Category Archives: Peterborough Branch

Peterborough Funding Makes The Area More Appealing

While many factors influence demand for property, including rental accommodation, crime rates play a factor in where people want to live. If an area is deemed to be safe and welcoming, more people will enjoy living there.

At Just Lets, we love local life in Peterborough, but like everyone, we agree there is a need to make things safer in the local area.

This is why we, and everyone involved with the community, should take comfort from the sterling work undertaken by the new Cambridgeshire and Peterborough Police and Crime Commissioner in their first 100 days in the role.

A lot can be done to make residents feel safe

Darryl Preston has secured an additional £1.3m of funding in his time in the job. This money will hopefully go some way to making our streets safer, and ensuring Peterborough is even more of a brilliant place to stay.

These additional funds for the county include:

  • £559,984 over a two-year period, and this will be used to employ an additional eight specially trained staff members, assisting vulnerable victims of domestic abuse and sexual violence
  • More than £300,000 to take on domestic abuse and stalking, with this funding coming from the Home Office Domestic Abuse Perpetrator Fund;
  • £18,807 to the Male Rape Support Fund, after a successful bid made on behalf of Cambridge and Peterborough Rape Crisis Partnership
  • Funding close to £100,000 to support victims and survivors of domestic abuse and child sexual abuse, with this funding coming from the Ministry of Justice Critical Support Fund

Funding is available to improve local areas

The Commissioner has also awarded £166,000 in his first 100 days in the role, including:

  • £71,000 to be used to prevent community speeding
  • £25,000 which has been given to the Cambridgeshire Countryside Watch to prevent crime in rural communities
  • £26,000 which is being used to fund an electronic diversion scheme

Darryl Preston said: “It has been an extremely busy and rewarding first 100 days as your Police and Crime Commissioner for Cambridgeshire and Peterborough. I have had the pleasure of announcing more than £1.3 million additional funding and awarding £166,000 to projects within the county to cut crime, protect victims and keep our communities safe. But I couldn’t have done this alone; this reflects the strong partnership working already ongoing in this county and the hard work of many.”

Darryl Preston continued by saying; “I am determined to listen and represent the views of the whole county and all of the communities living and working within it. I have spoken with MPs, councillors and community leaders such as the NFU, Peterborough Positive and Chambers of Commerce, as well as speaking to residents from across the county. The feedback I have received will be reflected in my Police and Crime Plan currently being developed. I would like to thank everyone who has supported me during my first 100 days and look forward to serving the county for the next three years.”

Just Lets – Here to Help

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a high demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

 

Funding Issue For Peterborough Property Development

We all know that big changes require significant funding. There is money on offer to develop new properties and create communities, but the work needs to be justified.

At Just Lets, we take an interest in all property projects in and around Peterborough. More homes are needed in the area, but of course, money for these plans need to be found somewhere. This is why a change in plans can be devastating when looking to change a local area.

Property development plans in Peterborough have stalled

There are plans in place to develop 335 houses in Northminster. These plans have been devised by the Peterborough Investment Partnership (PIP), which is a venture between investment specialists IAGH3 and Peterborough City Council.

While the plans are for a location which currently hosts a market, it has been said the market will be relocated.

The plans also include scope to redevelop Laxton Square, and there will be commercial space on offer for food and drink options.

Funding for the development will come from Government money which makes it through via the Cambridgeshire and Peterborough Combined Authority, and this is part of the £100m affordable housing programme.

Money is being withheld

However, the Government has stated they are withholding £45m of the overall scheme because of concerns about a lack of progress and whether the development offers value for money.

If further funds are to be released, the decision will be made by a minister on a case-by-case basis. This is obviously worrying for the people behind the project.

Mr Bristow has written a letter to Luke Hall MP, the minister for Housing, Communities and Local Government, in which he states; “I am concerned about the proposed Northminster regeneration plan. This historic part of Peterborough is in urgent need of regeneration and investment. Regardless of any concerns about the combined authority, I hope you will now be able to release this funding for Peterborough. I would be very happy to meet to discuss this proposal.”

