Category: Letting Property
Rent Increases for Tenants Extending Their Leases
According to research from Hamptons, tenants who are renewing their tenancy agreements are facing rent increases that bring their payments closer to the higher rents seen in new lettings on the market. In Great Britain, those who have renewed their lease in the past year have faced an average rent increase of 8.3%, which is…
Increase Homelessness Risk for Renters As Property Investors Leave the Market
Landlords are leaving the rental market in considerable numbers, with many seeking to offload their buy-to-let properties, causing a significant rise in renters who could potentially become homeless. Official statistics indicate that in England, over 2,000 households monthly are at risk of homelessness as private landlords are choosing to sell their properties, citing uncertainty due…
Tips for Landlords: Screening Tenants Legally and Effectively
For landlords, screening tenants is key to preventing legal and financial troubles. The process is an essential part of ensuring that tenants can comply with lease terms. Today we’ll look at the best ways to screen tenants, focusing on the legal aspects that landlords need to keep in mind to safeguard their investments and nurture…
Most Tenant/Landlord conflict is due to Maintenance Issues
The main reason behind the tension between tenants and their landlords is poor maintenance (68%) along with subpar communication (42%). It’s clear that these aspects are crucial for landlords to consider in order to maintain positive relations with their tenants. One out of four renters (25%) have a negative view of their current landlord, and…
Estate Agents Unprepared for Transition to Periodic Tenancies
Most letting agents are not ready for the transition to periodic tenancies, indicating confusion about the constantly evolving Renters (Reform) Bill, according to a survey conducted by Goodlord. The eagerly anticipated legislation is expected to bring about a change to periodic tenancies, which are rolling contracts with no fixed termination date. This will necessitate a…
Conservative MPs Consider Rebellion Over Housing Policy Changes
Conservative MPs are considering rebelling against the government’s proposed housing policy changes. Over 30 Conservative MPs wrote to Chancellor Jeremy Hunt expressing their unhappiness with the leasehold system and urging the government to eliminate the ground rent charged on leasehold properties. Currently, there isn’t a limit on how much property owners can demand from leaseholders…
How to maximise Tax Benefits from Deductible Closing Costs on Rental Properties
To ensure you’re getting the most in tax deductions for closing costs on rental properties, remember to include expenses that commonly range from 2% to 5% of the loan amount. These deductible closing costs can be costs such as inspection fees, professional fees, mortgage fees, prepaid amounts, and title company fees. Adding these to your…
The Workings of Rental Property Management Companies
Are you curious about what rental property management companies do? They take care of advertising your property, vetting tenants, maintenance, rent collection, and financial reporting. Think of them as the ultimate caretakers for your property, allowing you to relax and not worry about the details. Imagine having someone else find good tenants, market your property,…
Carpet Deductions Explained: How to Get the Most Out of Your Rental Property
For landlords wanting to claim the maximum carpet deductions on their rental property carpets, it’s important to maintain detailed expense records, such as receipts and invoices. Grasping the concept of carpet depreciation is key for understanding tax outcomes. Determine whether the costs are for repair and upkeep or replacement. Make use of capital allowances and…
Tory MP Asserts Government’s Determination to Reform Furnished Holiday Let Scheme
The Treasury has decided against exempting any properties from the upcoming changes to the tax rules for furnished holiday let scheme, which will come into effect next year. Starting on 6 April 2025, the interest businesses owned by individual landlords will no longer be deductible. Instead, a 20% tax credit will be applied to the…
Tax-Deductible Renovations for Rental Properties
When renovating your rental property, it’s essential to ensure you’re taking advantage of tax-deductible renovations. Obviously you should first focus on necessary maintenance and updates to attract good tenants, but also keep track of allowed maintenance costs for tax purposes. Replacing fixtures with equivalent items helps maintain functionality and offers tax advantages. Capital improvements however,…
Landlords Wary of Pet Policies in Upcoming Renters Reform Bill
Property investors are apprehensive about parts of the upcoming Renters Reform Bill that will limit their ability to deny tenants the right to have pets, according to research by Leaders Romans Group (LRG). Under the bill, tenants can ask for permission to have pets, but landlords worry about how this may affect the upkeep of…
Choosing the Right Rental Property Management Company
When picking a company to manage your rental property, start by looking at local market conditions and trends. Read reviews and assess the company’s standing to check their performance and trustworthiness. Carefully compare what services the company provides and their costs, with an emphasis on thorough tenant selection and property upkeep. Look for clear pricing…
Average Rent Increase by 5.7% Compared to Last Year
Rent prices in April have seen a 5.7% increase compared to the previous year, with a significant rise observed in the South West, according to the Rental Index by Goodlord. The average rent for a property this past month was £1,166, while in April of the previous year, it was £1,103. Rents in the South…
For Sale: Retail Spaces and Car Park in Potong Pasir
A portfolio of 11 leased-out restaurant and retail units, including well-known occupants like Springleaf Prata and Ayam Penyet President, are for sale. These units comprise a collective space of 9,537 square feet with individual units ranging from 614 to 3,724 square feet. Additionally, there’s a basement car park spanning 10,775 square feet on offer. The…
