Rent if you can’t sell
Homeowners struggling to sell their properties in tough market conditions and anxious to move should not feel despondent.
Many property sellers are now deciding that rather than waiting to find a buyer and secure a realistic price for their property, a temporary option is to rent it out.
Before now, it would not have occurred to many sellers that they can actually rent out their property, but many are seeing it as a viable alternative to selling.
The rental market is currently booming and landlords can expect increasingly higher yields with demand outstripping supply. Coupled with this, renting provides flexibility and a source of income, whilst allowing time for the housing market to improve.
Before deciding to rent out your home, it is important to obtain advice from a reputable lettings agent who knows the local area and market well.
Before letting out your home you will have to ensure it is up to market standards, inform your mortgage and insurance companies, and make it compliant with safety regulations and other legal requirements. This is not difficult and, providing you obtain the correct advice from us and our financial services colleagues, everything should be fairly straightforward.
Property is one of the biggest investments anyone ever makes, so it makes sense to ensure that when you do come to sell you do so at the right time and can secure the best price possible.
Labels: buy-to-let, Darlows, Felicity J Lord, haart, letting agent, lettings, property market, Spicer McColl, Spicerhaart, tenants
Buy-to-let – still a good investment
Now is the best time in years in which to purchase a buy-to-let property.
With increasing numbers of people choosing to rent rather than buy and the level of demand pushing rents higher, a buy-to-let property is a fantastic long-term investment.
With the shortage of rental properties and increased demand, a buy-to-let property is a great investment.
Many potential landlords were put off buying properties to rent because of fears around a predicted huge increase in capital gains tax.
These have been unfounded and although capital gains tax has increased from 18 to 28 per cent it has not been enough to put people off and with rental yields higher than ever, many new landlords are already reaping the benefits of a buoyant rental market.
Buy-to-let property has proven lucrative for thousands of investors over the years and now is a good time to invest.
Labels: buy-to-let, landlords, letting agencies, letting agent
Google’s new property search helps put your home on the map
Spicerhaart is one of the first estate agencies to sign up to Google’s new property search feature on Google Maps, giving customers a wealth of options when it comes to marketing their property online.
Viewers can search a local area using Google Maps, pinpoint the exact location of a property for sale with us and see what features are offered.
They can search on property price, whether it is for sale or rent, how many bedrooms and bathrooms it has, and whether it is detached, a semi or townhouse/unit.
By being one of the first to partner with Google’s property search, we can offer our customers so much more. Not only do they benefit from exposure on all the existing main property portals to which we subscribe, their properties will be seen by so many more people who search on Google.
As the most popular search engine in the UK, it will be so easy for people to pick the location where they want to live, then see the wealth of properties on offer in that area.
Andrew Foster, product manager for Google, says: "We know that many UK home buyers are already using Google Maps to help with their house-buying and renting decisions, especially driving directions and Street View. By making property listings available in Google Maps we can drive qualified buyers directly to listings.
"It's a simple and free way for property companies to make their listings even more discoverable, and have them seen on an easy-to-navigate map."
Labels: buy-to-let, Darlows, estate agency, estate agent, Felicity J Lord, haart, Haybrook, housing market, lettings, London property market, property market, Spicer McColl, Spicerhaart
Property market experiences post-election surge
With a coalition Government now in place and the election period over there is a reclaimed sense of stability in the housing market which has led to a surge of property coming onto our books.
It seems that confidence is returning with people no longer postponing their decision to buy and sell.
Since the formation of the new Government we have also experienced a flood of phone calls to our branches, plus a large increase in traffic to our website.
In particular, we are seeing a flurry of web-driven activity during the lunchtime period and between 7pm and 9.30pm. When we surveyed our customers recently, they told us one of the reasons they chose us to sell their property was because they can talk to us up to 10pm during the week.
Even the uncertainty over the future of Home Information Packs is failing to dent interest. Although the new Government has confirmed it will be scrapping them, it hasn’t yet announced the timescale to do so.
With the election behind us and the summer ahead, sellers now need to focus on smartening up their properties and making them stand out from the crowd.
For buyers, there are some good mortgage deals available and, with property prices rising again, it has never been a better time to get on or move up the property ladder.