The letter continues; “I have met with the leader of Peterborough City Council, Councillor Wayne Fitzgerald, on this issue and he shares my impatience to get the ball rolling with this proposal. The development provides the opportunity to deliver affordable housing on the site, targeted at young professionals, keyworkers, and low-income earners. My constituents deserve this housing opportunity, which the Government’s funding can make possible. The Cambridgeshire and Peterborough Combined Authority has requested £14 million to make it happen. The redevelopment of Northminster is being brought forward by Peterborough City Council. The Leader of the Council has also committed to securing a new future and venue for the City Market.”

Just Lets – Here to Help

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Peterborough Landlords – Stay Up To Date With Legislation

At Just Lets, we know staying up to date with legislation in the letting industry is a tough job. It is almost a full-time role! We are keen to assist as many Peterborough landlords as we can, and if you need assistance in dealing with regulatory matters, we are always happy to help.

Why not contact us for a chat, and we can discuss our property management service options which means you don’t have to worry about these matters?

Key changes for tenant notice periods – rent arrears

It is vital landlords stay up to date with regulatory changes and as of 1st August 2021, the notice period which must be given for a Section 8 Notice for rent arrears has changed.

Until this time, the notice period stood at six months, but now, only two months’ notice must be given, when a tenant has rent arrears of at least four months. This new notice period is applicable when applying on Grounds 8,10 and 11.

Currently, the notice period when serving a Section 21 notice stands at four months. This has been the case since 1st June 2021.

Further changes from the end of September

At the end of September 2021, amended notice periods will revert back to their pre-pandemic state. If anything changes and amendments are implemented by the Government, we will keep you informed, but for now, landlords should plan for these matters reverting back to the way they were at the beginning of 2020.

Major name in property market calling for changes

Propertymark is calling for a dedicated housing court to be set up in England and Wales. The reasons for this claim are:

  • Landlord possession actions have been consistently falling since 2014
  • However, the time taken to move from claim to repossession is on the rise
  • The median time to move from claim to repossession reached 21.1 weeks by March 2020

Propertymark believes there is an inefficiency in the process, as well as a “a fundamental lack of faith in the present court system.” The organisation has provided evidence which suggests landlords are five times more likely to use a Section 21 notice than a Section 8 notice. This is even the case when it comes to matters of rent arrears or when anti-social behaviour occurs.

This is because landlords believe the Section 21 notice provides a faster route to possession. For anyone looking to minimise the overall costs of the process, time is of the essence, and something that landlords focus on.

Propertymark also state that if Section 21 notices are abolished, the heightened pressure on the court system would have a catastrophic outcome.

Timothy Douglas, Propertymark’s policy and campaigns manager, says: “The current backlog of cases shows we desperately need to see a change in the way private rental sector issues are handled. Our members are seeing a lack of private rented supply and failure to reform the court system is likely to result in a lack of confidence for private landlords, ultimately leading to a further loss of investment in an already highly penalised section of the housing system. A dedicated housing court would provide faster, less costly resolutions for tenants and landlords.”

Just Lets – Here to Help

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a high demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Rental Arrears Fall – Good News For Landlords

At Just Lets, we know the challenges landlords face when tenants are late with rental payments. We work closely with Peterborough in an attempt to minimise this problem, both reactively and proactively.

We are pleased to see the findings of a recent study which suggests rental arrears are falling.

New study delivers landlords with cause for optimism

According to a study carried out by Paragon Bank, in the second quarter of 2021, landlords had an average of 1.3 tenants with an outstanding rental payment. This is the lowest figure since the opening quarter of 2011.

This means this is the lowest this figure has been in over ten years, and also, that quarter was when BVA BDRC (a research agency) started examining and following the metric.

There is cause for optimism for some landlords

In the opening quarter of 2021, landlords had an average of 1.6 tenants with an outstanding rental payment. If you are looking at the annual figures, there has been improvement too. In the second quarter of 2020, landlords had an average of 2.1 tenants with an outstanding rental fee. This was during the heart of the pandemic, so it is no surprise to see the figure at that time being higher.

There has also been a drop in the average amount of rent owed to landlords. The latest figure is a four-year low, which is another positive factor for landlords.