Top Tips: Essential Rental Property Makeover
Have you been a landlord for a while and are now thinking about refreshing your rental property with some updates? Deciding whether to renovate your rental hinges on the property’s current state, the local rental market, and what you can afford. While renovations can draw in better tenants and allow for higher rent, it’s critical…
Reaction to the latest revision of the Renters Reform Bill
Today, the House of Commons revisits the Renters Reform Bill. Minister Jacob Young touts the bill as a major step forward for tenant protection, chiefly because it aims to eliminate Section 21 ‘no fault’ evictions. A Renters Reform Coalition group of organisations that includes Citizens Advice, Shelter, and the Joseph Roundtree Foundation, have sharply criticised…
Fewest Rented Properties in London for New Investors
Finding a rental property in London that already has a tenant can be quite challenging for those interested in buy-to-let investments, a recent study suggests. According to research by Benham and Reeves, only 2% of the properties on the market in London come with tenants already living in them. Meanwhile, the North West leads the…
London Landlord Faces Jail Unless She Pays Up £79k
A landlord from London has been hit with a large fine and a confiscation order totalling £78,620 for illegally converting a five-bedroom house into separate flats without the necessary permission. Titilola Oyejole of Dagenham turned her property on Fanshawe Crescent into multiple units about nine years ago, living in one of them and leasing the…
Savills Singapore Office Lease Market in Limbo with No Significant Demand Driver
Savills Research reveals that the Singapore office lease market has not seen much excitement recently, with no particular industry filling the void left by tech companies. This has led to stagnant rents, with CBD (Central Business District) Grade A office rents in Savills’s selection remaining at S$9.65 per square foot per month after eight periods…
The Renters Reform Bill Reappears in the Commons this Week
After a long postponement, the Renters Reform Bill is making its way back to the House of Commons this week. The bill is scheduled for its second reading on Wednesday and will include the following key changes: An examination of court capabilities before removing Section 21 for current leases, to guarantee they can manage the…
People Renting Homes Are Staying Put Longer
Due to the climb in rental prices, tenants are choosing to remain in their current homes for extended periods, according to research from The Deposit Protection Service. The typical rental agreement is now 924 days, which is just over two and a half years. This is a significant increase from 706 days, or nearly two…
New DIY Lettings Platform for Landlords Hits the Market
Hello Neighbour, a new DIY Lettings Platform for UK landlords, has just launched! This new platform puts landlords in the driver’s seat of the rental process, providing them complete independence while offering them support and assurance from the Hello Neighbour team to ensure a fully compliant letting experience, all at a cost of £200. Landlords…
Cornwall Top in Holiday Rental Earnings
Last summer, property owners in Cornwall made an impressive £40,060,440 in holiday rental earnings, making it the leading area for such investment returns, according to Wealth of Geeks’ research. Despite having a local population of just over half a million, Cornwall welcomed three times that number in visitors. The going rate for accommodation was £84…
UK Property Insights from The Voice of the Agent Survey
The newly published Voice of the Agent Survey 2024 offers a detailed understanding of the UK property market’s present situation and potential future. The survey reflects the perspective of 841 industry professionals, a significant increase from 553 in the prior year, alongside the insights from 2,000 consumers nationwide and a variety of credible studies. Conducted…
Rental Property Returns Increase to 5.8%
In the last two years, the typical return on rental property has gone up from 4.9% to 5.8%, as found by specialist lending company Octane Capital. Landlords are now earning 19% more in rent than they were two years ago, bringing in an average annual income of £15,144. The costs to get started with a…
NRLA Enters Business Deal with GetGround
The National Residential Landlords Association (NRLA) has formed a new partnership with GetGround, a platform that aids buy-to-let landlords in managing their UK-based limited companies. This collaboration aims to enhance tax benefits and improve estate planning for landlords. GetGround provides a suite of services especially beneficial for buy-to-let investors, ranging from setting up a limited…
More Buy-to-Let Investors Choose HMOs To Expand Their Investment Reach
Specialized lender Shawbrook’s statistics reveal that investors choose HMOs (houses in multiple occupancy) which constitute a growing share of buy-to-let transactions. During 2022 and 2023, HMO properties represented 27% of Shawbrook’s buy-to-let business. In 2024, they have climbed to over a third at 34%, as property owners increasingly seek variety in their investments. HMO activity…
Growth in Rental Income Across Regions
The rental sector in England and Wales is seeing a notable increase, with landlords enjoying higher rental income returns on their rental properties. This surge corresponds with a continuous rise in demand for rental homes, which highlights the buy-to-let sector’s stability and appeal. We’ll look at recent statistics from Dataloft to better understand how rental…
Tips for Successful Commercial Property Management
Commercial Property Management comes with many challenges. It’s important for both experienced property managers and newbies to grasp how to handle tenant relationships, upkeep, finances, and legalities to ensure smooth operations. In this guide, we’ll explore strategies and advice to maintain your commercial property efficiently, satisfy tenants, and improve profits. Key Property Management Strategies Good…