Posts with tag: Liverpool

North West Named Top Buy-to-Let Hotspot for 2017

Published On: January 31, 2017 at 9:22 am

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The North West of England has been named the top buy-to-let hotspot for 2017, according to new figures from Rightmove.

North West Named Top Buy-to-Let Hotspot for 2017

North West Named Top Buy-to-Let Hotspot for 2017

The property portal found that the North West offers near double-digit rental returns, typically available in Merseyside and Lancashire.

Landlords looking to purchase a buy-to-let property this year should look to the following high yielding locations, Rightmove suggests: Bootle in Merseyside offers an average yield of 9.3%; Birkenhead is 7.5%; Burnley in Lancashire is 7.2%; and Accrington is 7.1%.

Research from The Mistoria Group, a specialist in high yielding property investment, claims that Liverpool, also in the North West, offers average annual yields of 10-13% for savvy investors, while tenant demand in student areas is surging in the city, up by 14% over the past year.

With the forthcoming changes to tax relief on finance costs for buy-to-let landlords, finding a high yielding investment property is crucial this year. Could the North West be the hotspot for you?

The Managing Director of The Mistoria Group, Mish Liyanage, says: “Investors need to look no further than the North West for great investment opportunities, with yields far exceeding those found in London and the South East. Investors enjoy lower property prices and minimal void periods in many towns and cities in the North West.

“Liverpool offers investors excellent yields, which are some of the best in the North West. Over the last 12 months, we have seen investor demand grow by 37%, as Liverpool offers high yielding property with excellent occupancy rates. Many post-graduate students are staying on in the city to work after their studies, and this is driving demand for affordable, high quality rental accommodation.”

He continues: “The city is undergoing a significant redevelopment, with more than £1 billion of projects, including a 34-storey triple tower residential development. There are a total of ten developments, which are set to transform the city centre.

“Investors can acquire a high quality, three-bedroom House in Multiple Occupation (HMO) from £120,000 onwards. The return on investment is very attractive too, with 13% (8% cash rental and 5% capital growth).”

Liverpool experiencing surge in student property demand

Published On: December 13, 2016 at 10:23 am

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Liverpool’s student population is continuing to surge, with numbers increasing from 50,000 in 2015 to 60,000 this year.

As such, demand for high-quality student property in the city is also on the rise. Boasting one of the largest universities in the UK, 60% of Liverpool’s students require accommodation.

Soaring student demand

New research from The Mistoria Group indicates that there has been an increase of 37% in demand for shared student properties in the city and surrounding regions during the last 18 months.

Good quality, HMO properties are in serious demand, as are purpose-built developments throughout the region.

Data from the report shows that Liverpool offers some of the greatest rental yields outside of London, around 5.15%. In the capital, returns are fairly low-4.86% in outer London and 4.71% in the centre.

Despite London being a popular buy-to-let hotspot, The Mistoria Group’s research reveals that the North West has been the best area for yields during the last five years.

Scouse success

Mr Mish Liyanage, Managing Director of The Mistoria Group, noted: ‘Liverpool is becoming a city for property investors with more building applications being filed every month. We have seen a steep rise in buy-to-let investors looking for refurbished property within 3 miles of the University – up 28% year on year.’[1]

‘Liverpool is a booming University City and it gives investors the opportunity to acquire high yielding property with excellent occupancy rates. Research shows that Liverpool is one of the  UK’s top five largest rental markets outside of London. Many post graduate students are staying on in the city to work and this is driving demand for affordable, but high quality rental accommodation,’ he continued.[1]

Liverpool experiencing surge in student property demand

Liverpool experiencing surge in student property demand

Redevelopment

Liyanage noted: ‘The city is undergoing a significant redevelopment, with more than £1bn of projects, including a 34-storey triple tower residential development. There are a total of 10 developments, which are set to transform the city centre.’[1]

‘As we mainly specialize in student lets Rent prices of our properties start around £85 per week per room including bills but on ensuits they can be high as £110 per week.  For example, in L6, L7, L8 and L15 post codes are very popular with the students and Investors can acquire a high quality 3 bed  HMO which will house for students, from £120K onwards.  The return on investment is very attractive too, with 13% (8% cash rental and 5% capital growth),’ he concluded.[1]

[1] http://www.propertyreporter.co.uk/landlords/liverpool-sees-surge-in-demand-for-student-property.html

 

Liverpool City Council proposes taxes for student landlords

Published On: September 23, 2016 at 9:04 am

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Student landlords in Liverpool could soon be forced to pay business tax, under controversial new rules outlined by the City Council.