In the opening quarter of 2021, the average amount of rent owed to landlords was £2,736. In the second quarter of 2021, this dropped to £1,781; a fall of £595. The average amount of rent owned to landlords is at its lowest since the final quarter of 2017, when the amount was £1,584.

A lot of landlords were asked to lower rental fees

Some other findings from the survey which spoke to more than 750 landlords include:

• 36% of landlords received a tenant request to change their rent

• 14% of landlords received a tenant request to reduce rent by up to 20%

• 36% of landlords said they agreed to some form of rental fee change

• There has been a 7% drop in the year-on-year figures for requests to change rental agreements

Moray Hulme, Paragon Bank Director of Mortgage Sales said: “It is really encouraging to see the average number of tenants in rent arrears at the lowest point for ten years and the amount of outstanding rent at the lowest since 2017. Our latest survey has also shown us how landlords have been supporting tenants throughout the pandemic, granting requests to changes to rent in the vast majority of cases.”

Moray concluded by saying; “These requests have been falling alongside the incidences and volume of rent arrears and considering that the fewest number of people are now on furlough since the scheme launched in March 2020, it is a good indicator that the economy is bouncing back well.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Peterborough Amongst Leading English Locations For Landlord ROI

At Just Lets, we know Peterborough is a good option for landlords. We are delighted to see a recent study by law firm Coulters suggest similar.

In the full list, Peterborough was listed as the 45th best town or city in the UK for ROI for landlords. This is by itself is notable given the population of the town, but it should be noted that Peterborough’s ranking in England is even better.

This is because there were 12 towns and cities from Scotland or Wales ranked above Peterborough. When you remove these locations from the rankings, Peterborough is just outside the top 30 for landlord ROI across England.

Peterborough has a lot to offer

Okay, you might be thinking that this means there are many options to consider before Peterborough, but when you take all the factors into consideration, there is a lot to like about investing in the Peterborough buy-to-let market.

In this study, the average sales price of property in Peterborough is listed as £220,654. This is an affordable price for many investors, and compares well with the national average. It is also a more affordable price than many of the destinations listed above Peterborough, including; Manchester, Leeds, York, Southampton, Norwich, Portsmouth, Northampton, Leicester, Bristol and Nottingham, amongst others.

Therefore, if you are on a budget and you are looking to buy property without overstretching yourself, Peterborough might be a more appealing option than many of the higher ranked options in this list.

There are even some towns and cities where the study suggests landlords will make a loss. While there is a lot that landlords can do to enjoy a better return on their investment, when you are up against things from the start, it can be difficult.

We know the Peterborough rental market

At Just Lets, we are pleased to say we have helped many landlords in and around Peterborough achieve the best possible return for their investment. We know the local area, we know what tenants are looking for, and we are pleased to help landlords connect with tenants in an effective manner.

If you would like to discuss the findings of this study, or you would like to learn more about the Peterborough letting market, we are more than happy to help you. Please get in touch, and we will be happy to arrange an appointment for you. As we move forward, the demand for rental property is as high as ever, if not even greater, and we are here to assist you if this is something you are interested in.

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Average Rents Continue To Rise

According to the last figures provided by Homelet, average monthly rents in the United Kingdom stand at £1,029 per calendar month (pcm). This is the second month in a row this figure has sat above £1,000 and the year-on-year growth stands at 6.6%.

Of course, at Just Lets Peterborough. We focus on national and local issues in the rental market. According to the home.co.uk website, the current average rental fee in Peterborough stands at £780 pcm.

We know the Peterborough rental market

This is a good bit below the national average, which is something that Peterborough has in its favour.

The same source states the following average rents for property types in Peterborough as:

  • One-bedroom property in Peterborough has an average rent of £650pcm
  • Two-bedroom properties in Peterborough have an average rent of £884pcm
  • Three-bedroom properties in Peterborough have an average rent of £962pcm
  • Four-bedroom properties in Peterborough have an average rent of £1,220pcm
  • Five-bedroom properties in Peterborough have an average rent of £2,350pcm

In looking at other parts of the country, as you would expect, London leads the way, with an average rent of £1,645pcm. However, after many months of declining rental fees, this is the second rise in a row for London. The annual variance has risen by 2.1%.