Labels: buy-to-let, Darlows, estate agent, Felicity J Lord, haart, Haybrook, house prices, housing market, London property market, mortgages, property market, Spicer McColl, Spicerhaart
Landlords must be aware of new planning rules
Landlords may not realise they need to apply for planning permission to let houses in multiple occupation (HMO) under new rules.
Where a landlord lets or is considering letting a property to three or more sharers, this creates a house in multiple occupation (HMO). As a result, they will need to apply for planning permission for “changing the use” from a family home to a HMO.
The new planning rules have been introduced in response to the growth of “sharer properties” in certain areas predominately occupied by sharers such as students and migrant workers.
This legislation has come into place at very short notice and has not been very well-publicised, so many landlords may not be aware of it.
In effect, it means they need to obtain separate planning approval if they wish to let any property as an HMO. Furthermore, as the planning process takes about two months, landlords need to take this into consideration.
The new rules do not apply to tenancies which are currently in place, but a planning application may need to be made on tenancy renewal.
This will undoubtedly cause a massive increase in the number of planning applications and the number of appeals, as well as an increase in cost to landlords. Inevitably, many will now have to consider whether to let to sharers and what hoops they have to jump through to do so.
Do not forget that the HMO licensing introduced in 2006 is still very much in force, where certain types of HMOs require mandatory licensing. In addition, local authorities are able to create selective licensing for other HMOs by type or area under the licensing regulations. This new requirement for planning permission is an additional requirement to licensing.
Conditions are also likely to be attached to the new planning permissions. These could include an order to carry out a full health and safety assessment or perhaps restrictions on the number of cars allowed at the property.
I suggest landlords check with their local planning authority on their particular situation, or call us for advice.
Labels: ARLA, buy-to-let, Darlows, haart, Haybrook, landlords, letting agencies, lettings, properties, rent property, rental properties, rentals, Spicer McColl, Spicerhaart, tenants
Rental income on the rise
Rising demand for rental properties and an increase in rental income is good news for landlords - heralding the return of a more confident lettings market.
Recent figures have revealed that rents increased by 1.2 per cent in February following two months of decline. It is predicted that they will continue to rise throughout the year due to a shortage of rental properties.
A year ago, the market was flooded with rental properties but the situation is now reversing. A shortage of rental properties is already pushing some rental incomes higher and if this tightening in supply continues, landlords may enjoy a further recovery in rents over the course of the year.
However, it is vital both landlords and tenants receive good advice. We are committed to ensuring our landlords get the very best return on their investment and also that tenants are treated fairly.
As the rental market recovers, it is very important that landlords remain realistic about the sort of rental income they can achieve. This is why we offer extensive advice and guidance on how not only to attract the best tenants, but also what sort of rental income is appropriate in today’s market.
Demand for rental properties is very high, particularly as more people are deciding to rent. Competition for high quality rental properties is strong which is good news for landlords and hopefully signals the return a more buoyant market which will benefit everyone.
Labels: ARLA, buy-to-let, landlords, letting agencies, letting agent, lettings, lettings agencies, rentals, tenants
A successful spring for landlords is predicted
With spring just around the corner, landlords should do everything they can to ensure their properties are in the best possible order and reap the benefits of a predicted rise in rental income.
The rental market has seen greater demand but there are fewer quality properties available. This of course means that tenants no longer have as powerful bargaining power as they once did. However despite this, landlords should do everything they can to ensure their properties are presented in the best possible order to maximise their worth and achieve a quick let.
There are a number of steps landlords can take to make their properties not only more attractive to potential tenants but also to ensure they achieve the highest rental income. The property needs to be spotlessly clean, in good order with all the appliances tested and working and of course the legally required safety checks carried out.
Interiors should be painted in neutral colours to give a light and airy feel to the property, worn carpets and flooring should be professionally cleaned or replaced, windows kept spotless and gardens and external spaces immaculately presented. Adding up-to-date lighting and fixtures can also make a huge difference to the appearance of a property.
