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MPPT Spotlight are focusing on Tenants this week with a series of articles on getting the best out of tenant

MPPT Spotlight are focusing on Tenants this week with a series of articles on getting the best out of tenants

Tenants Admit Having Problems With Landlords And Letting Agents

55% of tenants in the UK’s private rented sector (PRS) have experienced problems with their landlord or their appointed letting agents according to the latest research from the Association of Residential Letting Agents (ARLA).

The most common issue which affected 31% of PRS tenants was the length of time taken to fix problems in rental properties including issues with boilers, heating and electrical outlets.

Once a problem was raised, tenants have waited an average of 36 days for the problem to be fully resolved. However over 14% of PRS tenants never had their rental property problems fixed at all, according to the research.

18% of tenants surveyed also reported frustrating delays with landlords not replacing worn out fixtures and fittings on demand, including requests to replace old or damaged kitchen cupboards or tired and worn carpets.

14% of the tenants surveyed, felt that their complaints about repair issues were either ignored or brushed off by landlords or their appointed letting agents.

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New Data Shows Residential Property Prices Are Still Climbing

New Data Shows Residential Property Prices Are Still Climbing

New Data Shows Residential Property Prices
Are Still Climbing

UK property prices are continuing to increase across all UK regions, according to the latest data published by the mortgage lender, Halifax.

The latest data gathered in a survey by the Halifax for February 2014, shows that residential property prices increased by 2.4% during the month, making average property prices 7.9% higher than they were in February 2013.

The growth in UK residential property prices over the last 12 months is the fastest annual pace of increase since October 2007 and means an average residential property in the UK now costs around £179,872 (GBP).

Residential house prices are increasing because of improving economic conditions in the UK and increased demand from frustrated buyers, encouraged by the Government’s Help-To-Buy scheme offering first-time and next-step buyers cheaper mortgages.

A recent poll of 27 economists and analysts by news agency, Reuters suggested that residential property prices could increase by another 7% this year, led by activity in the London property market.

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One In Four Tenants Choose Rental Property After Just One Viewing

One In Four Tenants Choose Rental Property After Just One Viewing

One In Four Tenants Choose Rental Property After Just One Viewing

A new survey conducted by a leading UK finance company has discovered that over 25% of tenants decided on their rental property home after just a single viewing.

Less than half of the people polled said they viewed their property twice before deciding on it.

33% of tenants who agreed to be surveyed revealed that they spent less than 30 minutes in the rental property before they decided to rent it.

Ian Williams from Ocean Finance stated: “Maybe after waiting several years for the financial crisis to end and the housing market to take off again, most people know exactly what they are looking for. But it’s quite shocking that so many people spend less time on choosing their new home than they would watching EastEnders or Coronation Street.” 

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UK Rental Market Remains Healthy Despite PRS Rent Falls

UK Rental Market Remains Healthy Despite PRS Rent Falls

UK Rental Market Remains Healthy Despite PRS Rent Falls

Rental price increases in many UK regions have slowed according to the latest data gathered by the latest Buy-To-Let Index conducted by LSL Property Services group.

The data showed that UK PRS rents increased by 1.5% in the 12 months to December 2013, less than half the 3.2% growth observed in 2012 and on the whole, UK PRS rents fell by 1% in December 2013, (around £8), reducing the average private rental sector rent to £745 (GBP) per calendar month.

The largest drop in PRS rental prices was observed in the South East, with rents down 2% since November 2013, rents also fell 1.9% in both London and Wales.

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Looking for the perfect low cost Christmas gift for the

property investor in your life?

Join PIN Academy Today!

Join PIN Academy Today!

May we suggest getting them to join the PIN Academy, where like minded property people can network with each other from the comfort of their own phone, PC or tablet and people can get advice, inspiration and encouragement from property people with a great deal of experience.

The PIN Academy has just celebrated its first birthday and in that time membership has grown massively, with many of the UK’s top educators, mentors and property sourcers taking an interest, including Simon Zutshi, Trushant Bodani, Mark I’anson to name just three, plus over 1,000 property investors with something to offer everyone.

