Tag Archives: landlord

Opportunity For Landlords As We Move Forward

It is no surprise to see many landlords reviewing their place in the rental market. The past year has been a challenging one for all.

However, it should be noted there is still huge demand for rental property, and this is set to continue. There has been a fall in rental accommodation supplied to the market, but this represents an opportunity for many landlords.

If you would like to learn more about the Peterborough rental market, it makes sense to call on the experts for help and guidance. At Just Lets Peterborough, we know the local market, and we stay in touch with what is happening across the country.

How are you performing this year?

A recent study suggests 300,000 fewer rental properties have made their way to market in the last 12 months.

The most significant decline came in the South West and Wales. There was a drop of 48% for available homes in these areas. London was the only area that experienced a rise in available rental properties.

Urban and rural divide across the country’s rental market

For cities across Britain, there was a 16% rise in homes available this year, than in 2020. However, for towns and rural locations, there were rises of 28% and 52% respectively.

The number of prospective tenants in rural areas remained flat, but in cities, there was a fall of 10%.

Lack of rental supply boosts landlords

According to the study, the lack of rental property on the market has helped 50% of landlords to secure a higher rental fee than they had previously achieved. This is the most significant proportion since 2016. The average increase in rental fees was £60 per month.

If you are looking for guidance or assistance in the Peterborough rental market, get in touch, and we will be more than happy to assist you.

Aneisha Beveridge, a well-regarded name in the property research sector in the UK said; “Tenants are now faced with significantly less choice, which in turn is pushing up rents. And with many landlords having multiple offers on the table, half of investors have been able to increase the rent they charge. Rental stock levels have also been hit with the onset of the pandemic causing investors to hold back. This has been compounded by emergency legislation which saw landlords having to extend a tenant’s notice period to a minimum of six months, reducing turnover further.”

Aneisha also said; “At the same time, many renters who were looking to buy had to put their plans on ice and continue renting, as banks sought larger deposits for house purchases. However, there are signs that this could change. Over the last five months, and in an effort to beat the original stamp duty deadline of the end of March, landlord purchases started to rise, which will add to stock levels when these homes complete.”

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.

Cleaning Remains Key Issue For Landlords & Tenants In 2021

While there are many reasons why a landlord and tenant might disagree, the cleanliness of the rental property is likely to be the most common factor.

Some of the leading disagreements between landlords and tenants include rental fee arrears, redecorating issues, property damage and garden or exterior matters. However, the most common form of complaint relates to the cleanliness and condition of the property.

At Just Lets Peterborough, we are aware of this, and we work hard to bring landlords and tenants together. We impress on all parties the need to work together to create a suitable outcome.

A clean rental property keeps everyone happy

While it is clear why landlords want a clean rental property, tenants should always have their deposit in mind. Keeping the rental property in great condition is a great way to enhance your chances of receiving your full deposit back at the end of the tenancy.

Information provided by The Dispute Service (TDS), taken from their Annual Review 2020, indicates cleaning is the most common reason for tenancy deposit dispute claims. Other reasons include damage to the property, cost of redecorating the property, rent arrears and gardening issues, but cleaning was the leading issue.

Cleaning resulted in the following percentages of claims against different branches of The Dispute Service:

  • 42% of claims made against TDS Insured
  • 53% of claims made against TDS Custodial
  • 45% of claims made against TDS Northern Ireland
  • 69% of claims made against SafeDesposit Scotland

Tenants are raising disputes against landlords

There has also been an increase in the proportion of disputes cited by tenants. In the 2018=19 review, this was at 67%, but in 2019-20, this had risen to 74%.

Paul Oxley, Managing Director of lettings management software company Decorus for Sage, said: “According to the TDS, many tenants claim that the cleanliness of the property at the start of the tenancy was not clear, or that the tenancy agreement did not make clear what was expected of them. So, it is vital that landlords have a proper inventory prepared and do a thorough check-in and check-out, so they have the right proof of condition at the start and end of a new tenancy agreement. When landlords take the time to spell out tenants’ responsibilities in terms of cleaning and caring for the property, tenants are more likely to conduct their tenancy in a way that is respectful to the property and this minimises any potential damage.”

