Posts with tag: tenants

Rents slowing across Britain

Published On: December 19, 2015 at 10:20 am

Tags: landlords,rental market,rents,tenants

New figures indicate that rents are seemingly slowing across Britain.

Data from the Homelet Rental Index shows that rents on new tenancies during the last three months dropped in the majority of regions. In addition, nine out of ten landlords said that they were not looking to raise rents on existing tenancies in the first half of 2016.

Steady

Rents for new tenancies either remained steady or slipped slightly in 10 out of the 12 UK regions in the three months to November, in comparison to October.

Throughout England but excluding London, the average rent for a tenancy signed in the previous three months was £743 per month, 0.7% down on the last three-month period. In Greater London, the average rent was found to be £1,544, down by 1%.

Rents slowing across Britain

Furthermore, the Index reveals that just two regions saw increases for rents on new tenancies. In Yorkshire and Humberside, rents on new tenancies were 0.8% greater than in the previous three months, averaging £626 per month. In the East Midlands, rents were up by 1.2% at £635 per month.

Just 34% of landlords plan to increase rents in the coming year.

Relationships

Martin Totty, Barbon Insurance Group’s chief executive officer, said, ‘the research reveals the vast majority of landlords enjoy strong relationships with their tenants and are keen to keep them. Just 4% said they were unhappy with their current tenants, while 18% said high tenant turnover was the most stressful part of being a landlord, more than cited on any other single issue.’[1]

‘Being a landlord is a long term investment and attrition of tenants is not something landlords desire; our own clients tell us they would rather retain a good tenant over the longer period than seek additional income,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2015/12/rents-slowing-across-uk-says-homelet

Majority of tenants satisfied with PRS

Published On: December 17, 2015 at 10:36 am

Author: Em Morley

Categories: Property News

Tags: Buy-to-Let,landlords,private rented sector,tenants

A new investigation from Paragon Mortgages has indicated that tenant satisfaction levels remain high in the Private Rental Sector.

In addition, the survey shows that demographics of the sector are changing. 29% of people making a home in the private rented sector are couples, with 21% being couples with children.

Settled

The majority of tenants asked seem to be settled in the Private Rented Sector, with 87% of those asked stating they felt at home. Additionally, the report shows that the average time spent living in the sector presently stands at 12 years.

Improving standards are the key factor driving the popularity of the sector, alongside a shortage of housing stock. 81% of respondents said they were satisfied with their landlord, with 66% of renters considering their rented property to be good or very good value for money.

Majority of tenants satisfied with PRS

Attractive

John Heron, Director of Mortgages at Paragon, said, ‘the message coming through in this survey is that, for many people, the Private Rented Sector is an increasingly attractive option over the long-term. This in many ways reflects the ongoing issue of affordability in the housing market, simultaneously however, competition and best practice are driving higher standards in the sector-making it a more attractive proposition for both individuals and families.’[1]

‘This data underscores the value of the PRS to the UK’s housing market. The UK’s Private Rented Sector still has some way to go before it catches up with its counterparts in Europe, but higher tenant satisfaction with both standards and affordability, show that there is room for increased growth in the sector,’ he added.[1]

[1] http://www.propertyreporter.co.uk/landlords/private-rental-sector-fuelled-by-satisfied-tenants.html

Host Your Very Own Festive Open House

Published On: December 15, 2015 at 2:49 pm

Author: Em Morley

Categories: Landlord News

Tags: Christmas,festive,open house,tenants

Moving house near Christmas is rarely on the top of anybody’s festive to-do list, but if you have an empty rental property, now might be the time to make your investment stand out.

Renters often take a break from searching for properties before Christmas, so why not host your very own open house? This way, you can advertise your empty property without prospective tenants having to find you.

Host Your Very Own Festive Open House

Get into the festive spirit with these open house tips:

Keep it Christmassy

Hosting an open house is a great way to not only show off your property, but also meet with hopeful tenants. Create a festive atmosphere with classic decorations and some Christmas tunes on in the background. You want people to see the potential of your property though, so keep decorations simple – a nice wreath on the front door will welcome guests and some fresh greenery will make the home feel alive.

