Nottingham Letting Agent Property Blog

Landlord Assist, the rent recovery and tenant eviction firm is hoping the Chancellor George Osborne will have good news for the buy to let sector in next week's budget. It's hoping the budget will see the introduction of new tax laws to help stimulate growth in this area. The firm has pointed out how important housing is to economic recovery, and of the pressing need to increase the number of rental properties available in the UK as there is currently a shortage of quality homes in many areas.There are hopes that George Osborne will temporarily suspend stamp duty on property purchases...

It's been claimed that basic checks on tenants don't provide a landlord with sufficient background information to help warn them of possible rent arrears or other issues. Basic checks are meant to provide information verifying the identity of the tenant, as well as highlighting any relevant background information in the tenant history. However sometimes the checks don't give sufficient information, as it is still possible for tenants to have County Court judgments against them as a previously undisclosed address. In addition recent research has found 23% of self-employed applicants were unable provide a suitable proof of income such as tax returns,...

It is certainly good news for Nottingham letting agents and landlords, as a survey by the Halifax has found 50% of people aged between 20 and 45 think renting will become more the norm within a generation, an increase of 4% since last year’s report. Just 14% of those surveyed were actively saving up for a deposit, and nearly a quarter of parents have seen their grown up children move back home due to the state of the current market.Apparently many parents feel their children could make more of an effort to cut down on their spending to save for a...

According to the latest research from the Association of Residential Letting Agents, more tenants are facing difficulty paying their rent on time, with 41.2% of ARLA members saying the number of tenants having trouble paying on time increased in the six months prior to March 2012. Apparently more tenants are attempting to haggle over their rent in an attempt to knock it down when negotiating with landlords and Nottingham letting agents. Just over half the letting agents surveyed said more tenants were trying to get a better deal, especially in the North East of England, and the South-West, while those living...

It looks as if buy to let will remain popular for a good many years to come, as more Britons are choosing or being forced to rent, but how do you choose the best investment property? As with any type of investment, doing your research is vitally important, and you need to decide if a buy to let property is what you really want. Investing money in rental properties is very much a long-term project, and it's worth remembering that your money is likely to be tied up for quite some time, and the value of the property could even fall.The...

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...

Apparently the debt advice charity helpline, National Debtline has received an 84% increase in the number of people calling for advice about rent arrears since the economic crisis began in 2007. The rental market is going from strength to strength, and due to credit restrictions fewer people are able to leave this sector and purchase their own property. Figures from the English Housing Survey which were released in February showed the number of people choosing to rent property in England have increased by an amazing 40% since 2005. This is leading to a shortage of rental properties in some areas, especially...

The Legal and General Mortgage Club is planning to become the top distributor of buy to let mortgages 2014, and this decision is apparently based on a review of the medium and long-term prospects for the mortgage market. Apparently it's their view that much of future growth will centre around the buy to let sector, hence the decision to become a leading distributor of buy to let mortgages rather than just a leading distributor who also does buy to let mortgages.The company has also been in talks with buy to let specialist lender Paragon, who is well known for taking the...

Nottingham lettings agents know that some people have been forced to become landlords, as they are unable to sell their homes, and people frequently need to move for work or personal reasons. The problem with this situation is the reluctant landlord has to face the problem of deciding whether or not to tell their mortgage company they have rented out their home. Obviously it is better to be honest about the situation, but increasing numbers of banks are forcing people onto expensive buy to let mortgages which often cost up to 1.5% extra. Some are even charging hefty fees for changing...

Rental voids are one thing that can drastically cut annual rental yields, and it can be awkward to budget for periods when your property isn’t let, but there are a few simple things you can do to try to minimise the risks of these ‘down times.’It is better to be realistic about the rental value of your property, as it is a common mistake to ask for too much rent. Over valuations can occur if you receive an over ambitious rental valuation from a Nottingham letting agency who is simply after your business.  Although it can seem as if you are...

A survey by the deposit protection scheme, mydeposits has highlighted the most popular reasons for money being withheld when a tenant finally moves out of a rented property. It will come as no surprise to learn that unpaid rent and cleaning costs are the most popular reasons for money to be withheld. Apparently 78% of landlords reported that money was most likely to be withheld for cleaning costs, with the messy rental property requiring the attentions of a professional cleaner. While unpaid rent was another major factor, other reasons included damage to the property and missing items on the inventory taken...

