New data from the Royal Institution of Chartered Surveyors (RICS) shows rents are still rising, but at the slowest rate for two years. Around one in eight letting agents are reporting rent increases, but RICS says this may be a sign the market has hit a plateau as new tenants are either unable or unwilling to pay higher rents.
RICS letting agents also report a strong demand for rental property. Letting agents expect rents to grow slowly – with 14% predicting rises rather than falls.
RICS spokesperson Michael Newey said: “With many potential first time buyers forced into rented accommodation due to problems with obtaining affordable mortgage finance, rental prices have grown quickly. However, it seems that tenants may be becoming less willing to meet increasing rental values.
“While still growing, demand from potential tenants is also beginning to slow. With a recent upturn in buyers entering the sales market prior to the expiry of the stamp duty holiday in March, it seems that those who are in a position to get a foot on the property ladder may have chosen now to do so.”
Rental Housing Sector News
Friday, 9 March 2012
Tuesday, 6 March 2012
Top Tips for Private Residential Landlords
For anyone considering investing in residential private letting property, ARLA gives the following top tips to help make the process as trouble-free as possible:
- Invest wisely: Do your research and make sure you find properties that are in demand in the local market. You'll also need to compare rents with similar properties in the area, taking into account any points of difference or factors that may have an impact on the likelihood of you receiving that monthly return, such as proposals for new roads or housing in the area.
- Find a licensed agent:Particularly if you're new to renting, but even if you're not, it's crucial that you look for a local agent who abides by a code of practice and importantly, is subject to a redress scheme, and offer client money protection like all licensed ARLA members. This will ensure you receive strong and independent advice and, equally importantly, that your money is protected.
- Be realistic about void periods:ARLA data shows that rental properties are untenanted for an average of 3 weeks. But, it is advisable for first time landlords to budget for 8 weeks per year to cover times between rental agreements. If your void periods are less, the extra return is a bonus.
- Be competitive:Make sure the property presents itself well to the market in terms of the décor, the condition of the furnishings and also the mechanics of the house - such as the heating. You'll be amazed at how many properties fall down on simple things like this so it is wise to make the most of the opportunity and get the property to the best standard. You'll also need to ensure you comply with all health and safety requirements for gas, electricity and furniture and furnishings
- Check up on tenants:Make sure you have sufficient information about your prospective tenant to ensure you can assess the risk in accepting the tenancy. You should also check the current and previous employment status of the individual(s), as well as their renting history and any references provided
- Insure yourself against risk:Ensure you have specialist buildings and contents insurance covering the items you own in the property - without a specific reference to letting you may be uninsured. Also, consider insuring against the tenant defaulting. This normally covers both rent and legal expenses.
- Compile an inventory for the property:Prepare a full, detailed inventory of the property to include a schedule of condition of all the contents as well as walls ceilings doors and other fixtures and fittings - just to make sure there are no surprise claims, or better still get a professionally prepared independent inventory from a member of the Association of Professional Inventory Providers.
- Don't be lazy:It's important to hold onto tenants for as long as possible - but that won't happen if they receive bad service. As a landlord, you are essentially a caretaker for the property, and need to service it when required accordingly
- Do you need a licence?:If the property is to be used for sharers, check whether you require a licence from the local authority. If the property is in Scotland you must register as a landlord for any property with the local authority
- Deposit protection: Since April 2007 it has been mandatory for landlords to comply with Tenancy Deposit Protection legislation, which requires all deposits to be held by a third party and not by the landlord.
Letting Property News
Thursday, 23 February 2012
Shepherds Bush Green Improvements Work Will be Completed For Olympics
Hammersmith & Fulham Council announces that the first spade has now broken ground and all the work will be completed in time for the London Olympics.
The new improved Green will sport two new state-of the-art playgrounds, one catering for young children and one for older children and teenagers. Playgrounds will include a range of swings and slides, a sandpit with mechanical diggers, a six yard-high space net, climbing walls, roundabouts and other equipment designed to challenge, develop motor skills and keep children happy and entertained for hours.
The footpath and cycle network will be improved to better reflect the paths that cyclists and pedestrians are likely to take, with pathways widened and a tree lined avenue providing an attractive walking route around the Green.
The new improved Green will sport two new state-of the-art playgrounds, one catering for young children and one for older children and teenagers. Playgrounds will include a range of swings and slides, a sandpit with mechanical diggers, a six yard-high space net, climbing walls, roundabouts and other equipment designed to challenge, develop motor skills and keep children happy and entertained for hours.
The footpath and cycle network will be improved to better reflect the paths that cyclists and pedestrians are likely to take, with pathways widened and a tree lined avenue providing an attractive walking route around the Green.
Monday, 20 February 2012
Asking price up as UK house market gains confidenc...
Fulham Flats & Houses For Sale & Rent: Asking price up as UK house market gains confidenc...: House prices jumped sharply in February, with the average property seeing its highest monthly rise since 2002.The 4.1% month-on-month increa...