Paul Oxley also said; “At the check-out stage, the tenant should be made aware of the areas requiring cleaning and the potential cost involved. It is important to remember that the tenant is only obliged to return the property in the same state of cleanliness as at the start of the tenancy, after allowing for fair wear and tear. Landlords should conduct thorough check-in and check-outs at the start and end of the tenancy, supported by a professional inventory. Clear communication on the tenant’s responsibilities when they move into the property will improve the chances of a trouble-free check-out.”

Inventories benefit landlords and tenants

There is no denying that a reliable inventory check, carried out at the start of the tenancy, benefits both the landlord and tenants. This document should act as the benchmark for what is expected in the property, which should provide comfort and support for all parties.

If you would like to learn more about the benefits of a dependable inventory check, or you want to ensure your next lets start off in the correct manner, please get in touch with Just Lets Peterborough.

Paul Oxley continues: “The common mistakes in landlord inventories are essentially lack of detail. Landlords often write just a brief shopping list and often do not have the appropriate photographs and videos, along with accompanying written descriptions to show the condition of the property and its contents.”

Paul concluded by saying; “If the landlord finds the tenant fails to agree to the deposit deductions, they need to ensure they have the evidence such as a thorough and fully detailed inventory, copies of which are given to the tenant at check-in and check-out. It is imperative that tenants sign their acceptance of the contents of the check-in within seven days of the move in, and this signed copy should be retained by either the landlord or the landlord’s agent.”

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 – Are You Considering Later Year Tenants?

It is vital landlords know who their most likely tenants are. You might have an idea of which tenant you wish to reach, but if this group of people are not looking for rental property in your area, you might limit your chances of success.

At Just Lets Peterborough, we are pleased to say we know the local lettings market, and local tenants. There is a broad range of people looking for rental options in and around Peterborough these days.

It might be that there is a group of prospective tenants you haven’t considered as of yet.

There are reasons to rent in later years

Paragon Bank states that in the past decade, the number of English households in the 55- to 64-year-old category who are in the private rental sector with an Assured Tenancy has risen by 118%.

Some of the reasons cited by the respondents include:

  • 68% of people aged 55 or over said renting suited their needs or that they enjoyed renting
  • 63% of respondents said they were happy to not have to worry about repairs around their home

There are benefits in letting to older tenants

Jamie Turnbull is the Business Director of Girlings, and he has spoken about some of the benefits that older tenants receive from renting. Some of these benefits include:

  • No longer having to worry about property maintenance
  • Having a secure and safe living environment
  • If the tenant(s) has downsized by selling a property, they have money to use as they see fit
  • Renting allows many retirement aged tenants to live in the heart of their town and centre, being closer to facilities and transport option
  • Smaller properties should be easier to clean

Jamie Turnbull said; “As people age their housing needs change. Many want to live independently but also be part of a community of people so they have likeminded people to socialise with. They also want to feel safe and secure with people around them should they ever need help.”

Jamie Turnbull continued by saying; “Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership.”

Jamie Turnbull concluded by saying; “Renting can also be an easier way to move to somewhere new without the commitment involved with buying a home. Many people want to retire to popular retirement hotpots such as by the sea or close to lots of amenities.”

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.

 

Are You Ignoring These Essential Landlord Issues?

Being a landlord is a challenging task, and there is a lot of work involved. You also have a lot of regulations to consider, and make sure you comply with.

We know some of the issues that landlords must comply with are difficult, but this doesn’t mean they can be overlooked or ignored.
At Just Lets Peterborough, we are on hand to assist you with all the tasks you face when letting property, including the more challenging elements of being a landlord.
To ensure you are up to date with the tasks required to be undertaken by a landlord, please download our guide, and feel free to contact us.

 

Should Landlords Be Alarmed?

As a landlord, you must comply with a wide range of regulations. You must provide your tenant with a safe and secure environment, and there is a lot of work involved with this.

Most landlords agree that alarms are a good thing, and these should be in good working order. When you have smoke alarms and carbon monoxide alarms (if applicable), you feel more confident about the rental property, and the well-being of the tenants.

There is clear guidance for landlords that these alarms must be tested on the first day of the tenancy.

When should the check be carried out?

However, there are proposals to remove the timing of this check, and there are calls for agents and landlords to be able to check their alarms before the tenancy begins, but not necessarily on the day the tenancy begins.

