Category: Renting Property
Key Factors to Consider When Choosing Student Accommodation
Students often quickly sign leases for what looks like an ideal student house but later discover problems like poorly equipped kitchens, slow internet, and noisy neighbourhoods that disrupt studying. Taking the time to consider these factors beforehand can prevent such headaches when choosing student accommodation. Choosing the appropriate student house is vital for both your…
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…
Home Insurance Costs Spike by 31% within a Year
The cost of home insurance surged by nearly a third (31%) from January to March 2024, according to data from Compare the Market. In the UK, the average home insurance bill climbed from £159 in 2023 to £209 this year, marking a £53 hike. During the first quarter of 2024, this upward trend affected all…
Buying vs Renting: Buying in London Almost 50% More Expensive Than Renting
Buying vs Renting: London’s mortgage expenses have soared to 42% above the average rental rates in the city, considerably complicating the home-buying process. In London’s wealthier central areas, homebuyers are finding themselves paying about 66% or £1,232 more each month on mortgages compared to renting. However, in Greenwich, a favourite spot for investors and those…
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…
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…
7 Reasons for Suing Your Rental Property Management Company
As a tenant, if your rental property management company violates your lease terms, overlooks repairs, creates unsafe conditions, wrongfully uses your security deposit, discriminates against you, invades your privacy, or turns a deaf ear to your grievances, you might have the right to sue them. Make sure to record any contract violations and security issues,…
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…
Maximum Ground Rent Capped at £250
Today will see an announcement that leaseholders are set to pay a maximum annual ground rent of £250 for a duration of up to 20 years, as part of a revision to the Leasehold and Freehold Reform Bill. Michael Gove, the Housing Secretary, has scaled back the bill’s initial promises due to push back from…
Investing in Scottish Coastal Properties Can Yield High Profits
For substantial investment returns, property seekers should consider Scottish seaside regions, as suggested by findings from Pikl Insurance. In Portree, which is part of the Isle of Skye, the average property price is £206,200, with the potential to earn £52,400 per year. This means investors could earn back their investment in under four years. The…
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…
Average Rent in the UK Surges by 8.3%
The property market is always a hot topic, especially for landlords whose finances are closely linked to its ups and downs. A recent report from Zoopla has highlighted a significant rise in the average rent in the UK, showing an 8.3% jump. This development is particularly important for landlords across the nation as it can…
Buying vs Renting: Which is Right for You?
Deciding whether to buy or rent a home is a major life choice that can impact your finances, way of life, and future plans. This article draws from our extensive experience in the UK’s property market to highlight the advantages and drawbacks of each to assist you in finding the option that’s best for your…
8 out of 10 Tenants Uninformed About the Renters Reform Bill
A striking majority of tenants, exceeding 80%, are not informed about the Renters Reform Bill and its provisions, according to surprising research from the TDS Charitable Foundation. The legislation is committed to abolishing ‘no fault’ evictions under section 21, though this change might be postponed. It further aims to establish a new standard for decent…
Factors to Take into Account When Moving House
Moving house is an exhilarating yet daunting task. The thrill of a fresh start comes with its share of difficulties, and there’s the complex task of buying a new place (and possibly selling your old one). Relocating can be intricate, costly, and a drain on your time, so it’s wise to minimize the frequency of…
Property Damage: Distinguishing Between Regular Use and Tenant-Inflicted Damage
It’s important for property maintenance to know the difference between normal wear and tear and excessive tenant property damage. Typical wear and tear is caused by everyday use and ageing, while excessive damage comes from misuse or carelessness. For instance, naturally faded paint is to be expected, but holes in walls are not. Being familiar…
£1.37m Bridging Loan Provided by Recognise Bank for Luxury Residences in Lancashire
“Our expert management team acted promptly to tailor a financing solution that addressed the needs of all stakeholders, ensuring a swift release of funds within a very tight deadline.” – Paul Bagan, Recognise Bank William Thompson Homes, a seasoned developer, successfully completed a development of seven luxury homes in Goosnargh, Preston, and is currently selling…
UK Watchdog States Ground Rent Is Unnecessary | Leasehold
The UK’s competition authority has stated that ground rent is not essential either legally or commercially, and suggests that the government might need to intervene to save consumers from escalating costs. Housing Secretary Michael Gove is thinking about setting a cap on all current ground rents, potentially reducing them to a negligible “peppercorn” amount, effectively…
Tips for Attracting High-Quality Tenants
For landlords, securing responsible and reliable tenants is key to ensuring a smooth tenancy and maintaining the value of your investment. Reliable tenants are more likely to pay rent on time, take care of your property, and contribute to an uncomplicated landlord-tenant relationship. In this article, we’ll explore strategies to draw in the best tenants…
Is Ending Section 21 Just a Trick to Deceive the Nation?
Wow, talk about a break—it’s been weeks since I’ve written anything down! Whether you’ve missed me or not, I’m back from my time off! Credit to Michael Gove for pulling me back into action. He’s back on the air saying that the Conservative party intends to put an end to Section 21 eviction notices in…
NRLA Advocates for Changes to Housing Benefit Rules
The National Residential Landlords Association is urging the government to increase Universal Credit amounts to address current payment deficiencies. Currently, 1.5 million private renters use Local Housing Allowance to help with their rent. However, 64% of these tenants are experiencing a gap between this allowance and what they must pay each month for their rent.…
Sharp Rise in Mortgage Arrears Among Landlords
New data from the lending firm Octane Capital indicates that there has been a staggering 93% increase in the number of landlords who are behind on their mortgage payments compared to last year. This rise is much steeper than the 22% uptick in mortgage arrears among homeowners. Nonetheless, in 2023, homeowners were eight times more…
Understanding Rent to Rent
The “rent-to-rent” strategy is often seen as a quick and straightforward way to earn a significant passive income for those in property investment. You essentially sign an agreement, get payment in advance, and the tenant manages the property for you. This approach sounds wonderful! The simplicity and ease of making money with little work are…
Opportunities for UK Landlords
Landlords across the UK are taking note of the upcoming Renters Reform Bill, which suggests major changes in eviction rules, tenancy terms, rent control, and the creation of a service to address housing complaints. It’s important to grasp what this might mean for property owners. While this has raised some alarm, we believe it presents…
Increasing Rents and Shorter Vacancies Defy Seasonal Expectations
In February, the Goodlord Rental Index showed a continued climb in rental prices and a decrease in the time properties remain unoccupied. The average rent for properties in February 2024 is holding at a 7% increase over the same period in 2023. Average rents experienced a 1% boost in February, which resulted in the average…
Property Prices & Rent Rises
In 2005, Mark was in an average job, aiming to achieve something greater. After persistent effort and never giving in to defeat, he partnered with Rob Moore. Their collaborative endeavor in property investment took off spectacularly. Mark dedicated himself to various property investment techniques and amassed a portfolio of 20 properties, ensuring his financial security.…
Conservative Ministers Face Criticism Over Potential Dilution of Rental Reforms
Activists are criticizing the government, accusing it of letting its “landlord backbenchers” influence the dilution of the proposed rental reforms. The reports suggest that Tory MPs have been consulted to potentially weaken the upcoming legislation. The Renters (Reform) Bill, which seeks to eliminate Section 21 evictions, is currently under parliamentary consideration, fulfilling a promise made…