News from our blog
Energy crisis and its impact
The energy price cap increase on 1 October 2022 will increase the average household bill by 80% in 2022. Estate and letting agencies need to be prepared to advise tenants and landlords on what this means for them and what support is available On 1 October 2022, the energy price cap for dual fuel will increase to £3349 per year for the average UK household – an 80% increase on the current cap of £1,971. A typical bill for those on prepayment meters will jump to £3608
The price cap sets the maximum per unit price on energy and this means that someone’s total bill can still rise and fall in line with their energy use. This latest jump is estimated to push more households over the fuel-poverty threshold as the energy crisis continues – with no signs of abating as the conflict in Ukraine pushes up wholesale gas prices even further. Click image to read more..
Landlord compliance
Letting your property also comes with a range of legal responsibilities. At Carrick Johnson Lettings, we take safety regulations and legislation very seriously in order to protect both our tenants and our landlords. Here we outline the key safety regulations and landlord responsibilities when letting out a property. Click image to read our Landlord Compliance Guide..
Small Gardens
Gardens are at the top of many home seekers wish list, especially after the restrictions imposed by the pandemic which made many of us realise the value of outdoor space, no matter how small. Socialising, relaxing, dining, or even working in the garden is becoming more desirable so it’s no wonder that a large number of tenants consider outdoor space their preferred life style option when renting a property.The average garden space in the UK measures just 12 square meters, with those in city centre locations and new builds tending to be even smaller meaning that homes with larger gardens are a rarity. Click image to read our 5 top tips..
Rents continue to rise
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.
Regional spikes
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
All you need to know about Deposits
Deposit Schemes
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..
Being a Landlord
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
How to manage a heat wave
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..
Main causes of stress as a landlord
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..
Taking care of your rented home
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..
White paper
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..