six...

Renters have traditionally been younger people who require the flexibility of being able to move quickly, or who are unable to buy their first home just yet, but there is growing evidence to show that the older generations are choosing to sell up and rent. While there are a number of equity release schemes available, and some of them may be pretty good, it can often be far better for an older person to sell up and live off their equity.Apparently elderly Britons have an incredible £3 trillion tied up in property, and growing numbers need this money to fund a...

Tenants who rent privately automatically have an assured short hold tenancy. There are other types but these tend to be used for tenants who are in Council or housing association accommodation or in those rare cases where the rent exceeds more than £100,000 a year. An assured short hold tenancy is used where rent is paid to private landlord who doesn't live in the same building, and it allows the tenant to prevent others from accessing their home without first seeking permission to enter at a mutually convenient time, which is typically at least 24 hours after the request. The tenancy...