At present, student accommodation is currently exempt from business rates, with students not permitted to pay council tax.

Profits

However, Liverpool City Council feels that as student landlords are essentially ‘profit making businesses,’ they should be charged for the public services used by their tenants.

This motion was originally proposed by councilors Nick Small and Laura Robertson-Collins, with other local authority member unanimously backing the plan this week.

A Government grant that compensates the loss of council tax income from students is to be phased out, leaving the Council left to think of other ways to raise cash.

Concerns

Responding to the calls, the Residential Landlords Association has expressed its concerns over the plans. The firm fears that student landlords could be left with little alternative but to pass these higher costs onto their tenants, should they have to pay business rates.

Andrew Goodacre, Chief Executive of the Residential Landlords Association observed: ‘this sets a very dangerous precedent. Where one council goes others are sure to follow. Landlords will look to recoup this extra tax by increasing their rents and taxing them in this way will reduce the amount of money they have to spend on repairs and home improvements for their tenants.’[1]

‘This is yet another example of landlords being treated as little more than cash cows by those in power. I hope the Government will share our concerns and put a stop to this unfair tax on students who are already paying through the nose for their education,’ he continued.[1]

Liverpool City Council proposes taxes for student landlords

Liverpool City Council proposes taxes for student landlords

Opposition

Further opposition has come from the Liverpool Guild of Students, who have criticised the council for forwarding the proposals why students were still on their summer break.

A spokesperson told the Liverpool Echo: ‘The motion has been tabled at a time when there are no students in the city to dispute the proposals, suggesting there is an attempt to do this behind closed doors.’[1]

‘While the motion implies the extra charges will be picked up by landlords, we believe they will ultimately be passed onto the students in the form of a rent increase-and at a time when maintenance grants have been cut and fees and the cost of living is going up. It is the poorest students who will suffer as a result. This may also lead to landlords reducing their repairs budget to make up the shortfall, which could then lead to poorer student accommodation.’[1]

The council is now to establish a working group with university, student and landlord representatives in order to look at the plans.

[1] https://www.landlordtoday.co.uk/breaking-news/2016/9/council-proposes-to-tax-student-landlords

 

What’s in the Basement of This Liverpool Property?

Published On: March 6, 2016 at 8:52 am

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Although the country is suffering a shortage of housing supply, demand is incredibly high for this quirky Liverpool property that has a huge secret in its basement…

A pub.

The owners of this home in Fazakerley, Liverpool have built themselves a miniature pub in their basement to avoid stumbling home after heading to the local.

The six-bedroom house, which is on the market through Grosvenor Waterford, costs just under £300,000 and comes with a fully fitted pub downstairs.

The pub has a custom-built bar, complete with bar stools. There is an under-the-counter fridge and even boxed-in seating for you to enjoy.

It is decorated to a nautical theme, with a ship’s wheel on the wall and a lobster net on the ceiling. Completing the look is a pool table.

But it’s not just the basement pub that is appealing – this property has six bedrooms, three bathrooms and a large conservatory. It has attracted over 2,000 views on Zoopla.

The agent describes the pub basement: “The spacious basement (the full size of the ground floor) has been turned into a wonderful entertaining space with a pub and games room as well as a utility room and additional storage.”1

What do you think? Could you feel at home here?

1 http://www.liverpoolecho.co.uk/news/liverpool-news/home-pub-basement-goes-sale-10972232

Just 2% of Landlord Licenses Issued in Liverpool

Published On: February 8, 2016 at 12:15 pm

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Liverpool City Council has issued just 2% of license applications since it launched its compulsory landlord licensing scheme in April 2015.

This news arrives after a Freedom of Information Request from the National Landlords Association (NLA).

Comparatively, the London Borough of Newham has issued 74% of its applications over the same period. Its licensing scheme has resulted in over 600 prosecutions,

Just 2% of Landlord Licenses Issued in Liverpool

Just 2% of Landlord Licenses Issued in Liverpool

more than 500 arrests, over 100 rent repayment orders and 26 banning orders since its launch in January 2013.