You could also find a special scented candle to spread the aromas of Christmas through the property – who can say no to the smell of gingerbread?

Choose the right time

Naturally, everyone is super busy before Christmas, so finding a good time to host an open house can be a nightmare. But don’t panic – consider people’s schedules and when they are likely to be free. Weekend evenings are a no-no as many people have parties to attend or family to entertain. Think a weekday afternoon after work or a Saturday morning before people head out for some last-minute shopping.

Advertising

Spread the word around people you know – do they have any friends or relatives who may be in need of a home? You could also ask your current tenants whether they know anyone that might be interested.

Use the internet to your advantage too. If you have social media, push the message and ask your friends to share your posts. Also look out for any tenant forums and post a message there. There may also be an online news board for your local area where you can advertise.

And remember!

If you do host an open house, remember to talk to your guests and ask them to note down their name and email address so that you can contact them at a later date and get some feedback.

Make the most of the festive season by showing off your property and meeting prospective tenants!

Keep your property safe this Winter

Published On: December 14, 2015 at 12:51 pm

Author: Em Morley

Categories: Property News

Tags: burglary,buy-to-let landlords,property,securing property,tenants

As Autumn turned to Winter, there were precious few people looking forwards to the months of cold, dark nights.

However, November and December typically see burglars licking their lips. During this time period, burglaries across Britain rise by an average of 25% each year, with Christmas gifts their main target.

Homeowners and tenants alike then must make sure they follow key guidelines in order to keep their properties safe from these mindless few.

Keeping your property safe

‘As the night’s draw in, burglars are likely to try and take advantage of the darkness,’ observed Steve Coyle, Operations Director at Edinburgh based property management specialist Cullen Property. ‘To prevent the upset and damage caused by break-ins, both owners and tenants can take a few simple measures to make their home safer, especially if they are planning to go away for a few days.’[1]

8 top-tips for keeping property safe during the dark nights are:

Lock up properly

This sounds obvious but a surprising number of burglaries occur as a result of a homeowner or tenant not fully locking doors or windows. Yale or mortice locks should be used where possible. In addition, leaving keys out under a doormat or plant pot are also leading to more break-ins. Police figures show 6,000 burglaries during 2014 involved intruders using keys to enter a home.

Don’t assume

Those living in top floor flats or above the ground floor could assume that their property is safe. However, burglars are undeterred by location and go to often extreme measures to target certain homes. Regardless of location, owners and tenants should make sure their homes are secure.

Safeguard Valuables

If a householder or tenant knows that they are going to be away from a property for a considerable period, they should look at taking jewellery, laptops and other expensive items with them.

Keep your property safe this Winter

Secure windows

By closing all property windows and making sure all latches are attached, people can drastically reduce the chance of burglars being able to gain access to the home.

Let there be light

People living in a property should put lamps on a timer when they are out to give the impression there is someone in, particularly in the afternoons and evenings.

Store inside

Things such as bikes that are commonly left outside or in a communal stair should be brought inside the property. Landlords should also check their landlord insurance to check what things are covered on their policy.

Get a little help from friends

When away from a property for a considerable amount of time, people should ask their landlord, a neighbour or friend to check on the property while they are away.

Don’t broadcast that you aren’t there!

Another obvious one but don’t broadcast holidays or trips away on social media, unless you are confident your posts can only be seen by trusted friends!

[1] http://www.propertyreporter.co.uk/landlords/tips-to-keep-your-property-safe-during-burglars%C3%A3%C2%A2%C3%A2%E2%80%9E%C2%A2-busiest-weeks.html

Neighbour Disputes Causing Stress and Depression

Published On: December 9, 2015 at 1:35 pm

Author: Em Morley

Categories: Property News

Tags: homeowners,housing,neighbour disputes,tenants

A new study has found that 18m people, or a third of the UK’s adult population, have faced neighbour disputes in the past year and half of those have been left feeling stressed or depressed as a result.