Propertymark have carried out consultation on extending the Smoke and Carbon Monoxide regulations in England.

The consultation process ran for eight weeks. The consultation focused on “amendments to the Smoke and Carbon Monoxide Alarm (England) Regulations 2015 to require private and social landlords to install a carbon monoxide alarm in any room used as living accommodation where a fixed combustion appliance is used, excluding gas cookers.”

A written response to the consultation has been submitted while Propertymark has met with officials of the Ministry of Housing, Communities and Local Government. During this meeting, member concerns were outlined.

The four major demands made by Propertymark to the Government are as follows:

  • Allowing agents to test alarms before the start of a new tenancy would provide some leeway for those landlords that have multiple properties and agents who can be managing multiple check-ins on the same day.
  • In relation to appliances and fuel type, it is important that rules are aligned with the Gas Safety (Installation and Use) Regulations 1998 where landlords must arrange an annual gas safety check on every gas appliance and flue by a registered Gas Safe engineer.
  • A proper lead-in time is needed for any changes to regulations because greater flexibility on the time frame for implementing legislation ensures that the sector is less likely to fall foul of the regulations as landlords and letting agents will have a realistic period of time to both be informed of regulations and also to ensure they are able to comply.
  • The government must not underestimate the ongoing impact of the Coronavirus pandemic and continued difficulty for the private rented sector to comply with new and existing legislation. This includes tenants who are self-isolating and access to property to carry out checks, maintenance work, or renovation. Collectively, these are adding additional obstacles for compliance.

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.

Green Homes Grant Scheme Extended

Landlords should know the importance of energy efficiency in their rental property. Landlords must ensure their property meets EPC standards. This can be costly, but there is support on offer, with the Green Homes Grant Scheme being of interest for many landlords.

How much can landlords get with the grant?

The Government website states;

Vouchers will cover two-thirds of the cost of eligible improvements, up to a maximum government contribution of £5,000. If you, or someone in your household, receive certain benefits you may be eligible for a voucher covering 100% of the cost of the improvements. The maximum value of the voucher is £10,000.”

Can I claim the grant?

The grant is on offer in England to people who meet the following criteria:

  • You own your own home (including long-leaseholders and shared ownership)
  • You own your own park home on a residential site (including Gypsy and Traveller sites)
  • You’re a residential landlord in the private or social rented sector (including local authorities and housing associations)

Therefore, residential landlords should be interested in the scheme. With the Green Homes Grant Scheme having been extended, landlords now have an additional year to apply for support.

A 12-month extension has been implemented after complaints from builders who said thousands of projects wouldn’t be completed by the initial deadline.

The initial deadline for the project was March 2021, but landlords and property owners have until March 2022 to ensure their projects are completed.

Landlords should apply sooner rather than later

It should be noted funding for the scheme hasn’t been extended, so landlords should apply for the scheme as quickly as possible.

Examples of work which is covered by the schemes can be seen below:

  • The insulation of walls
  • The insulation of roofs
  • The insulation of floors
  • Upgrading windows to double or triple glazing
  • Installing low carbon heating systems

The Green Homes Grant scheme comes just as the government is – separately – raising the minimum energy efficiency standards for rental homes to C grade or higher from April 2025 for new tenancies unless they have a valid exemption.

Climate change minister Lord Callanan said; “The Green Homes Grant scheme gives homeowners and landlords right across the country a cheaper way to make their homes more energy efficient and cut their bills – all while making their contribution to tackling climate change.”

Lord Callanan continued by saying; “Today’s announcement means an extra year to take advantage of this new scheme, helping households and tradespeople who can plan their workload and create new jobs in their communities.”

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.

Dealing With Changes In Tenant Demand

A good landlord knows what tenants are looking for, and works hard to attract tenants, and make sure their current tenants are happy.

However, when the things tenants are looking for are changing, it becomes harder for landlords to stay on top of what matters most to tenants. At Just Lets Peterborough, we aim to provide you with as much support and guidance as we can offer in this matter.

It shouldn’t be a surprise to learn the COVID-19 pandemic is creating new demand in the rental market. Some of the most pressing demands in major cities now include:

  • More space
  • Access to a garden
  • Access to a balcony space
  • Having a local park or open space nearby

There has also been some analysis which indicates people are leaving larger cities, such as London.

