Written By Em

Em

Em Morley

How to Ensure Your Rental Property Gets Let

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

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If your property is on the rental market or is soon to be put up for let, you must take steps to ensure that it is let soon and you find a reliable tenant.

Prepare your property now so that prospective tenants will see it at its best. Staging the property will help it let faster and can guarantee that you secure a good rent price.

So what can you do to ensure your property gets let soon?

Declutter 

It is vital that you leave your rental property fairly empty to allow tenants to move their own belongings in and make the place feel like home. Aside from essential furniture, clear the space of personal or quirky items.

Fix it up 

If you’ve recently had a tenant in your property, you’ll need to look out for any signs of wear and tear that could put a future tenant off. Fill any old picture-frame holes in the walls, secure any loose tiles and replace well-worn carpets. These aren’t huge jobs, but they could turn a potential tenant off.

Clean it

How to Ensure Your Rental Property Gets Let

How to Ensure Your Rental Property Gets Let

If your tenants didn’t clean the property well at check-out or it’s been empty for a while, remember to make it sparkly clean before viewings. Remember to remove limescale, scrub tile grout and clean windows inside and out to help the property look as good as possible.

Don’t forget that the property needs to smell good too – a bad smell is the single biggest turn off for those looking to move house. Make sure that the drains are clear, the bins washed out and the kitchen is aired.

If a smoker tenant has recently been in the property, place bowls of vinegar around the place. Leave these for three days, then remove and open the windows. The vinegar smell will disappear quickly, and take the cigarette smell with it.

Go neutral 

Traditionally, neutral tones are the recommended colours for rental property décor. A neutral property will appeal to the widest range of tenants, giving you a greater chance of getting it let out quickly.

If you’re looking to update your property, go for a modern grey hue, which is bang on trend. If grey isn’t your thing, white or beige are always safe options. A new lick of paint will also brighten the property up and make it appear larger.

Sort the garden

While your rental property may not have a garden, don’t forget to sort out any outside space it does have. Most tenants will be interested in having a balcony, yard or garden, so smarten these areas up. Cut back any overgrown bushes, weed the garden, and clean any furniture outside. If you are letting a house, clear the front garden and put some pots outside to boost kerb appeal.

Focus on the kitchen

Kitchens are incredibly important to most tenant types. More often than not, a kitchen is worth more per square foot than any other room, so it can make all the difference.

However, unless the kitchen is a real state, it doesn’t always make financial sense to completely replace it. Simply resurface worktops and replace any out-of-date appliances, and you can really modernise the space without spending a fortune.

Boost your rental income

Depending on the area your property is in and the type of tenants you’re targeting, it could be a wise investment to add in another bedroom and boost your rental income. Converting a loft or garage into another bedroom could appeal to families or students looking for larger properties. If you have more to offer, you will earn more in rental income each month.

Follow these steps to ensure that your property gets snapped up quickly!

Would You Join These Celebrities in Using an Online Letting Agent?

Published On: July 30, 2016 at 8:46 am

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Online letting agents are now commonplace in the rental market and are replacing the conventional ways that landlords let their properties. Would you join these celebrities in using an online letting agent?

Who remembers Hear’Say? The early 00s pop group’s Noel Sullivan has since turned to renting out properties. He joins the A&R of Universal Music, Benjamin Scarr, in using Upad to manage their lettings business.

With high street agents seeing their market shares decrease year-on-year, now could be a good time to look into what an online letting agent can do for you.

Noel Sullivan explains why he likes using an online agent…

Q. How did you find tenants before using an online agent?

Would You Join These Celebrities in Using an Online Letting Agent?

Would You Join These Celebrities in Using an Online Letting Agent?

A.I always used high street letting agents before I discovered Upad.

Q. Is it your first time using online letting agents?

A. It is my first time using online letting agents and I couldn’t recommend them enough. Despite my initial reservations of using an online agent, my property was let within a week of me advertising. Upad did everything, from tenant referencing and deposit collection, and even arranged a Gas Safety Certificate.

Q. How do you think it compares to a high street letting agent?

There is no comparison; the service has been second to none. The last high street agent I used charged me astronomical fees and the customer service was shocking. Upad fees are incredible value for money, and I felt I could contact them for help or advice at any time. Now I’ve gone online, I’d never go back to the high street agents.

If you’ve never let a property before, you may like to take some advice from Benjamin Scarr, a talent scout at Universal Music, who has given some insight on his experience with online letting agents:

Q. How did you find tenants before using an online agent?

A. This was the first time I’ve ever let a property!

Q. Is it your first time using online letting agents?

A. It is, yes.

Q. How do you think it compares to a high street letting agent?

A. We’re in an age where you can often cut out the middleman via internet-based services or straight off your phone via the app store – saving yourself both time and money. With Upad, you get to do just that and still have the peace of mind that a traditional estate agent would give you when it comes to finding a tenant securely.

