Posts with tag: rental property

Will Any Landlord Take this Zookeeper Tenant?

Published On: May 19, 2016 at 10:31 am

If you are a landlord or letting agent in the Cardiff area, you may have recently received a letter from a zookeeper tenant looking for a rental property.

Will Any Landlord Take this Zookeeper Tenant?

The problem is that the Bristol Zoo employee is not just seeking accommodation for himself; he also looks after some animals that have now retired from the zoo.

Stressing that the landlord must accept pets, he says: “I’ll need a large bathtub as I’m looking after the zoo’s famous Willy the Walrus now he’s in retirement.

“Also will need a large bird cage for my flamingo, preferably a room with good light exposure due to him needing African climate.

“Please do let me know of any properties you have.”

Responding to the bizarre request in an equally jovial tone, Keylet in Bristol suggests a seven-bedroom property with all en suites, so that Willy the Walrus can spend as much time in the bathroom as he needs.

The agent also notes that Willy can enjoy a short walk to a nearby lake to cool off on a hot day.

In the kitchen, there are two fridges and two ovens – perfect for keeping human and animal meals separate. And in the lounge is a large plasma TV – ideal for watching nature documentaries.

We wonder whether the tenant will book a viewing!

However, there may be a more suitable property for the zookeeper to take a look at. A little further into Wales, near Aberystwyth, is a real zoo for sale.

The property, complete with animals, is on the market for £650,000 (although it is listed with Rightmove, not Zoopla).

Are there any letting agents or landlords that have received an equally peculiar request from a prospective tenant? Let us know!

If you are considering allowing pets in your rental property, here are four things you need to know: https://www.justlandlords.co.uk/news/four-things-you-need-to-know-about-allowing-pets-in-your-properties/

Most Private Landlords Set to Increase Rents

Published On: April 15, 2016 at 8:31 am

Author: Em Morley

Categories: Landlord News

Tags: buy to let investment,landlord finances,landlord taxes,rent rises,rental property

The majority of private landlords are considering increasing rent prices to accommodate the higher taxes they now face, according to the Residential Landlords Association (RLA).

In a survey, the RLA found that 84% of landlords in the private rental sector are likely to increase rents following recent changes in the buy-to-let sector, introduced by Chancellor George Osborne.

Most Private Landlords Set to Increase Rents

The organisation also says that 78% of landlords feel the changes will deter them from further investing in rental properties, with half of all landlords thinking of getting rid of their investment properties.

This news arrives as estate agent Savills reports record demand for rental properties, predicting that one million new homes to rent will be needed by 2021.

The RLA believes that while less investment in buy-to-let properties may meet the Chancellor’s desire to free up homes for homeowners, these tax changes will make it increasingly difficult and more expensive for the large amount of people who cannot afford to buy, or who prefer not to, to access affordable housing.

In pushing up rents, the Government is in fact hitting those it is eager to support into homeownership, by making it more difficult for them to save for the high deposits they need.

The RLA is now calling on the Government to exempt all rental property making a net increase in the supply of new housing – new builds – from the 3% Stamp Duty surcharge that was introduced at the start of the month.

Some 39% of landlords said that they would be more likely to invest in new build rental properties if they were exempt from the higher tax rate.

The Chairman of the RLA, Alan Ward, says: “The Chancellor’s tax policies are impacting on tenants’ lives – not only are more than four in five facing rent increases, but half of landlords may be selling rented properties, which might result in tenants being given notice to leave their properties.

“Ministers need to end the myth that landlords are to blame for the country’s housing crisis and base policy on fact, not political expendiency.”¹

If you are worried about how current and forthcoming tax changes will affect your lettings business, we have financial advice for landlords: /contrary-to-popular-belief-buy-to-let-is-not-dead-insists-finance-firm/

¹http://news.rla.org.uk/landlords-set-tover-higher-taxes/

Rogue landlord in Birmingham jailed for neglect

Published On: April 7, 2016 at 9:15 am

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,fire safety,landlords,rental property,rogue landlord

A rogue landlord from Birmingham has been jailed for a whole host of safety breaches in a four-floor property in Edgbaston.

Cyrus Bassiri was sent to prison for 19 months and told to pay £13,820 following his disregard for health and safety in his rental property.

Greedy

During sentencing at Birmingham Crown Court, Mr Bassiri was described as ‘greedy and cynical’ and was told he put, ‘profit before the safety of tenants’ by Judge Mary Stacey.

The Court heard that two fire alarms in the property did not work and that a fire escape was blocked by a washing machine and display cabinet. What’s more, emergency lighting was fitted incorrectly and a fire door was found to be damaged.