With remote working offering greater freedom for people, it is likely that people will leave the capital. There might not be the exodus some media experts predict, but there is a strong chance that areas such as Peterborough benefit from greater demand.

The only region of England which has seen rents fall in the past year is Greater London. Conversely, the only region of England which has seen the typical time on market rise is Greater London. Compared to this time last year, it takes, on average, four more days for a landlord to find a tenant here.

Rents are rising in many parts of the country

Areas where rents have risen, caused by a shift in the imbalance between supply and demand, include:

  • A 9.5% rise in the East Midlands
  • A 6.7% increase in the North East
  • A rise of 11% in the North West
  • A rise of 14.7% in the West Midlands
  • A rise of 8% in Yorkshire and Humber
  • A rise of 1.4% in the South-East

Director Doug Shephard said: “While homeworking is not an option for all, this lifestyle change is now a key trend that is reshaping rental demand. Since the Greater London rental market represents nearly half of the UK lettings market, any refocusing of demand towards the regions will have a dramatic effect on the balance of supply and demand. This is why we are witnessing dramatic rent hikes in most English regions, Scotland and Wales.”

Doug Shepherd continued by saying; “In fact, Welsh rents, and home prices for that matter, are rising to such an extent that locals fear of being priced out by newcomers. Wales will certainly not be alone in feeling the knock-on effect of the exodus from the UK’s largest cities.”

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 Yields Are Rising

As a landlord, there is a lot to consider, even before you invest in rental property. At Just Lets Peterborough, we are here to help landlords at every stage of the letting process.

Rental yields are one of the most important factors to consider, and if you are looking for positive news regarding yields, we are here to assist you.

The importance of the rental yield

The Natwest offers this guidance on why rental yields are so vital for landlords; “The rental yield calculation is particularly useful for comparing how different properties are likely to perform. If a flat in one area has a realistic expected rental yield of 8% while an alternative on the other side of town is set to return 6%, you’re probably better off with the former – provided that you can afford to buy it and there are no differences in terms of how likely you are to find tenants.”

There will always be exceptions to the rule, but generally, the higher the rental yield, the better. If you are looking to enter the rental market, or you are keen to improve your property portfolio, you must consider the rental yield.

English rental yields are rising

Therefore, information from Fleet Mortgages which indicates rental yields are rising will be welcomed by many landlords.

Rental yields on residential buy-to-let properties rose 0.4% on the 6% yield achieved in the third quarter of 2019. Seven regions across the country have all experienced increases in rental yield. While these are challenging times, these figures offer some cause for optimism for landlords. Certainly, the rental market looks more positive than it did at the height of summer.

There will be many fresh challenges for landlords to face, but anyone looking for a reassuring sign about the current rental market can take comfort in a rising rental yield.

Steve Cox is the Distribution Director of Fleet Mortgages, and he spoke about these figures. Steve Cox said; “It’s clearly positive to see the majority of regions in England posting increases in rental yields, and those regions which have shown a very slight dip were already at relatively high levels, to begin with. We learnt from the post-Credit Crunch period over a decade ago that rents are not as susceptible to a recession as property prices, with many occupants more willing to opt for the shorter-term financial commitment offered by renting than longer-term property ownership.”

Demand for rental property is unlikely to diminish

One thing that landlords should consider is demand for rental property is unlikely to diminish. Even with the stamp duty holiday encouraging market activity, there is still going to be sizable demand for rental accommodation.

Also, some landlords are capitalising on the stamp duty holiday to expand their rental property portfolio. You still have to pay the additional stamp duty charge for an additional property, but the overall cost of buying property is lower.

Steve Cox also said; “Demand for rental property is clearly holding up in most regions and the underlying demographics suggest that property investment will remain a good choice in the years ahead. Within a shorter time-frame, the fact that – in England at least – the stamp duty holiday is available to landlord borrowers has undoubtedly been a factor in the increased interest in property investment purchases, with both new and existing landlords looking at the opportunities available, and seeking to secure the savings that are available from the holiday.”

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.