I cannot recommend PIN Academy highly enough, it is a fantastic resource for all property people and allows members complete unrestricted access to some of the best information, education, inspiration and property deals around right now.

The Perfect Christmas Gift For Property Investors

The Perfect Christmas Gift For Property Investors

I have been a member of the PIN Academy for almost a year now and I have found that networking with over 1000 other property investors has saved me time, stress and money as well as offering guidance, support and encouragement from other property investors and mentors that have much more experience than I currently have.

Joining The PIN Academy was one of the best investments in myself that I have made, for a small outlay every month I have access to some of the top names in property investment right now and there are stacks of great property deals being offered, discussed and dissected for all to see, making understanding many different property investment and controlling strategies much easier and simpler for all participants.

It is often said that people only get out what they put in, however, PIN Academy has allowed me to find great property deals, get sensible and practical advice and has even helped make me some money with Joint Venture (JV) partners.

There are multiple forums and discussions covering many aspects of UK & overseas property investment, lease options, HMO’s, JV’s, Title splitting, property deals, property investment advice and opportunities that do not appear anywhere else on the web.

The Perfect Christmas Gift For Property Investors

The Perfect Christmas Gift For Property Investors

Why not sign up the property investor in your life to the PIN Academy, they will thank you for it in the long run!

 

Advertising Property For Sale

Advertising Property For Sale

Once you have made the decision to put your property for sale on the open market you will need to decide on your marketing strategy. There are various options available in the UK for sellers to consider; do you want to go it alone with a private sale, stick with convention and instruct a local high street estate agent or opt for the middle ground with an internet based agent?

Each option has its pros and cons but no matter which you choose you will need to get the property for sale seen by potential buyers!

For sale boards are a great strategy. Many people consider them old fashioned but they really are a cost effective, simple and efficient way of generating interest in your property. For sale boards will work more successfully for some properties than for others based on two main factors.

Firstly the area, is there good footfall or a high level of passing traffic?
The board needs to be seen in order to work!

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Is Funding For Lending Working For First Time Buyers?

Is Funding For Lending Working For First Time Buyers?

FIRST-TIME buyer numbers are up by almost a quarter year-on-year, lenders said yesterday, amid signs that government efforts to encourage mortgage lending are finally percolating down to people with smaller deposits.

A total of 21,700 loans worth £2.7 Billion (GBP) were made available to first-time buyers in November 2012, one of the highest monthly totals in the last three years, the Council of Mortgage Lenders (CML) said.

These figures mean that first-time buyer numbers were up by 24% compared with a year earlier, and increased by 8% month on month.

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Timely repairs can increase buy to let rental yields

Timely repairs can increase buy to let rental yields

Reducing repair and maintenance costs for a Buy-To-Let landlord can make the difference between a property producing a healthy yield or being a lemon with a high void rate and a poor return.

With this in mind, property repairs and maintenance can be a crucial focal point for landlords when analysing the potential rental yields from any buy to let property.

Ensuring that all windows are energy efficient and watertight is just one area for landlords to improve the energy efficiency of their rental property. It only takes a missing piece of silicone or a small hole in the grouting for water to seep in and pool under tiles or floor boards. If left, the minute leak can become an expensive disaster.

Landlords should always make sure that all areas exposed to the elements remain water tight whatever the weather before a tenant moves in as putting it right when tenanted can cause a great deal of time lost and damage to the professional relationship between landlord and tenant.

When a rental property becomes vacant at the end of a tenancy, landlords or their agents should ascertain the overall condition of the property and identify any potential work that may need doing to get it ready for re-habitation, and that work should be carried out by qualified and trusted tradesmen.

The overall condition of a private rental sector (PRS) property can often attract a similar quality of tenant. If the rental property is in need of a number of repairs or overall improvement and landlords fail to carry out the necessary works, more often than not, the type of tenant attracted will be of a lower standard and they may not be bothered with maintaining the upkeep of the property, causing further financial headaches for the landlord.

