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Lettings Market Records Its Strongest Month

Lettings Market Records Its Strongest Month

The lettings market recorded its strongest month in July, with voids continuing to decrease and rents rising across England.

In some parts, void periods have dropped by as much as 50% month-on-month, taking England’s average from 22 to 16 days according to Property Reporter.

Tenant demand is continuing to increase and banks have widened their range of buy-to-let options available, making it a great time to become a landlord. The amount of time rental properties are spending in void periods has dramatically reduced. The average void period in England is now 16 days, down from 22 days, a decrease of 30%. The lettings market has continued to grow from strength to strength, despite the last 16 months, performing better than June 2019, pre-pandemic.

We have put together some tips together on how to become a new landlord.

1) Understand your business

When starting a new business venture, it is important you have all the information you need before you get started. Do this right and you have the potential to secure a comfortable financial future for yourself.

Research the local market and choose the best spot in town in terms of location, demand and opportunity.

2) Learn more about the legal requirements

There are a lot of important regulations that landlords must comply with in order to protect their tenants, themselves and their properties.

Familiarising yourself with the sector will help you create an established reputation in the area, which will help you retain your tenants for longer.

3) Pick the right buy-to-let mortgage

Don’t rush into any buy-to-let mortgage. Take the time to scope out the right one for you before you make a decision.

Speak to a trusted mortgage adviser who can help you make the ultimate decision when selecting your mortgage.

4) Think about decorating for tenants

You have to remember, your property may have multiple tenants in its lifetime so you want to be able to create a blank canvas for them.

Keep neutral tones throughout, the right furnishings and a low maintenance garden if you invest in a property with one.

5) Who will be managing the day-to-day responsibilities?

This last step is the most important! You need to choose the right letting agents who will protect your investment for you, and act as the first point of contact for your tenants while overseeing all checks, changes and inspection.

To learn more about our property management services, contact us on 0800 862 0871.

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Five Tips For Renting Out A Property

Five Tips For Renting Out A Property

Are you exploring the idea of renting out a property for the first time, and not sure where to start? At Love Your Postcode, we are here to help and have put together five important tips to consider before letting out your property.

Research the local market

Find out what the going rate is for properties similar to yours in the local area and set a realistic rental price point. Research the type of person your house is most likely to appeal to, and then let this guide you in terms of furnishings and décor. For example, a family with children won’t thank you for cream carpeting!

Get the property ready

Whether you are letting your property furnished or unfurnished, a deep clean is a good starting point, setting the standard for how you expect the property to be kept. Obviously, you will remove personal belongings and anything that is broken or simply looking worse for wear. Be sure to leave copies of instruction manuals and ensure you get enough keys cut.

Get the right insurance

As a landlord, you will need to amend your buildings and contents insurance to reflect the property’s new status. You may also decide to take out special landlord insurance to cover yourself against such risks as void periods, rent defaults or legal expenses. Thanks to Covid-19, taking out insurance is more important than ever!

Understand your legal obligations

There are over hundreds of laws that landlords need to comply with, covering areas as diverse as gas and electrical safety, the protection of tenant deposits or the energy efficiency of the property. There’s no need to be alarmed however, as your letting agent will be able to advise you to ensure you are within the law at all times.

Choose a good lettings agent

An experienced letting agent will be able to guide you through every step in the process of letting out your property. We can help you find the right tenants, deal with all the paperwork and then manage the property on an ongoing basis if you wish.

If you’re looking to let your property, we are here to help! Call us on 0800 862 0871 to speak to a member of our letting team or click here to find out more about our services.

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West Midlands sees a rise of prospective tenants

West Midlands sees a rise of prospective tenants

Rental prices are currently on the rise which is great news for anyone thinking of investing in a buy to let property.

The combination of a growing number of people looking for rented accommodation, plus a shortage of rental properties, is resulting in an increase in rental income for the first time since the pandemic began. The latest Homelet rental Index shows that, excluding London, the average rent in the UK now stands at £850, up 6.2% in a year.

The letting agents’ trade body Propertymark reports that the West Midlands is seeing the largest number of prospective new tenants, with agencies typically taking over 150 new registrations a month. Outside of London, rental demand has risen by over 10% since the start of the year. More and more of these people are looking for homes with extra space, both inside and out, to accommodate so-called “hybrid” working, which looks set to become the new post-pandemic norm for many. At the same time, city centre property is predicted to return to favour, particularly with younger renters as lockdown restrictions are lifted.

During the period of the pandemic, a third fewer rental properties came onto the UK market than usual, which has led to a lack of rental stock to meet the increase in demand. As night follows day, low supply and high demand means a rise in prices. Existing tenants are finding it more difficult to avoid rent rises and new tenants, faced with competition for tenancies, are discovering there is no wiggle room on price.

However, there are signs that more first-time landlords are now being tempted into the buy-to-let market, attracted by the historically low interest rates and the stamp duty holiday on the first £500,000 of a purchase. This is due to end on June 30th 2021, so anyone looking to take advantage would have to act extremely quickly.

If you would like to discuss the local buy-to-let market, contact us on 0800 862 0870 to speak to a member of our team.

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How to evict a tenant. A step by step guide.

Landlord and tenants have a unique relationship and quite often it’s a great partnership, but when rent arrears pile up the landlord has to look at ways to get the property back to put back on the rental market. Tenant eviction is a necessary part of being a landlord in 2020.

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