Friday, 10 February 2012
Buy to Let Mortgages Rise by 84,000 in 2010
Last year saw a 84,000 rise in the number of properties bought using buy to let mortgages than in 2010.
Figures from the Council of Mortgage Lenders (CML) show that in the last three months of 2011 alone, landlords advanced a total of 34,800 buy to mortgages, with a total value of more than £4 billion.
This means that buy to let lending now accounts for almost 13 per cent of the total outstanding value of mortgages in the UK.
For More London Letting News Click Here
Figures from the Council of Mortgage Lenders (CML) show that in the last three months of 2011 alone, landlords advanced a total of 34,800 buy to mortgages, with a total value of more than £4 billion.
This means that buy to let lending now accounts for almost 13 per cent of the total outstanding value of mortgages in the UK.
For More London Letting News Click Here
Monday, 23 January 2012
Hammersmith Has Highest Estate Agents Charges
Estate agents are often secretive about what they charge sellers, it has been alleged, whilst there is great variation in the levels of fees that they charge.
A new survey found that only one agent in London – Winkworth – disclosed its fees on its website. About 20% of London agents refused to disclose their fees over the phone or via email.
The survey, by new estate agent comparison website ipostcode, looked at 250 agents’ fees across London and found that it is not necessarily in the most expensive postcodes where agents charge the highest fees.
Some of the highest average commissions are charged in the SE1 (Bermondsey), NW11 (Golders Green) and W6 (Hammersmith) postcodes, although agents in some lower priced areas – E8 (Dalston), N8 (Crouch End) and SE28 (Thamesmead) – offer some of the lowest commission rates.
The majority of the London estate agencies surveyed quoted 1.5% commission, but 15% of agents quoted 1%. The highest commission level quoted was 2.5%.
There were several postcode areas including Islington (N1) and Clerkenwell (EC1) where commission levels spanned the range from 1%-2.5%, which means that on a property priced at the London average of £342,749 (according to latest Land Registry figures), the seller could be paying anything from £4,113 to £10,282 including VAT to sell the same home.
Estate agents’ reputation for being guarded about their fees was borne out by the survey, with one in five of agents refusing to say what their fees were, either on the phone or via email. Only one agency, Winkworth, which has 43 London offices, displayed fees online.
One in four agents said that their fees are negotiable based on either a realistic valuation of the property or depending on the price range of the property. Many agents in the survey stressed that an agency should not be chosen simply on their commission rates but on service, track record and marketing.
The survey also found that estate agent fees in London at an average of 1.7% are more or less in line with the national average of 1.8% – contrary to the perception that London estate agent fees are the highest in the country.
Estate Agent Today
A new survey found that only one agent in London – Winkworth – disclosed its fees on its website. About 20% of London agents refused to disclose their fees over the phone or via email.
The survey, by new estate agent comparison website ipostcode, looked at 250 agents’ fees across London and found that it is not necessarily in the most expensive postcodes where agents charge the highest fees.
Some of the highest average commissions are charged in the SE1 (Bermondsey), NW11 (Golders Green) and W6 (Hammersmith) postcodes, although agents in some lower priced areas – E8 (Dalston), N8 (Crouch End) and SE28 (Thamesmead) – offer some of the lowest commission rates.
The majority of the London estate agencies surveyed quoted 1.5% commission, but 15% of agents quoted 1%. The highest commission level quoted was 2.5%.
There were several postcode areas including Islington (N1) and Clerkenwell (EC1) where commission levels spanned the range from 1%-2.5%, which means that on a property priced at the London average of £342,749 (according to latest Land Registry figures), the seller could be paying anything from £4,113 to £10,282 including VAT to sell the same home.
Estate agents’ reputation for being guarded about their fees was borne out by the survey, with one in five of agents refusing to say what their fees were, either on the phone or via email. Only one agency, Winkworth, which has 43 London offices, displayed fees online.
One in four agents said that their fees are negotiable based on either a realistic valuation of the property or depending on the price range of the property. Many agents in the survey stressed that an agency should not be chosen simply on their commission rates but on service, track record and marketing.
The survey also found that estate agent fees in London at an average of 1.7% are more or less in line with the national average of 1.8% – contrary to the perception that London estate agent fees are the highest in the country.
Estate Agent Today
Wednesday, 11 January 2012
Hammersmith Leasehold Commercial Property for Sale
Commercial Leasehold Property for Sale, Hammersmith
Hammersmith
Tasso Road
Hammersmith
Greater London
W6
GIA: 1367 sq/ft*
£ 28,000
Leasehold
Tasso Road is a quiet, residential address moments from Queens Club, offering quick access to the shops, bars and restaurants of Fulham Broadway and West Kensington, with local shops close by on Fulham Palace Road.
The closest station is Barons Court (District and Piccadilly Line) and Kensington Olympia (Overground) while the A4/M4 provides the motorist with a rapid route out of London towards Heathrow Airport and the West.
Ground - 24sqm (excluding stair to basement)
First - 103sqm
W6 Leasehold Property for Sale
Subscribe to:
Posts (Atom)
