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Benefits of using a Letting Agent

Are you a landlord looking to relieve some of the stress that comes with renting out a property? Consider hiring a letting agent to help you along the way. They are there to offer help to landlords, making renting that little bit easier. Many agents take on a large amount of properties, taking over their care and managing multiple properties at once, this means that letting agents are more than experienced in renting and advertising spaces. This experience often means that they can even get better quality and value tenants due to their vetting procedures and contacts.

Not sure if you actually need the services of a letting agent for your Coventry property? See how hiring help could help you.

Getting your property up to standard

Having a hard time getting tenants to take notice of your property? That won’t be a problem for a letting agent. They know what is best when renting a property and can advise you with ways to get your space looking its best. Making it as attractive as possible for them to advertise on their many online and in-store platforms. Letting agents will also help you do a full inventory check. Making note of everything within the property before the new tenants move in, this includes all physical items and their condition at the time of renting. We here at Complete Residential Lettings will provide you with a full inventory check and helpful letting advice before your potential tenants are introduced to the property.

Dealing with your legal obligations

Not a fan of all the paperwork that comes with renting your property? Let a letting agent take care of your paperwork for you. They will save you having to come into contact with your tenants and the legalities that come along with them. Taking care of your tenants deposit and ensuring that it is passed through the correct deposit protection scheme, as well as making sure your tenancy agreements are all correct. We will do a series of checks to ensure that your property is up to legal standard for renting and will take the time to be sure that all of your agreements and notices going forward are legally correct.

Checking and referencing tenants for you

Not only do letting agents look after your property, they will also help put your property in touch with quality potential tenants. Using tried and tested vetting procedures to check the potential tenants that apply for your property, your letting agent will ensure that they are suitable for the property before putting them forward. Being sure to check that they meet your requirements and are more likely to be reliable tenants further down the line. Here at Complete Residential Lettings we will do everything for you, we want to find and advise the best tenants for your property, so you can be sure it is being well looked after without you there.

Dealing with your tenants issues

Once we have a tenant successfully moved into your property, there are always little things that can go wrong around the home. Accidental damages to the property from the tenant, or the breakdown of provided objects within the property. Having a letting agent managing the space means that regular checks will be done on the state and maintenance of the property, keeping it up to standard consistently throughout the duration of the tenancy agreement as well as helping to fix issues as they arise. On our website, we have a handy repair reporting service where tenants can flag up a problem online, quickly and easily. We will then step in to ensure the fix is carried out appropriately.

For more information on what a Letting Agent could do for your Coventry property, visit Lets Complete Online or alternatively contact us today.

 

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UK house price growth continues to slow, Nationwide says

UK house prices rose by 0.3% in January as the slowdown in activity that began towards the end of 2014 continued to soften growth, the country’s biggest building society said.

After a rush of sales in the first part of 2014, mortgage approvals started to drop off in the autumn and ended the year down by around a fifth, and reports from surveyors suggest there are fewer would-be buyers looking for homes.

In the first snapshot of the market in 2015, Nationwide said the monthly rate of growth was slightly higher than December’s figure of 0.2%, but the annual rate of price inflation had fallen for a fifth month running, this time to 6.8% from 7.2%, its lowest level for 14 months. The society said the average price of a UK home now stands at £188,446 – 2.4% above its pre-crisis peak.

Separate figures from Land Registry showed that over the course of 2014, prices across England and Wales rose by 7% to an average of £177,766. It said December had seen a 0.6% uplift in prices, although this masked big variations around the regions. In London, monthly growth was three times that figure, while in the north-west of England prices were down by 1.6% month on month. Across the year, there was growth in all regions, although that in London and the south-east and east of England was more than double that elsewhere.

The Land Registry data showed that London house prices ended the year up by 16.3%, at an average of £464,936. I nine boroughs prices were up by more than a fifth over the year, and in every part of the capital rises were in double digits.

The biggest leap in prices was in the north-east borough of Waltham Forest, which includes Walthamstow, which saw prices increase by 25.1% to an average of £368,000. Kensington & Chelsea recorded the lowest level of growth within London, at 11.5% over the year, but the average price was still a lofty £1.3m.

Nationwide’s seasonally adjusted figures are based on mortgages it has approved during the month, with prices adjusted to reflect the typical house, while Land Registry’s are based on completed sales as they are registered, and include cash purchases but not newbuild homes. The sales recorded by the Land Registry are likely to have been agreed before the major stamp duty changes announced in December’s autumn statement, but Nationwide’s show how the market has fared since. They suggest that the extra cash and activity expected to be prompted by the changes are yet to make a big difference to prices.

“The further moderation in the pace of price growth is unsurprising, given the slowdown in housing market activity in recent months,” said Nationwide’s chief economist, Robert Gardner, who added that the reasons for the slowdown were unclear.

