Tag Archives: landlord

Busiest Time For Rental Market – Even In 2020!

Information provided by ARLA Propertymark suggests private rented sector tenants are looking for a property than ever before in the United Kingdom. However, landlords are also entering the market in more significant numbers, as there has been an increase in the number of rental properties available.

The organisation’s Private Rented Sector Report suggests there was an average of 97 newly registered tenants in July. This was a significant increase on the 79 new tenants per branch in June of this year. Back in January 2020, which seems a lifetime ago, the highest figure was 88 prospective tenants per agency, so the increase is also real when reviewed alongside pre-COVID figures.

The Private Rented Sector Reports also indicates there was a record high for managed properties per branch in July. An average of 208 rental homes were available per agency branch.

Phil Keddie, president of ARLA Propertymark, said: “Our latest figures show the rental market still continues to gather momentum following the reopening of the housing market in May. We have seen a record-breaking level of rental stock, and demand from tenants continues to grow, providing a positive outlook for the future of the private rented sector.”

It is hard to look at 2020 figures alongside other years, as this is a year like no other. However, it is helpful for landlords to familiarise themselves with what are the traditionally active times of year in the rental market.

Between April and June, enquiries rise in the rental market

As a rough rule of thumb, most landlords experience an increase of enquiries between Easter and the May Bank Holidays. There is a number of factors which might explain this, but the number of Bank Holidays on offer at this time of year, providing many people with three- and four-day weeks, might justify why many people find it easier to arrange rental property at this time.

July and August represent the peak months in the rental market

July and August are recognised as the peak months in the rental market. This ties in with the 2020 figures announced by ARLA Propertymark, and it is easy to justify why this is a busy time of year.

People might have more spare time in the summer months, moving in better weather is easier, and families want to be settled before the start of a new school year.

September is a busy month for towns and cities with a student population

The student market is critical in many buy to let areas, which means the start of the new academic year is a busy time for landlords. While it is best for students to arrange their accommodation in advance, it is no surprise to learn it is a “last-minute” thing for many students.

From October onwards, there are fewer enquiries in the rental market, but there is often an increase in the quality of tenants.

Also, it must be remembered that 2020 is not your standard year. With the UK in recession, and various economic forces in play, there might be a greater than usual level of demand for rental property. Job changes and people re-evaluating their finances often leads to greater demand for rental property.

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property or tax requirements, 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.

A Handy Tax Guide

At Just Lets Peterborough, we know being a landlord is rewarding, but at times, it can be overwhelming. We are here to help you, and we offer a wide range of serviced aimed at assisting landlords in Peterborough.

If you would like to learn more about what landlords should do to satisfy their tenants and enhance their chances of success, please get in touch. We are always happy to discuss this matter with local landlords.

Also, we know many landlords are concerned about taxes. We have compiled a handy tax guide for you, which you can access below.

Just Lets P – Handy Tax Guide

7 Essential Tips for New Landlords

Becoming a landlord for the first time is an exciting prospect, with not only the opportunity to bring in some additional income but also the chance to expand your portfolio further and perhaps even start up your own property business.

However, it can be tricky to know where to start once you have invested in your first property and you don’t want to be making too many costly mistakes.

Fortunately, you can avoid the most common landlord pitfalls by simply following our seven essential tips for new landlords.

 1.  DO YOUR GROUNDWORK

Before you start to market your rental property and look for potential tenants, if you haven’t done so already, you first need to research the local area thoroughly.

Is your property near good local schools? Is it near a university or college?

This can be helpful in deciding what type of tenants your property will appeal to, for example, families, students or working professionals.

It is also a good idea to find out how much similar properties in the area are currently renting for, as this can act as a benchmark for your own chosen monthly rental price.

2.  TAKE OUT INSURANCE

Although landlord insurance isn’t a legal requirement for renting out a property, it is highly recommended as it covers everything from accidental damage to structural issues caused by hazards such as fire, snow or strong winds.

You may also want to take out rent guarantee insurance which protects you if your tenant fails to pay their rent. It can also cover the cost of any legal fees if you need to evict a tenant.

Your tenants are responsible for taking out their own content insurance to cover their belongings.

3.  FIND RELIABLE TENANTS 

One of the easiest ways to find good tenants is through word of mouth. Speak to your family, friends and work colleagues to see if they are aware of anyone who is looking to rent a property. You can also advertise for tenants on a variety of reputable websites or use a letting agency.

To attract the best possible tenants, ensure your listing describes the property in full and includes good quality photographs as well as advertising your property at a competitive market rate.

You should always check a potential tenant’s rental history and credit score, as well as perform a criminal background check. If the results are preferable, it now comes down to your natural instincts.

How do you feel about the tenant in question? Do you feel like you can trust them?

If yes, you’ve found your first tenants. Congratulations!

4.  CREATE A TENANCY AGREEMENT

Once you have found your tenants, you now need to draw up a written tenancy agreement which details all the terms and conditions of the tenancy and gives you as the landlord, and your tenants rights.

This is extremely important as it will ensure the protection of your property, set out the obligations of your tenants and help prevent any future disputes.

If you have found your tenants through a professional letting agency, the tenancy agreement can be professionally drawn up through the agent.

5.  PLACE THE DEPOSIT IN A TDP SCHEME

Landlords are now legally required to place their tenant’s deposit in a government-backed tenancy deposit protection scheme. This was created to stop rogue landlords from refusing to give back their tenants’ deposits after they have moved out.

You must place your tenant’s deposit in a scheme within 14 days of receiving it and you also have to inform your tenants of which scheme you have chosen within 30 days.

6.  ENSURE YOUR PROPERTY IS ENERGY EFFICIENTE

You should also strive to improve your property’s Energy Performance Certificate (EPC), to reach the minimum energy efficiency standard (effective April 2020).

Ways in which you can make your property more energy efficient include:

  • Upgrading your boiler
  • Sealing windows and doors
  • Installing double glazing
  • Installing loft and wall cavity insulation
  • Using energy efficient light bulbs
  • Installing smart meters

Since April 2016, tenants have the right to ask their landlords to make their properties more energy efficient, and furthermore, as a landlord, you are legally required to make adequate improvements.

7.  MAINTAIN A GOOD RELATIONSHIP WITH YOUR TENANTS

Arguably one of the most important aspects of becoming a good landlord is ensuring that you are able to build and maintain a healthy relationship with your tenants. Effective communication, on both sides, is crucial if you want to avoid any problems or disputes.

Try and respond as quickly as possible to any requests from your tenants and listen to any concerns that they may have. Once you find reliable tenants who pay their rent on time and look after your property, you don’t want to lose them!

If you are considering letting your property in Peterborough call our team at Just Lets on 01733346255 for friendly help and advice on all rental aspects.