When firefighters raised their concerns with Mr Bassiri, he responded in an ‘aggressive and bullying’ manner.

Exploitation

Judge Mary Stacey told Mr Bassiri, ‘you have been greedy, you have been cynical and you have been exploitative of the occupants of this property in your control. Having failed to address the matters raised by the fire brigade you responded to their attempts to get you to comply with your legal obligations by being aggressive, by bullying behavior, by threatening to take them to court and expose them to the press.’[1]

Previously, 59 year old Bassiri had admitted three counts of failing to adhere to general fire precautions and two of failing to comply with an enforcement notice.

Rogue landlord in Birmingham jailed for neglect

Disregard

Mark Jackson, prosecuting, noted Mr Bassiri had already been handed a six-month suspended sentence for breaches of fire safety regulations in another property in 2012. In addition, a member of the public complained over further disregard to fire safety rules in the property during 2013.

Mohammed Afzal, defending, argued Bassiri had wrongly believed he was the victim of a plot to force him out of the property and there were ‘only three tenants.’ He also claimed Mr Bassiri was, ‘distracted by a business dispute and was under severe pressure.’[1]

Buy-to-let investors should utilise advice for landlords on fire safety before making a purchase.

[1] https://www.landlordtoday.co.uk/breaking-news/2016/4/birmingham-landlord-jailed

New rental adverts soared ahead of SDLT changes

Published On: April 6, 2016 at 11:54 am

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,investors,landlords,rental property,Stamp Duty

New to market rental adverts for properties soared ahead of the changes in Stamp Duty Land Tax on April 1^st, research has revealed.

Property Partner, a property crowdfunding platform, analysed the number of new rental properties being advertised between 28^th March-3^rd April. It then compared these figures to those recorded between 21^st-27^th March in over 90 towns and cities across the UK.

Results show that in 85% of locations, there was a significant increase in the number of new rental properties coming onto the market.

Rises

In a number of areas, rises recorded were substantial. Telford in the West Midlands saw listings up by nearly 160% in the week of the changes coming into force. New to market properties in Stevenage nearly doubled.

Five of the top ten areas in terms of rise in rental properties coming to market were found to be in the North of England.

Of all major cities, London saw new property listings increase by 19.4% between 28^th March-3^rd April, in comparison to the previous week. In Manchester and Birmingham, new advertisements were up by 28.7% and 49.9% respectively.

New rental adverts soared ahead of SDLT changes

Final rush

Dan Gandesha, CEO of Property Partner, observed, ‘inevitably, there was a final rush by investors to complete on property purchases ahead of the 1^st April stamp duty surcharge deadline.’[1]

‘More rental properties on the market is good news for tenants, but sadly this looks like a temporary blip. The savings landlords have made may turn into losses further down the line. Future cuts to mortgage interest tax relief and likely interest rate rises could wipe out profits and force many landlords to sell up,’ he continued.[1]

Looking to the future, Mr Gandesha said, ‘longer term, we’re likely to see the supply of rented properties dropping and rents increasing. The pressing issue is to get Britain building more homes for tenants, as well as buyers.’[1]

‘The Government has changed the whole structure of the UK buy-to-let market and made it less attractive and viable for amateur landlords. Once the dust has settled on the stamp duty hike, anyone looking to invest in residential property would be wise to consider alternatives to traditional buy-to-let, which do away with the hassle, expense and tax implications,’ Gandesha concluded.[1]

[1] http://www.propertyreporter.co.uk/landlords/new-to-market-rental-properties-spiked-before-stamp-duty-dealine.html

Soaring student numbers driving rental shortage

Published On: April 6, 2016 at 10:51 am

Author: Em Morley

Categories: Property News

Tags: landlords,rental property,students,University

Record numbers of university students looking for rental accommodation has led to a distinct lack of affordable rental properties.

That is the main finding of a report from the Mistoria Group, which says that there is a severe shortage of accommodation for this group.

Highs

Last year, the Government raised the cap on the number of places universities are able to offer by 30,000. This in turn has lead to increased competition between institutions.

According to UCAS, the total number of university applicants reached a record high in the previous academic year. Recent figures show a 3% rise in the number of year-on-year applications.

The largest growing group in recent times was non-European Union students, with numbers rising by 50% in the last decade. There has also been a distinct rise in UK student numbers during the last 20 years.

Competition

Data from SpareRoom.co.uk shows that up to 22 students and professionals competed for each room available in university towns and cities in 2015. Only 40% of rooms in the top 25 UK university cities are available to students.

The most fierce competition was seen in Edinburgh, where 22 people battled for one room. In Oxford, 100 students had no accommodation at the start of the new academic year, with 15 people searching for every available room.