 

Landlords – Top Tips On Maintaining Property In Cold Weather

With the temperatures falling, we are moving to the end of autumn and into winter. While many people appreciate nature at this time of year, there is a lot to be said for creating a warm and cosy environment to make the most of staying indoors.

As a landlord, you should consider the importance of maintaining your rental property in cold weather. Your initial focus should be on providing tenants with a pleasant experience. However, in the long-term, you benefit from maintaining your property.

We can help local landlords prepare for winter in Peterborough

At Just Lets Peterborough, we are on hand to ensure you receive all the support you need in maintaining rental property. We are pleased to say we work closely with landlords in and around Peterborough. This ensures we know the key local issues, and that we offer relevant guidance.

We also stay in touch with guidance from leading names in the rental sector. ARLA Propertymark has recently issued a seven-point guide for landlords to maintain property in cold weather, and we are more than happy to share these points with you.

The seven points are:

  1. Clear out the gutters at your rental property
  2. Impress the importance of opening windows from time to time
  3. Bleed radiators
  4. Watch out for trip hazards associated with winter such as icy paths
  5. Review the boiler
  6. Review safety aspects such as security alarms, external lights and good practice in ensuring properties are secure
  7. Review your insurance policies

These are all important steps to consider when preparing your rental property for winter. Some of the tips are solely aimed at the landlord, such as reviewing the insurance policies relating to the property and reviewing the condition of the boiler. Some of the tips are aimed at tenants, but as a landlord, you should look to impress the importance of some of these tips.

At this time of year, communication is crucial between landlords and tenants. Tenants should feel comfortable about raising problems, and landlords should provide clear instructions on how to best care for the rental property.

Get help in managing your rental property

Of course, when you have a property management service, you don’t have to worry about liaising with your tenant, or carrying out these tasks. At Just Lets, we offer a range of property management services in and around Peterborough. If you want to take the stress out of maintaining your rental accommodation in time for winter, we are here to assist you.

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.

September 2020 – What Landlords And Agents Are Facing

It is fair to say these are challenging times. At Just Lets Peterborough, we are working harder than ever to support local landlords. If you have any questions or would like to discuss your current circumstances, we are more than happy to assist as best we can.

In addition to supporting local landlords, we stay in touch with what is happening across the country. As you would expect, there is a lot of research work taking place in the rental market.

Knowing what other landlords and letting industry professionals are experiencing is helpful. If other people are achieving success, there is an opportunity to review what they are doing, and see if it can be replicated. If other landlords are struggling, it is helpful to know other professionals are in the same boat.

Also, if there are solutions to some of the more common problems, this provides an opportunity to resolve your issues.

The letting industry faces a number of strong challenges

Goodlord recently surveyed 350 letting agents on the current state of the rental market in the United Kingdom. Some of the most pressing challenges and topics mentioned by agents include:

  • New regulations and the difficulties in complying with the increased level of regulation
  • New laws impacting landlords and their ability to manage rental property
  • COVID-19

More than 50% of respondents said they feel “very positive” regarding the future of their letting agency.

84% of respondents said they feel confident in their business having financial resources to continue trading for some time. Only 3% of respondents cited they didn’t know or were lacking in confidence about the future.

Unsurprisingly, Covid-19 remains a major concern

It is no surprise the uncertainty surrounding COVID-19 causes concern for landlords and agents. 47% of respondents said the “ongoing impact” of the pandemic is their leading concern.

Some telling findings from the study suggests:

  • Two-thirds of respondent’s state arrears have risen because of the pandemic
  • More than half of the arrears have risen by up to 10%
  • Six per cent of respondents say arrears have risen by at least one-third
  • Legislation and compliance issues are also a concern for agents

Over one-third of respondents to the Goodlord survey have cited “legislation and compliance” as a major concern. Issues relating to check outs, managing property, compliance issues and void periods have all been listed by agents as concerning matters.

There are calls from leading industry professionals for more support in the letting sector.

Chris Norris is the Policy Director for the NRLA, and he said; “The best way to prevent repossessions is to tackle the root cause by ensuring tenants are able to pay their rent. Although landlords have been doing all they can to support tenants struggling to pay their rent because of the pandemic, it is not sustainable to expect rent arrears to build indefinitely with no hope of paying them off.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property or dealing with the impact of COVID-19, 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.