A report in the Daily Mail on Monday on one landlords struggle to evict nightmare tenants highlights the need to simplify the eviction process. After a six-month battle the landlord regained control of his recently renovated four-bedroom house in Darlington, County Durham only to discover it had been completely trashed. He had already spent months going through the courts after his tenants stop paying rent in February, but by the time the eviction order had been granted, they had already done thousands of pounds worth of damage. Apparently the house is so bad that the police are treating it as criminal...

A new survey by buy to let mortgage specialist Paragon shows that 23% of landlords in Britain feel more optimistic about rental income and yields, and property portfolios. The Private Rented Sector Trends Report for the second sector of 2011 showed that optimism was highest amongst professional landlords, at 30%, compared to 15% of landlords with just one or two properties.Interestingly this survey also showed that landlords were expecting their portfolios to increase, which is the first time in two years. The survey showed increasing optimism over the value of portfolios with 14% expecting the value of their properties to increase...

Most Nottingham letting agents and landlords would probably agree that the rental market is in relatively good shape, and that the market outlook is generally positive. According to a recent survey there is a growing trend of tenants choosing to stay put in prime rental properties as they recognise their current rental deal as being the best they can hope to achieve. This is good news for both tenants and landlords, as having long-term tenants who are a known quantity is always better than having to advertise every six months or so and possibly face having void rental periods. From the...

A recent report by Shelter shows a worrying increase in the number of slum landlords as many more people are now forced to rent due to the continuing constraint on mortgage lending. Latest figures show mortgage lending is now at just a third of the levels seen at the height of the boom in 2007, and there is a real need for affordable rental homes. There are now an estimated 3.4 million households in the private rental sector, which is a 40% increase over the past five years, and is the biggest increase on record.This translates into increasing numbers of people...

In a perfect world you'd always get the perfect tenants who treat your property just like their own, and who always pay up on time. Although using a good Nottingham letting agent can alleviate many of these problems, as they will implement proper background checks on prospective tenants, it's not possible to obtain an ironclad guarantee. Some tenants could have perfect credit, but if they suddenly lose their job or something else unexpected happens then they could find it impossible to pay their rent.However sorry you may feel for them, this can have a hugely detrimental effect on your finances, as...

According to a new survey from the National Landlords Association, the majority of landlords get on well with their tenants, with 61% describing their relationship as very good, another 34% describe the landlord tenant relationship is good, while only 3% say it is adequate. Less than 1% report having a poor relationship with their tenants. Apparently about four in 10 landlords have contact with their tenants whenever the need arises, while 36% communicate on a more regular basis.This is good news for everyone, especially as the rental sector is growing, and is probably due to letting agents in Nottingham taking great...

According to data from the Bank of England, the number of mortgages for landlords has reached 1.3 million even as first-time buyers continue to struggle to get funding. These first-time buyers are choosing to turn to Nottingham rental property while they wait for lending conditions to improve. But who are all these new landlords?Apparently some are homeowners who are remortgaging their primary property in order to invest in the buy to let market. This may prove to be a sensible investment as all the indications are that this sector will continue to boom for many years to come and property prices...

Apparently house prices are now 4.7% higher than at the beginning of 2011 following a price increase of 0.2% in July. Although this may seem like positive news the number of property transactions is at its lowest level for two years, according to the Nationwide, which is one of the most optimistic surveys around at the moment. According to them the average price of a house is now £168,731, and this is just 0.4% lower than July last year, and prices for an average house have increased by more than £7,000 since January.However the property market is still very slow, with...

Nottingham letting agents are urging Nottingham landlords to remember that if they intend to make energy-saving improvements to their buy to let properties they could reduce the amount of tax paid through the Landlords Energy Savings Allowance (LESA). Now is definitely a great time to make properties more eco-friendly, as energy costs look set to increase even more.LESA isn't a payment, but has to be claimed as a tax allowance, and can be claimed by landlords renting out residential property in the UK and abroad. Unfortunately anyone letting out holiday homes or a room through the Rent a Room Scheme doesn't...