Tag Archives: Peterborough

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.

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.

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.

 

Peterborough Rental Property – December 2020

The rental market in Peterborough is a vibrant one, and there are many great options for people looking for an affordable place to rent in a fantastic City close to London.

At the start of December 2020, Rightmove had a total of 301 properties listed for rent in Peterborough.

Snapshot of the Peterborough rental market at end of year

The highest priced rental property was listed at £1,900 per calendar month (pcm) for a five-bedroom property. The next highest rental property was listed as £1,850 pcm, for a four-bedroom property in Orton Wistow.

Of the 301 listed rental properties in Peterborough, only 25 are listed as a detached property and only 18 semi-detached properties are listed for let in the area.

Flats are the most common property for rent in Peterborough

There are 25 terraced properties listed for rent in and around Peterborough according to Rightmove at the start of December.

Therefore, it shouldn’t be a surprise that the most popular form of property available for rent in Peterborough is flats. There are 114 flats listed for rent, making this the most popular form of rental property in the area. There are four bungalows listed for rent at this time.

Breakdown of furnished types of property for rent in and around Peterborough:

  • 115 properties are listed as furnished in the Peterborough rental market
  • 114 properties are listed as part-furnished in the Peterborough rental market
  • 159 properties are listed as unfurnished in the Peterborough rental market

103 rental properties listed in Peterborough are classed as house-share rentals.

Garden space and parking spots are in high demand

The recent Zoopla rental search terms list, which placed gardens as the most popular search of the year, is a reminder of what people are looking for in a new rental property. With parking and garages also featuring in the top three, these are clearly crucial components tenants are looking for when they snap up a new home.

Of the 301 listed rental properties in Peterborough, 171 have been listed has having a garden. When you consider the abundance of flats for rent in the local area, this is a strong return. Also, there are many green and spacious areas within easy reach of most properties in this region.

If you are looking for property with a dedicated parking space, there are 248 listings with parking for rental property in Peterborough. A total of 150 properties for rent in Peterborough are listed as offering a garden and parking space.

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.

Insurance Falls Might Benefit Peterborough Letting Market

At Just Lets, we know there are so many things for landlords and tenants to consider, it is no surprise that some things slip their mind. Insurance is likely to be one of these things.

While we shouldn’t be in a rush to look for positive sides of how we have managed the pandemic, there is no denying that with people staying at home more, there has been a fall in many of the issues that lead to insurance claims.

Home insurance claims have fallen in 2020

A study claims that the home insurance sector in the UK has saved £368,326,000. This is a study carried out by insurance comparison company Hello-Safe, and they believe there is a fall of 16.76% in insurance claims in Peterborough and the East of England.

This reduction in claims should result in reduced premiums, making insurance more affordable, which is always a positive outcome.

This might be something of interest in the rental market, because both landlords and tenants should have insurance relating to the rental property.

Many landlords have insurance as part of their buy-to-let mortgage, with many lenders making this form of insurance mandatory. Many landlords also consider other forms of insurance, with rent protection a popular choice.

Tenants must arrange insurance for the rental property

However, just because landlords have insurance doesn’t mean tenants can overlook having insurance for their belongings. It is vital tenants have insurance in place for their belongings, which is another cost that must be considered by tenants.

If this cost is lowered, it should help tenants in the letting process, and this is likely to be of benefit to landlords.

Antoine Fruchard, insurance expert and CEO at Hello-Safe.co.uk said: “It is not a surprise to see that home insurance claims have decreased in the significant way over 2020, with most Britons stuck at home during a year where very restrictive measures were taken to stop the Covid-19 pandemic. Indeed, as we observed with car or health insurance products, the pay-outs made by home insurers have gone down.”

Antoine also said; “However, until now, the industry has taken no decision to give back some of the savings made to the policyholders. This is a questionable position, when the impact of the economic crisis is just starting to strike most of the British households, and could last for years. Moreover, many workers will now make the decision to work from home, fully or partially. For those remote workers, the insurers will surely have to adapt and propose new solutions. Indeed, the future of home insurance is still to create”.

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.