Peterborough is close to the average when London is removed

As you can see, London is an outlier, and it can be seen as skewing the entire rental market. When you remove London figures, the average rent in the UK stands at £878pcm. Therefore, the average rent in Peterborough is still lower than the national average, but is closer to this level.

Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, comments: “As a group, we’ve seen exceptional growth, supporting over 5,000 professional letting agents across the UK. With data based on 1m tenant references per year, The Rental Index provides the market with the most concise view of achieved rents. The data shows the exceptional growth in rental values, particularly in areas that are within commutable distance to London. Throughout the pandemic, the rate of growth in some regions has more than doubled against previous years.”

Andy Halstead continued by saying; “We see positive signs in the Capital, rents are now just 1.2% down on pre-pandemic levels from July 2019, with boroughs in central and inner London showing growth in achieved rental values. With restrictions easing, optimism is returning. The demand will steadily grow for the rest of the year. The private rented sector is exceptionally resilient, and demand for property remains high as we see the fast-growing Build-to-Rent industry meeting some of these needs across the country. That’s a theme that will continue for the foreseeable future, as tenants look to benefit from the lifestyle the industry can provide with features like on-site amenities and concierge services.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

New Notice Periods For Landlords To Be Aware Of

At Just Lets Peterborough, we aim to support local landlords as best we can. We offer a wide range of property management services, helping you manage your property, and tenants.

One of the most important tasks for a landlord is staying in touch with administrative matters. We appreciate this can be a full-time task, so if you are looking for assistance in this matter, we can help.

Shorter time-frame notice periods

As of 1st June 2021, any notice period which is currently set at six months will reduce to four months. However, the following notice periods, which are in effect for more serious matters, have a shorter time-frame. Therefore, it is important landlords familiarise themselves with the following notice periods:

Ground 7 – Death of a Tenant (2 months’ notice)

Ground 7B – Breach of Immigration rules ‘Right to Rent’ (2 weeks’ notice)

Ground 8 – Over 4 months’ accumulated rent arrears (4 weeks’ notice)

Ground 14 – Anti-Social Behaviour (immediate to 4 weeks’ notice)

Ground 14A – Domestic Abuse in the social sector (2 to 4 weeks’ notice)

Ground 17 – False Statement (2 to 4 weeks’ notice)

In any case where there is a minimum of four months’ unpaid rent, the notice period will change to two months’ notice, and this comes into effect from 1st August 2021. It is also expected that notice periods will return to their pre-pandemic levels as of 1st October 2021, although this will depend on the latest public health advice at the time.

Noted names have their say

Housing minister Christopher Pincher said: “From the beginning of the pandemic, we have taken unprecedented action to protect renters and help keep them in their homes. As Covid restrictions are eased in line with the roadmap out of lockdown, we will ensure tenants continue to be supported with longer notice periods.”

Isobel Thomson, Safeagent chief executive, said: “Landlords who have maintained tenancies throughout the pandemic at often personal cost and hardship now have a clear route to repossessing their properties should they need to do so. Tenants have the certainty of knowing they will continue to be protected with a longer notice period for the months ahead.”

Mark Hayward, chief policy advisor at Propertymark, commented: “Whilst the reduced notice periods are still longer than pre-Covid, it is pleasing to see the UK government continuing to provide financial support to tenants, combatting rent arrears as well as providing clarity for the rental sector as we navigate the easing of restrictions.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Confidence Amongst Landlords In Rental Sector

At Just Lets, we work closely with many landlords in and around Peterborough. We are pleased to say many local landlords are feeling optimistic about the market, and what is likely to follow. There is significant demand for rental property at the moment, and by providing a high standard of service, landlords are connecting with suitable tenants.

We are pleased to hear so many local landlords feel optimistic, and we also like to see studies that suggest landlords across the country feel the same.

There is demand for rental property

A study undertaken by The Deposit Protection Service and Zephyr Homeloans spoke to more than 300 landlords, with the headline finding being 34% of respondents say they have recently bought a buy-to-let property, or intend to buy one within the next nine months.