Spring is a particularly busy time in the lettings sector and the outlook for 2010 is very promising. However it is always important to remember that whereas a buyer might be happy to purchase a tired property which they can then add value to, a tenant wants a home which is fresh and ready to move into immediately. Our advice to landlords is not to expect anyone to live in a property that they themselves would not live in. Keeping a rental property in good order is good news for everyone as it means that it attracts better tenants, yields a higher rental income, and also maintains its value.
Labels: ARLA, buy-to-let, haart, landlords, letting agencies, letting agent, lettings, lettings agencies, properties, rent property, rental properties, rentals, tenants
Landlords urged not to lose out
Many rental properties are not adequately safeguarded against possible weather damage such as burst or frozen pipes or ill-fitting or broken roof tiles which can lead to major problems.
It can be extremely stressful when problems arise. Many landlords work full-time and have other obligations so making sure their rental property is well maintained, especially during adverse weather conditions, although a very high priority can be difficult. This is why it is so important to choose a lettings agent carefully and to consider how the property will be managed.
For example, something as straightforward as a tile which has blown off the roof, can lead to major problems. Replacing the tile will cost very little but if snow or rain seeps through damaging ceilings and walls it can be very expensive. We advise landlords to always consider a full-management service as in the long-run it can save a lot of money not to mention time and inconvenience.
We offer a full property management service with highly trained staff who visit properties regularly and are also very knowledgeable about developments in the law affecting landlords which gives great peace of mind.
We also advise that landlords should appoint an agent who is registered with the Association of Residential Letting Agents (ARLA) whose members are governed by a strict code of practice.
ARLA Membership is achieved only by agents who demonstrate that they have a thorough knowledge of their profession and conduct their business according to current best management practice. All members are required to have professional indemnity insurance cover and are covered by a bonding scheme which provides financial protection for client monies which have been misappropriated. Appointing an ARLA-approved letting agent means the landlord will receive the professional help he or she needs to realise a rental income without the constant worry that something could go wrong.
All landlords want to safeguard their properties which are extremely important financial assets. Choosing an ARLA member and also undertaking a full management service are simple steps which alleviate unnecessary stress.
Labels: buy-to-let, landlords, letting agencies, letting agent, lettings
Landlords benefit from increased rental yields
With the demand for rental property increasing, landlords are cashing in on rent increases and making a profit of, on average, 5.6%.
Nationally, the average rent currently stands at £591 a month and the average cost to buy a rental property is £115,000, with a landlord return of 5.6%. However, in London and the South East where property prices are higher, the rental return is also likely to be increased.
It’s great to see a healthy lettings market and we’re committed to ensuring our landlords get the very best returns on their investment. Our knowledge of the local area and our list of potential tenants means that we can make sure owners get the maximum from their property.
Our figures portray a really positive picture for landlords across the UK. As house prices continue to rise we expect to see some new landlords come to the market; and who can blame them?
Labels: buy-to-let, landlords, letting agencies, letting agent
More properties ‘Must be sold’ under the hammer
If you’re looking for a quick purchase or sale then auctions offer an ideal way to exchange and you can now snap up homes at prices of a decade ago at our next mustbesold.com auction event.
In the UK, property sales take on average 14-16 weeks to complete but many of those who buy at the next mustbesold.com auction will complete the sale within just a few weeks. The process is very fast-moving and that is why our mustbesold.com auctions are becoming increasingly popular with people looking to get on the property ladder, upgrade their home, or build up a buy-to-let portfolio.
In this credit crunch environment, people are keen to hunt out a bargain and snap up these homes at prices of a decade ago. Prices in the auction room accurately reflect the current housing market and are an up-to-date indicator of credit crunch property prices. This allows both buyers and vendors to exchange at a fair cost.
Properties up for grabs on 22 July include two-bedroom terraced houses in Lancashire for just £18,000, a three-bedroom semi-detached house in Coventry for just £50,000, and potential development land equating to approximately .0164 acres in Gwent. Full details can be viewed on the website www.mustbesold.com.
The next auction begins at 1.00pm on 22 July 2009 at the Hilton London Metropole, London. Mustbesold.com auctions offer the opportunity to watch the auction live online so those that are unable to attend are still able to monitor the bidding in real time. Please see www.mustbesold.com for more details.
Labels: buy-to-let, housing market, mustbesold.com, property auctions
