News from our blog
Over the past 3 years, the property market’s ‘supply crisis’ has seen price growth in the rental sector climb by 2.61% year-on-year. This comes as tenant demand is up by around 6%, while the number of rental properties available is 50% lower than a year ago.
And so far in 2022, activity hasn’t appeared to cool-off, as average rents have grown in price for the fifth consecutive month by 2.8%, with the average cost of a rental property in England currently totalling between £1,020 and £1,050 per month.
The highest rent increases are seen in the South West, where a sizeable 10% increase was recorded. The North East follows closely behind, despite offering some of the cheapest rentals in the country, where costs rose by 8% over the last month. The West Midlands is the only region showing evidence of a decrease, where a 2% price reduction was recorded.
June marked the fifth consecutive month of average rent prices on the rise in England, on the heels of a slight cool-down in costs over the winter months. However, June’s average prices still remain below the historical highs recorded in September 2021, when prices reached as much as £1,104 per property. Click image to read more
Tenancy deposit scheme have been around for more than a decade – but they can still be tricky to understand for tenants.
In this guide, we’ll explain everything you need to know about how the schemes work, the rules around them, your obligations as a tenant and what your landlord must do to stay compliant.
What is my tenancy deposit for?
Tenancy deposits are sums of money payable by tenants and used as security by landlords against costs or damage at the end of a tenancy.
Does my landlord have to take a deposit from me?
Landlords aren’t legally required to take a tenancy deposit, but it’s highly recommended and the vast majority do.
If your landlord is letting their property through an agent, they will always be required to take a deposit.
What is deposit protection?
If you sign an Assured Shorthold Tenancy (AST), your tenancy deposit must be protected in a deposit protection scheme, which is government-backed.
Deposit protection was introduced for all ASTs starting after April 5, 2007.
If you’re renting a property from a private landlord, your tenancy is an AST and it began after April 5, 2007, your deposit must be protected.
If your tenancy began before April 6, 2007 and you haven’t signed a new agreement since, your deposit is probably not protected and is not required to be by law.. click image to read more..
THE GOOD, THE BAD AND THE UGLY..
MONEY – Renting your property is a good source of income. Getting a good rental yield will cover your mortgage and other bills you may face.
INVESTMENT – Hiring a Property Manager will look after your investment and ensure you are compliant with the ever-changing legislation.
BUILDING EQUITY – Not only are you receiving income every month, you are paying off your mortgage; in a few decades you will be the owner of a property someone else paid for
Click image to read more
England is set to get even hotter this weekend with temperatures rising to a scorching 30°C as we experience the first heatwave of the summer.
While you might enjoy the sunshine from the comfort of your air-conditioned office, it’s a different story at home.
Unless you have the luxury of a fitted AC system in your house, you’ll have probably started to feel the effects of the heatwave – especially at night.
It’s too hot to lounge at home, it’s too hot to sleep and it’s definitely too hot for a cup of tea. So what are your options?
First of all, don’t fret! We’ve found a list of the top things you can do to keep your home cool in the heat.
Click image to find out how to keep your cool..
How an independent letting agent can help landlords to face the inevitable challenges during their property letting. Certainly, it can be a stressful investment with potentially significant pitfalls at every turn, which should you be ill-prepared to deal with them, could have a major impact on your reputation as a landlord. But what are some of the common causes of stress for landlords? Typically, there are four main areas of concern: the ‘tenants from hell’ being the most common of issues, closely followed by property damage, disputes over deposits and dealing with evictions.
In this article, we’ll be exploring some of the major problems landlords can run into and detailing how an independent letting agent can help resolve these without any hassle. At the end of the day, it’s likely you want your rental investment to run like clockwork – something you can forget about and leave to run smoothly, perhaps checking in when required. And, a letting agency can assist you to do just that…
So, what are some of the most common causes of stress for landlords? click image to read more..
If you spot anything in your home that’s leaking, broken or mouldy, you’ll no doubt want to fix them pretty quickly! And rightly so – if you don’t maintain a home properly things can start to go badly wrong.
There are a number of key tasks you should try to do every year, and even monthly, to keep your property in tip-top shape. Some things you might be able to do yourself, but others, such as servicing the boiler, you’ll most likely need a professional for.
It’s a good idea to create a maintenance checklist which, to an extent, reflects the demands of the seasons on a home. Click image to read our seasonal guide on keeping your home tip top..
This is to form the basis of a Bill to out its reforms into law.
It will ban Section 21 evictions and extend the Decent Homes Standard to the sector.
It will also end what it calls “arbitrary rent review clauses, give tenants stronger powers to challenge poor practice, unjustified rent increases and enable them to be repaid rent for non-decent homes.”
It will be illegal for landlords or agents to have blanket bans on renting to families with children or those in receipt of benefits.
And it will make it easier for tenants to have pets, a right which the landlord must consider and cannot unreasonably refuse. Click image to read more..
Landlord & tenants rights & responsibilities in the private rented sector
The Ministry of Housing, Communities & Local Government (MHCLG) has published a new guidance and important information for both landlords and tenants. Read more by clicking image
One of the toughest things to achieve when you’re renting a property is making it feel like ‘home’.
By making decorative changes to a rental property, you could be putting your deposit at risk, too.
In this guide, however, we’ll reveal some of the things you may be able to do to add personality to your rental property without losing your deposit…Click image to read our guide..
Landlords have got used to the Government announcing tax changes each year and thankfully the last two budget announcements from the Chancellor have been relatively easy on property investors.
There are not any property-specific tax changes for landlords this year, but there are a few other things that may have implications not only for you, but also for your tenants. Anything that impacts negatively on their finances could affect their ability to pay their rent, so it’s helpful for you to know what challenges – or benefits – they might be facing. Click image to read more