There is no denying the opportunity to buy property at a discounted rate has inspired many landlords to act.

The study provides insight into the most common reasons landlords have for buying property, including:

  • 35% of respondents seeing it as a long-term investment opportunity
  • 34% of respondents mentioned the stamp duty saving
  • 26% of respondents stated a desire to diversify by location
  • 23% of respondents wanted to diversify by property type

Paul Fryers, Managing Director at Zephyr Homeloans, said: “Understanding the purchasing motivations behind professional landlords is an essential factor for Zephyr and our mortgage broker clients. It’s equally important to recognise and appreciate some of the challenges landlords have been facing during the past year and how they will affect their current and future applications.”

Paul also said; “During the pandemic, we saw a significant rise in the use of limited companies to buy and manage property portfolios, and it seems a significant proportion of landlords have made the most of the opportunities provided by the buoyant market conditions we have experienced over the past six months.”

Are you looking to expand your rental property portfolio?

Other findings include:

  • 43% of landlords said they have temporarily lowered rents during the pandemic to assist tenants
  • 22% of landlords said they have refinanced their mortgage since the pandemic
  • Only 7% of landlords say they have taken a mortgage holiday
  • 13% of respondents said they sold a property during the pandemic

Matt Trevett, Managing Director at The DPS said: “Although the buy-to-let market has remained more buoyant than some predicted, the last year has not been without its challenges for many tenants and landlords. The survey suggests a large proportion of landlords have been acting to support their tenants, with a significant proportion saying they had temporarily lowered rents during the pandemic.”

Matt concluded by saying; “A recent survey from The DPS also showed that the pandemic has triggered movement from cities to towns and the countryside, so landlords seeking to rebalance their portfolios may look to make purchases that reflect that trend.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Rental Property Standards Are Improving

One of the things we are most proud of at Just Lets Peterborough is working closely with local landlords to provide the best standard of service. Our range of property management services provide landlords with peace of mind, and they ensure tenants have a great home to stay in.

Over the years, we believe the standard of rental property has improved, and landlords are at the centre of this. We aim to support landlords provide the best standard of rental property service, but real change and improvements are driven by the landlords, and people looking to create a better rental sector.

We are here to help local landlords

This is something we have witnessed at first hand, and it is also the focus of a recent study of the lettings market.

A new study carried out by Paragon Bank suggests it is landlords who are driving the positive changes. It is estimated around £839m is spent each year on improving rental property before letting to tenants.

Paragon spoke to around 900 landlords, and uncovered a number of interesting findings:

  • 77% of landlords invest in rental property after buying
  • The average spend on rental home improvements from landlords is £8,720 each
  • The most common work undertaken is general painting and maintenance, cited by 67% of respondents
  • The next most common work is electric or plumbing work, listed by 44% of respondents
  • 37% of respondents say they have laid new flooring at their rental property
  • 32% of landlords have installed a new kitchen or bathroom
  • 24% of respondents have installed a new boiler
  • 23% of landlords have upgraded the standard of windows at their rental property
  • The number of “decent” homes in 2006 was 1.4m, but it is now 3.6m. In the past 15 years, 1.4m buy-to-let mortgages have been approved.

Improvements in energy performance rating

The same study found there has been a 272% increase in PRS homes with an energy rating of C or above. There are 1.8m homes of this standard today.

Richard Rowntree, Paragon Bank Mortgages Managing Director of Mortgages, said: “Landlords typically will make significant improvements to a property before letting to tenants, helping to improve standards across the private rented sector. Landlords will of course benefit from this investment through capital appreciation, but it always results in better quality homes for tenants.

Richard continued by saying; “There is a clear correlation between buy-to-let investment and improving standards in the quality of private rental homes. Standards of property in the PRS have increased significantly over that period. Overall homes in the sector are newer, larger, warmer and more energy-efficient than they were 10 years ago and tenants have more choice.”

Richard continued by saying; “Whilst we recognise more needs to be done to improve standards since 2009 there are nearly three times the number of properties with an energy rating of C or above, a 100% increase in the number of homes built after 1990 and a substantial expansion in the types of property available to rent in the PRS.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.