Founded by James Davis in 2008, Upad has experienced a great surge in properties to let and a close to perfect customer satisfaction score.

With online letting agents shaking up the property market, now could be the time that you switch to online. Will you choose an online letting agent to manage your properties?

First Figures Following Stamp Duty Surcharge Released

Published On: July 29, 2016 at 11:10 am

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The first figures from HM Revenue & Customs (HMRC) following the 1st April Stamp Duty surcharge for buy-to-let landlords and second homebuyers have been released.

First Figures Following Stamp Duty Surcharge Released

First Figures Following Stamp Duty Surcharge Released

The provisional non-seasonally adjusted residential property transaction count for the second quarter (Q2) of the year was 208,000 liable and 63,400 non-liable sales, up by just 1% on the previous quarter and 10% higher than Q2 2015.

The number of property sales worth less than £250,000 was 6% higher in Q2 than the previous quarter, and 8% higher than in the same period last year.

The amount of transactions worth between £250,000-£500,000 in Q2 was 2% lower than Q1, but 12% higher than in Q2 2015.

HMRC’s data also shows that there were 9% fewer transactions worth over £500,000 in Q2 than the previous quarter, but 18% more than in the same quarter last year.

The estimated Stamp Duty yield for Q2 2016 was £1,977m from residential transactions and £724m from non-residential transactions.

This is 13% higher than the previous quarter, and 28% higher than Q2 2015.

HMRC notes that this is the first quarter to include the yield from those paying the higher rate of Stamp Duty on additional properties.

The Managing Director of estate agent Stirling Ackroyd, Andrew Bridges, comments: “Just a couple of months down the line from April’s Stamp Duty surcharge and the first results are in. The volume of properties sold keeps growing, and it’s at the lower end of the market where momentum is at its highest. It may be too early to call, but it seems the Government’s changes aren’t off-putting buyers from snapping up those additional properties.

“But raising Stamp Duty is a risky business. Buyers may have been able to grab second properties amid Brexit and economic uncertainty, with sellers having to settle for lower prices. However, at the top end of the market, buyers are looking scared and many are reluctant to shoulder the extra cost. It seems buy-to-let investors are still primarily competing with first time buyers for lower value properties. As we enter a post-Brexit property market, the Government may have to look again at the surcharge and assess whether it is helping or hindering the market.”

Has the additional Stamp Duty charge put you off investing further into the property market?

London’s Rental Market Remains Strong Post-Brexit

Published On: July 29, 2016 at 10:36 am

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It’s good news for landlords, as the latest post-Brexit figures show that London’s rental market has remained strong following the shock vote last month.

Rent prices across the capital have remained steady in the period from May to July, according to data from London estate agent Portico.

Interestingly, prime central London has experienced a post-Brexit boost; Kensington and Chelsea saw a monthly rental average increase from May to July of 0.4% and Westminster also saw a 1.7% rental increase. The trendy east London borough of Tower Hamlets also saw a healthy 1.2% rental price increase from May to July, and savvy investors are still keen to snap up properties in hotspot areas created by infrastructure projects like Crossrail and Crossrail 2.

Portico has also detailed the top buy-to-let hotspots in the new Crossrail 2 zone: https://www.justlandlords.co.uk/news/crossrail-2-coming-london-invest-along-line/

The firm has created a graph using its latest rental data that shows the average rent price for a two-bedroom property in each London borough. It has also calculated the highest potential yield in each area, so that you can see where you will get the greatest return on investment.

London's Rental Market Remains Strong Post-Brexit

London’s Rental Market Remains Strong Post-Brexit

Outer London boroughs

On the whole, outer London boroughs offer the highest rental yields, but the lowest average monthly rent prices. The highest yield of 8.3% can be found in Havering, in the popular but affordable Hornbridge area.

Barking and Dagenham, Bexley, Redbridge and Bromley also offer extremely strong yields, generally over 6%.

Portico has witnessed an increasing number of London tenants moving further out of the capital, particularly further east, to get more for their money. The desirable, suburban area of Chadwell Heath in Barking and Dagenham offers an impressive 7.6% yield, and its popularity is set to rise further when Crossrail arrives.

The agency also expects Romford, Manor Park, Ilford and Forest Gate to benefit hugely from the Crossrail project. Tenants in these areas will be able to enjoy affordable rent prices and a quick commute into London, with landlords able to enjoy both high rental yields and the possibility of strong capital growth.

Inner London boroughs 

If you are seeking high yields in inner London, the boroughs of Greenwich, Southwark and Tower Hamlets all offer healthy prospects. Southwark has surged in popularity over the past year, thanks to extensive regeneration around the Shard and infrastructure improvements in the area. However, it is still one of the most affordable inner London boroughs. The highest yield in the borough, 5.5%, can be found in Peckham.