Improving the look and quality of a rental property can often be achieved through quick and inexpensive jobs being done such as repainting walls and gloss work and thorough deep cleaning of high use areas such as kitchens and bathrooms.

Landlords should include clauses within the tenancy agreement (AST) to make the tenants responsible for some of the upkeep of the property and these points should be highlighted to new tenants when they are preparing to sign the AST.

Such things as regular cleaning and cutting the grass can be included and it should also be clearly indicated in the tenancy agreement that any changes to the property must be put in writing to the landlord or letting agent.

Homes built before 1919 have risen in value more than any other type of property over the past 25 years.

The report by the Halifax says pre-1919 homes are popular because there are fewer of them, and they tend to be in the best locations.

Over the past quarter of a century, the report reveals, homes falling into this category have risen in price by more than 450%.

This is equivalent to an average increase of more than £500 every month for 25 years, a price rise which has not been matched by any other type of property.

In 1986, pre-1919 homes had an average value of £33,619, making the category the cheapest of the four ‘ages’ of property.

By 2001, the average had increased to £117,990 and today it is £188,473, an increase of 461%, or £516 every month.

The other three ‘ages’ of property are 1919 to 1945, 1946 to 1960 and 1960 onwards.

Martin Ellis, housing economist at the Halifax, said it was easy to see why pre-1919 properties were now more expensive than any other. “The age of a property often determines its size, its style and location. Properties from the Victorian or Edwardian era tend to be in higher demand. This is because there are fewer of them. They are often larger, situated in desirable locations, and have a popular style”.

The cheapest properties are homes built between the end of the Second World War, which triggered a building boom, and 1960.

They cost an average of £144,988, and have risen in value by only 249% over the past 25 years.

As the study highlights the popularity of older properties, it raises concerns about the Government’s moves to encourage people to buy new-build homes.

The Prime Minister has said he wanted ‘everyone in this country’ to experience the ‘magic moment’ of getting the keys to their first flat. But the Government scheme, which allows people to buy with only a 5% deposit, is available only to those who want a newly-built home.

And it is this type of property which has plunged in value over recent years amid fears of further falls. Since the credit crunch began, the Halifax figures show, homes built after 1960 have dropped by nearly £40,000 in value.

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Landlords are tightening their belts

Dont scrimp on rental property insurance

It seems that with the ongoing economic turmoil gripping the majority of the western world, everyone is still tightening their belts in order to save precious pennies, including UK landlords.

Landlords feeling the financial pinch have tried to cut as many of their costs and overheads as they can, in order to remain in profit and would argue that they are trying to be cost effective in their approach to their business.

A very laudable approach, but when it comes to protecting their rental asset and making a saving, are landlords guilty of cutting corners instead of costs?

When choosing insurance the driving factors that are really vital such as the level of protection they can enjoy, are often being ignored in favour of the policy’s overall price.

Buy to let landlords with property in the UK should consider a number of details as well as the overall cost when seeking insurance to protect their rental property assets.

Analysis by research company Defaqto, who looked at 87 out of the abundance of insurance policies currently available to UK landlords, revealed that among the important points to be considered by landlords are factors such as:

  • The length of time their landlords insurance policy will allow their rental property to remain unoccupied (void).
  • Loss of rent
  • Malicious damage by tenants?

Defaqto’s insight analyst for general insurance, Mike Powell, urged landlords to take note: “It is important for amateur landlords to consider specialist insurance for their property portfolio as there are a number of key risks that are specific to rental situations. In general, buy-to-let insurance provides cover over and above regular home insurance policies when it comes to rental situations, and it would be dangerous for someone to assume that their home insurance would provide adequate cover for their buy-to-let property.”

Legal 4 Landlords can help UK landlords find the right landlord insurance policy for them. Offering a wide variety of services for landlords and the lettings industry and being landlords themselves, they know how to help.

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