The survey, conducted on behalf of mortgage broker Ocean Finance, found that 38% of residents no longer feel safe in their own homes or struggle to sleep due to stress caused by neighbours. A further 24% want to move to a new area to escape the issue.

Most respondents that have suffered from a neighbour dispute have experienced more than one problem.

Of those that have experienced difficult neighbours, the most common issue is excessive noise (suffered by 57% of residents), including stomping around the house, loud arguments and late-night parties. About 30% have witnessed rude or abusive neighbours and another 15% said their neighbour has used intimidating or threatening behaviour.

A further 50% complained that their neighbour does not look after the exterior of their property or that there are problems with litter and rubbish being dumped, ruining the community.

On a regional basis, London has the highest number of incidents, with 52% of residents saying they have encountered some form of nuisance neighbour during the last 12 months.

Those living in Wales are least likely to suffer difficult neighbours (at 26%), compared with the national average of 36% of residents.

Respondents from Northern Ireland, the North West and South West of England were most likely to suffer a neighbour that uses intimidating or threatening behaviour, with those in the North East the least likely.

Around 13% of respondents, equivalent to 7m Britons, admitted that they do not know which organisation to contact regarding a neighbour dispute. Over half of those affected (57%) would combat the issue directly, while just 16% would contact the police or their local council.

The Government advises residents to deal with a neighbour dispute by following these steps:

Speak to your neighbour.
If your neighbour is a tenant, contact their landlord.
Use a mediation service.
Complain to the council.
Call the police.
Take legal action.

A spokesperson for Ocean Finance, Gareth Shilton, states: “The research highlights the devastating impact that problem neighbours can have on the lives of people in our communities. Loud noise, dumped rubbish, shabby houses, even threats and abuse are causing misery for millions of people who live in fear.

“It’s understandable that people may feel worried about tackling the problem of nuisance neighbours. There are organisations that can support residents with these problems and give advice on how to deal with neighbour disputes so they can start to feel safe in their homes again.”

Have you ever suffered a neighbour dispute? Or is this something that affects your tenants?

For more information on Ocean Finance’s research, click here: https://www.oceanfinance.co.uk/blog/the-uks-most-common-neighbour-nuisances-and-effects-0-4670-0.htm

Tenant demand grows in Q3

Published On: December 8, 2015 at 11:52 am

Author: Em Morley

Categories: Property News

Tags: buy-to-let landlords,private rented sector,rental yields,tenants

A report from Paragon Mortgages seems to show that tenant demand has risen further during the third quarter of 2015.

The survey of almost 2,000 landlords also showed that rental yields and annual rental income as a percentage of a property value has remained fairly constant throughout 2015.

Increase

Results from the report indicate good news for buy-to-let landlords, with rental yields averaging at 5.6% across the country in Q3. 17% of landlords reported yields between 3% and 4%, with one in ten landlords recording yields of 10% or more.

Yorkshire and the Humber recorded the largest yields in the period with 6.1%, while London reported the lowest with 4.8%. This was surprising considering the capital has the second largest increase in levels of renter demand.

In the East of England, 52% of landlords reported an increase in demand, which was the highest of any area in Q3. This figure dropped to 31% for the North East. Nationally, an average of 41% of landlords said that demand had risen in the period.

This shows a strong annual increase in demand across the country. Demand in the North East has risen from 23% to 31% and in outer London from 42% to 48%.

Tenant demand grows in Q3

Strong

‘This research shows that yields and tenant demand have remained strong throughout Q3, in common with 2015 overall,’ said John Heron, director of mortgages at Paragon. ‘The figures reflect a steadily improving economic outlook for the UK as a whole and show that, more and more people are actively choosing the flexibility of making a home in the private rented sector.’[1]

‘Yields too have remained stable throughout 2015. Q3’s data shows London and the South East slowing down somewhat, while yields in the region are growing. This represents a welcome rebalancing of the national economy, with some of the heat from London’s economy escaping the M25 and being distributed around the country,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2015/12/tenant-demand-continues-to-grow-in-q3-while-yields-remain-stable