Changing pace

Mish Liyanage, Managing Director of The Mistoria Group observed, ‘unfortunately, university managed accommodation has not kept pace with the growth in student numbers and this is driving increased demand for HMOS and PSBAs in many UK towns and cities.’[1]

‘Traditionally universities were responsible for providing good quality student accommodation. However, over the last ten years, demand for university accommodation has outstripped demand and the private sector has supplemented some of the shortfall, ‘Liyanage continued.[1]

Soaring student numbers driving rental shortage

Robust and Lucrative

Liyanage went on to say that, ‘the student property is a robust asset class. Since 2011, student accommodation has outperformed all other traditional property assets and has been the strongest growing investment property market in the UK. It has continued to be one of the most resilient investment sectors, with rental incomes and property values remaining stable, or increasing. The attraction of the student accommodation sector has been driven by structural undersupply and positive rental growth year-on-year.’[1]

‘Without doubt, the student rental market is the most financially lucrative for investors and landlords if it is managed well. An investor can currently buy a four bed HMO in a good location for students and professionals, fully refurbished and furnished and tenanted for the coming year, for less than £150,000 in the North West based on 2015 prices.’[1]

Concluding, Liyanage said, ‘Investing in student HMO accommodation offers a long-term investment option, as the property is highly likely to be in constant demand throughout the calendar year. Typical rents are significantly higher for student properties, than a comparable buy-to-let property in the same city.’[1]

[1] http://www.propertyreporter.co.uk/landlords/record-student-numbers-fuel-rental-property-shortage.html

The Shocking Difference in Rent Prices Around the UK

Published On: March 19, 2016 at 8:36 am

Author: Em Morley

Categories: Property News

Tags: average rent,rent prices,rental property,tenants

A national self-storage firm has analysed average rental properties around the country to highlight the shocking difference between rent prices, particularly between the north and south.

StoreFirst.com has revealed what a private tenant can rent for £800 or less per month in the UK’s ten largest cities, from a three-bedroom house in Manchester to a single bedroom in a London flatshare.

The company found that the average UK rent price, excluding London, was £740 per month in January this year, up by 5.5% on last year’s £702.

Unsurprisingly, London was the most expensive place to rent, with the single bedroom flatshare in Whitechapel costing £800 a month.

The average rent price in the capital is a huge £1,510 per month.

The cheapest London borough for renters is Havering, which has an average monthly rent price of £1,161. Kensington and Chelsea was named the most expensive, at £2,720 a month.

Behind London, the most expensive place to rent in the UK is the South East, with an average monthly rent of £933.

The Shocking Difference in Rent Prices Around the UK

In Birmingham, tenants can rent a furnished, two-bedroom terraced house with two reception rooms for £800 per month, or a two-bed apartment with parking for £725.

A two-bed flat with a separate utility area is £750 in Bristol.

However, the more shocking differences are found the further north you go.

In Manchester, a spacious three-bed terraced house with a cleaner costs £795, while £5 more gets you a two-bed apartment with parking.

But Liverpool is even cheaper – a two-bed duplex apartment costs £725, while you can also find a four-bed terraced house with a garden for the same price.

Tenants in Leeds can get a two-bed apartment in the city centre with a Juliet balcony for just £650.

In Bradford, a three-bed semi-detached house with a garden and parking for two cars is £800 per month. Alternatively, a four-bed detached house with parking, a double garage, en suite shower and breakfast bar costs £750.

The best value for money was found in Sheffield, where a three-bed terraced house costs £675, while a two-bed unfurnished house is £495 a month.

What can you get across the border in Scotland?

Tenants in Glasgow can rent a two-bed semi-detached house for £750 per month, or a three-bed house with a garden for £700.

In Edinburgh, a two-bed flat with a communal garden costs £799.

The three cheapest areas in the UK were the North East at £528 per month, Northern Ireland at £582 and Wales at £595.

The Operations Director at StoreFirst.com, Oliver Kitson, comments on the findings: “When looking at the prices of rentals going up predominantly in city/town centre locations, it’s clear to see that renters are getting much less space for their money in the rental market. Despite Government schemes like Help to Buy and Help to Buy mortgage guarantees, it doesn’t seem as though people are ready, financially, to become homeowners.

“With average property prices being over eight times the average wage, it’s not difficult to see why.”¹

If you are a landlord struggling to set the perfect rent price for your area, this advice will help: https://www.justlandlords.co.uk/news/setting-perfect-rent-price-property/

¹http://www.24dash.com/news/housing/2016-03-15-800-links-a-three-bedroom-house-in-Manchester-to-a-single-bed-London-flat-share