Recently, Liverpool City Council announced its co-regulation partners for administering the scheme. Find out who they are here: /liverpool-city-council-partners-with-arla-nals-and-the-rla/

It is obligatory for all private landlords in Liverpool to apply for a license. The scheme was introduced to ensure a level of quality and proper practice in the private rental sector.

In order to be issued with a license, landlords must declare any convictions and their rental properties must meet fire, electric and gas safety standards and be in a good state of repair.

Licenses cost £400 for the first property and £350 for any additional properties. Landlords that are members of the city’s accreditation scheme, CLASS, or members of the council’s co-regulation partner groups receive a 50% discount on licenses.

The Chairman of the NLA, Carolyn Uphill, comments on the shocking statistic: “These findings show that Liverpool City Council can’t cope with this scheme, which is precisely what we said would happen when they proposed it almost two years ago.

“Quite frankly, it’s embarrassing. If the council can’t process applications or inspect properties, then how can it improve property standards for tenants?

“At this rate, it will take 13 years to inspect the city’s private rented housing and 38 years to license them all, so the scheme’s co-regulation partners have got their work cut out.”

She insists: “The NLA has opposed this scheme from the very start. We do not regulate our members, so it would be inappropriate for us to play any part in a scheme that effectively polices landlords on the council’s behalf.”1 

Landlords in Liverpool are reminded that they must apply for a license.

1 http://www.landlords.org.uk/news-campaigns/news/embarrassing-two-cent-landlord-licenses-issued-liverpool-council

 

 

Housing Scheme Wins Turner Prize

Published On: December 12, 2015 at 11:51 am

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A regeneration project for derelict homes in Liverpool has won the Turner Prize.

The £25,000 contemporary art award was given to the London-based architecture and design group, Assemble, who revived ten properties in the area of Toxteth.

The Turner Prize’s judge, Alistair Hudson, says the collective is “part of a long tradition of art working in society”1.

However, some have questioned whether the scheme should have been eligible for the prize.

After the announcement on Channel 4, author and broadcaster Muriel Gray said: “I think it’s changed the nature of the Turner Prize, because I don’t think it is modern art. I think it’s socially responsible, beautiful architecture. But it’s a very peculiar year.”1

Assemble includes between 14-18 members, who were joined by Liverpool residents at the ceremony.

The group was a surprise inclusion in this year’s shortlist, but it now joins artists such as Damien Hirst, Grayson Perry and Steve McQueen as a winner of the prestigious prize.

All of the members are in their mid-20s and all but three studied architecture together.

Lewis Jones, a member of the group, described it as “the real antithesis of the conventional model of a Turner Prize nominee being a single genius artist”.

Assemble impressed the judges and Liverpool residents alike by working alongside locals to create unique designs for the interiors of terraced houses in the Granby Four Streets part of Toxteth.

They created mantelpieces from brick and construction waste from the streets; ceramic door handles fired in barbecues fuelled by sawdust left over from building work; and hand-decorated tiles and hand-pressed terracotta lamps.

Working with the Granby Four Streets Community Land Trust, Assemble used these fixtures and fittings to renovate ten derelict homes on Cairns Street.

Jones explains the significance: “Only a few years ago you’d go around and stuck on the front of each house would be a sign saying, ‘All objects of value have been removed from this property.’ So I guess this has been part of putting those things back in.”

The group has also proposed turning one rundown house into a glass-roofed winter garden.

Jones believes that Assemble arrived after “20 or 30 years of cynical, top-down regeneration attempts”1.

Assemble has used the profile of the Turner Prize to set up a social enterprise workshop to make and sell their home improvement objects to the general public.

In the group’s acceptance speech, member Joseph Halligan, said: “I think it’s safe to say this nomination was a surprise to all of us and the last six months have been a super surreal experience.

“But it’s allowed us this amazing opportunity to start something – Granby Workshop – which we hope will live on for a very, very, very long time. We’re really really grateful. Thank you.”1

The Turner Prize was set up in 1984. It is presented to a British artist under the age of 50 for “an outstanding exhibition or other presentation of their work”1 in the previous year.

1 http://www.bbc.co.uk/news/entertainment-arts-35031707