Lettings Market Records Its Strongest Month

The lettings market recorded its strongest month in July, with voids continuing to decrease and rents rising across England.

In some parts, void periods have dropped by as much as 50% month-on-month, taking England’s average from 22 to 16 days according to Property Reporter.

Tenant demand is continuing to increase and banks have widened their range of buy-to-let options available, making it a great time to become a landlord. The amount of time rental properties are spending in void periods has dramatically reduced. The average void period in England is now 16 days, down from 22 days, a decrease of 30%. The lettings market has continued to grow from strength to strength, despite the last 16 months, performing better than June 2019, pre-pandemic.

We have put together some tips together on how to become a new landlord.

1) Understand your business

When starting a new business venture, it is important you have all the information you need before you get started. Do this right and you have the potential to secure a comfortable financial future for yourself.

Research the local market and choose the best spot in town in terms of location, demand and opportunity.

2) Learn more about the legal requirements

There are a lot of important regulations that landlords must comply with in order to protect their tenants, themselves and their properties.

Familiarising yourself with the sector will help you create an established reputation in the area, which will help you retain your tenants for longer.

3) Pick the right buy-to-let mortgage

Don’t rush into any buy-to-let mortgage. Take the time to scope out the right one for you before you make a decision.

Speak to a trusted mortgage adviser who can help you make the ultimate decision when selecting your mortgage.

4) Think about decorating for tenants

You have to remember, your property may have multiple tenants in its lifetime so you want to be able to create a blank canvas for them.

Keep neutral tones throughout, the right furnishings and a low maintenance garden if you invest in a property with one.

5) Who will be managing the day-to-day responsibilities?

This last step is the most important! You need to choose the right letting agents who will protect your investment for you, and act as the first point of contact for your tenants while overseeing all checks, changes and inspection.

To learn more about our property management services, contact us on +9652372026.

Tips On Increasing The Rental Value Of Your Property

As a landlord, you want your property to be a profitable investment for years to come. The rent price your property achieves will be dictated by the market, but there are many simple things you can do to make sure your property stands out. You’ll need to be prepared to spend a little money, but it can be worth it in the long run.

Read on for our top five tips on how to make your property stand out from the rest and get the best possible rental income.

Get the basics right

You want your tenants to stay for as long as possible, so make sure the property feels like a real home rather than a temporary stop-gap. Ensure that the paintwork is fresh and the flooring clean. Don’t opt for the cheapest possible furniture but choose decent items that you wouldn’t mind living with yourself. Make sure everything is in working order and no routine repair or maintenance jobs are overlooked.

Focus on kitchens and bathrooms

These are the rooms that can make or break a decision to rent, but they can easily become tired and shabby and lose their appeal.

Between tenancies it’s vital to give them a deep clean and to assess if they need any refurbishment. Replacing a worktop, updating tiling or adding a heated towel-rail needn’t be expensive but can give a fresh, up-to-date look.

Add an en-suite

This won’t be a cheap option, but especially in larger properties, having an extra bathroom can greatly add to the property’s appeal and allow you to charge a higher rent.

Tidy up green space

If your property is lucky enough to have a garden, then make the most of it. Attractive outdoor space can be a major selling point, so make sure it is well-maintained and has a few desirable features such as a seating area, a BBQ or a decent-sized shed.

Install the fastest possible broadband

With WFH very much the new normal for many people, having a super-fast internet connection is a real plus point. Paying for premium broadband installation will be money you can easily recoup in additional rental.

With these simple steps, you’ll have a property that will be profitable and a solid investment. If you’re looking to let your property, contact us our lettings team on 0800 862 0871 or click here for more information.

Common Mistakes When Selling Your Home

Selling your home is known to be one of the stressful processes you can go through in your adult life. There are lots of steps to go through and plenty of chances to make wrong choices, but we are here to help! Read on for advice on how to avoid the most common mistakes when selling your property.

Overpricing your home

Everyone naturally wants to get as much as they can for their home, but the figure you would like and what a buyer will actually pay might be two different things! Agents will give you a fair market value based on comparable homes in the local area and it’s wise to follow their advice. An over-priced home will deter buyers and make it hard to sell. If you’re looking to sell in the near future, click here for a property valuation.

Ignoring repairs

Unless you are marketing your homes as a “project”, most people will be turned off by obvious repair issues that need sorting out. Buyers will probably also get a survey done and finding hidden problems you haven’t disclosed may lead them to reduce their initial offer. Again, take advice from your agent about what needs fixing.

Not presenting your home well

It’s really important to present your home in its best possible light to maximise its appeal. De-cluttering is the first step, followed by thorough cleaning and simple redecorating if necessary. You can even go a step further and “stage” your home so that everything is arranged to look as inviting as possible. A good agent will also help showcase your home in the best possible way by taking clear and sharp imagery to attract buyers.

Limiting viewings

You need to get as many people to view your home as possible. Be ready to flex your personal arrangements to accommodate viewings, even at short notice.

Working with the wrong agent

A good estate agent will work hard on your behalf. They will be great communicators and open and honest about how to get the best price for your home. Be sure to ask around for recommendations and don’t just choose the first estate agent that Google selects for you! As well as word of mouth, online reviews and social media pages are highly important to see how they have worked with clients in the past and how they will market your property.

We are here to help you avoid all the above mistakes, and make sure your home selling experience is as smooth as possible. Contact us on 0800 862 0870 to speak to a member of our sales team for more information.