As for Greenwich, the area around North Greenwich station offers a high 6% yield. In Tower Hamlets, landlords can make the highest rental yields, of 4.8%, near the Canary Wharf Tube station, which will be the first Crossrail station to be constructed, and in the trendy but affordable Whitechapel, at 5.2%.

Prime central London

Although rent prices in prime central London have had a boost post-Brexit, yields in these locations are relatively low. However, a healthy 4.8% yield can still be found in Westminster, in the desirable St. John’s Wood area.

In Kensington and Chelsea, the highest yields, of 3.8%, can be found around the towering World’s End Estate.

If you have been waiting to purchase a rental property post-Brexit, these figures will help you decide where is best for you to invest in London’s rental market.

Landlords Refusing Energy Efficiency Improvements

Published On: July 29, 2016 at 9:08 am

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A new report has found that 58% of tenants that have requested energy efficiency improvements from their landlords have been refused, while over half of renters say their home is cold and draughty.

Landlords Refusing Energy Efficiency Improvements

Landlords Refusing Energy Efficiency Improvements

The study, conducted by PropertyLetByUs.com – an online letting agent – also found that seven out of ten tenants have made requests to their landlord to make improvements to the property. A further 76% of renters claim their property has an old gas boiler that is unreliable and 48% do not have double-glazing.

From 1st April 2016, tenants have been able to request energy efficiency improvements, such as more insulation, and landlords cannot unreasonably refuse. However, it is a tenant’s responsibility to fund the works.

Additionally, from 1st April 2018, all rental properties must have an energy efficiency rating of E or above.

It is estimated that more than 10m British families live in a home with a leaking roof, damp walls or rotting windows. Damp, condensation and mould are all big problems in rental properties, as a result of older, single-glazed homes.

This guide to condensation control will help both landlords and tenants avoid costly and potentially unhealthy issues: /landlords-guide-condensation-control/

The Managing Director of PropertyLetByUs.com, Jane Morris, comments: “It is very disappointing to see that so many tenants have been refused when they have requested their landlords make improvements to the property. Landlords that are trying to rent cold, draughty and damp accommodation should immediately start improving their properties. Otherwise, they could be falling foul of the legislation that requires them to bring their properties up to an E rating.

“It is estimated that around 1m tenants are paying as much as £1,000 a year more for heating than the average annual bill of £1,265. These excessive costs are mainly down to poorly insulated homes, many of which are thought to be the oldest and leakiest rental properties in Europe.”

Morris adds: “Landlords that are currently renting out F and G-rated properties should be looking at the improvements they can make, and researching costs and available help, through the Energy Saving Advice Service (ESAS) or Home Energy Scotland.”

Landlords, remember that you must ensure your properties are safe, efficient and secure. It is also your duty to protect your tenants and make sure their home is comfortable.

RLA Encourages Members to Help Charities with Gone for Good

Published On: July 29, 2016 at 8:29 am

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The Residential Landlords Association (RLA) has announced its support for Gone for Good, a smartphone app that encourages businesses and individuals to donate unwanted products and goods to charities.

Last week, we revealed how Gone for Good can help landlords across the country get rid of clutter in their rental properties and support a good cause at the same time.

RLA Encourages Members to Help Charities with Gone for Good

RLA Encourages Members to Help Charities with Gone for Good

Following a successful pilot stage in Greater Manchester, Gone for Good rolled out across the UK earlier in the year. It aims to help charities raise the vital funds they need and stop unwanted items ending up in landfill.

The app matches those wanting to dispose of items in their properties with charities that are actively looking for certain goods and will collect them for free.

Gone for Good is especially useful for landlords, who often have to clear out goods left over by tenants or themselves have furniture or items that they are able to donate when they refurbish a property.

The firm aims to re-channel 6% of the saleable clothing and other items that currently end up in landfill. If it achieves this goal, charity shop income will double, meaning that good causes receive more support.

The app also enables users to give away their unwanted belongings to charity from the comfort of their own homes.

The CEO of the RLA, Andrew Goodacre, explains: “We are delighted to be supporting this innovative and important social enterprise.

“Gone for Good is quick and easy to use, and its values fit squarely with our own. We know that our members like to act responsibly in terms of disposing of unwanted items in their properties. The app helps them to do so, reducing waste whilst at the same time supporting charities and local communities as well.”

The Managing Director of Gone for Good, Mark Charnock, adds: “Gone for Good underpins the work that the RLA does in encouraging a well-managed and professional residential rental market. The app helps landlords manage their properties more easily and saves them money, whilst helping good causes. It’s a win-win for everybody concerned.

“We have had such a positive response to the Gone for Good app from businesses, the public and charities across the UK, and are delighted that the RLA and its members are able to support us.”

Download the app now from Google Play or the App Store and help out charities in your area!