“Unemployment has continued to decline and wage growth has started to outstrip increases in the cost of living for the first time since the financial crisis. Surveys suggest that consumer confidence remains elevated – a view corroborated by healthy gains in retail sales over recent months.

“Although house price growth continues to outpace income growth by a significant margin, affordability does not appear stretched at a national level.”

Gardner said what happened to prices next would depend on the supply of homes on the market. Surveyors have reported that sellers are still not rushing forward, while building remains a third below pre-crisis levels and homes are being created at about half the rate needed to support the growth in household numbers.

Howard Archer, chief UK economist at IHS Global Insight, said house prices were being “reined in by an appreciable moderation in housing market activity”, citing figures from the British Bankers Association showing that mortgage approvals for house purchases fell to a 20-month low in December.

However, he added: “We suspect that the weakening of housing market activity may be close to bottoming out and we see it picking up to a limited extent in 2015 from current levels.

“Consequently, we expect house prices to rise by a solid but unspectacular 5% in 2015. This compares with the peak double-digit annual house price increases seen earlier in 2014.”

Matthew Pointon, property economist at Capital Economics, said there were signs that buyers were starting to return to the market. “Our central expectation is for house price growth to exceed earnings growth once again in 2015,” he said. “However, that is dependent on banks responding to the rise in demand by increasing their lending volumes. If that part of the puzzle is missing, house prices are likely to struggle over the next year or so.”

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Is Britain becoming a nation of ‘homillionaires’?

Name: Homillionaires.

Age: All sorts.

Appearance: Rather pleased with themselves.

How come? Are these people who became rich by delivering homilies? In almost every case, no. They are rich, however.

Why? Because they own homes worth £1m or more.

House prices! A subject too often ignored by British newspapers. Um, yes, maybe. Anyway, some skivvy at the Sunday Times has done a lot of Googling and found out that there are about 400,000 “homillionaire households” in the UK.

Does that mean they are counting a £1m house owned jointly by one couple as one “homillionaire household”? I think it does mean that, yes.

So, really, they are two semihomillionaires? I suppose they are. Although a £2m house owned jointly would also be one “homillionaire household” but might contain two homillionaires.

I see. And the number of property sales worth more than £1m that go through each year has tripled to 18,000 in the past decade.

Although some of the people buying those will already have been homillionaires and thus won’t have added to the country’s total? Yes. In fact, the paper thinks that most homillionaires have earned the status simply by staying in a house that has gained value. Hackney in east London, for instance, has gone completely homillionoopla, with the number of properties in the borough that sell each year for more than £1m rising more than eight-fold since 2006-7.

So gritty Hackney is now a homillionairea? You could say that. But don’t. And, in fact, those kinds of prices are not uncommon now. Apparently there are 10,613 streets where properties have an average value of more than a £1m. Although, obviously, there are more homillionaire households in London than in the rest of the UK combined.

What about mortgages? How many homillionaires haven’t paid for their houses yet? I don’t know. Probably a lot of them. Although some will be millionaires anyway, if you take into account their other assets. After all, London is home to more dollar millionaires (not including property wealth) than any other city in the world.

So how many homillionaires are there in Britain? I don’t know.

Do say: “Statistics are complicated, aren’t they?”

Don’t say: “Only when they’re accurate.”

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Where are the top ten university cities for yields?

According to recent research, Edinburgh tops the best rental yields for university Cities in the UK with 6.11%, beating London and the South East.

London, home to many of the best universities in the world, offers an average yield only slightly above the average at 3.97%.

While four Scottish Cities appear in the top five, Coventry comes a close second with impressive yields of 6.03%, well above the national average gross yield of 3.92%. In third place is Aberdeen (5.66%) followed by Dundee (5.11%) and Glasgow (5.07%). However, Cities in the North are not giving landlords such profitable yields. Middlesbrough and Lancaster are named as the two university cities with the lowest average rental yields in the UK at 1.47% and 1.87% respectively.

Jane Morris, Managing Director of PropertyLetByUs.com comments:  “While Scottish university cities are giving great yields, landlords in Coventry are enjoying a highly profitable return on their investment, with yields of more than 2.11% above the average and 2.06% above London yields.

There has been much investment in the City and the Cathedral quarter links old and new Coventry, which has been revived with a range of pubs, cafés and restaurants. Spoon Street houses original and reconstructed medieval buildings, as well as a major club complex, which stands close to another new area for bars and restaurants.

It’s a thriving University City and there is much to offer under and post graduates and demand for rental accommodation is soaring.  Over the last 12 months, rents have risen by 14% and the number of tenants looking for property has increased by 24%.  It’s a great City for investors, with growing numbers of students and professionals looking for quality accommodation.

 

by Warren Lewis 24/11/2015

Source : http://www.propertyreporter.co.uk/landlords/where-are-the-top-ten-university-cities-for-yields.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-131301-Campaign+-+24%2F11%2F2015+SHAW