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.
