6 out of 10 renters prefer unfurnished

Research shows six in ten renters prefer an unfurnished property → https://t.co/MwmP605Kcz pic.twitter.com/2wXdlqa8bC

— Which? Money (@WhichMoney) September 12, 2018

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The 'How to Let Guide' from MHCLG

As a landlord its important you know what your rights and responsibilities are. We cover these and all the other information you need in our ‘How To Let’ guide which is available at https://t.co/ZjzSLmzesO pic.twitter.com/FqnKlEpQJN

— Ministry of Housing, Communities and Local Govt (@mhclg) June 26, 2018

Our new how-to guides will ensure you have all the information you need to understand your rights and responsibilities in the private rented and leasehold sectors. You can find How to Rent, How to Let, How To Lease and How to Rent a safe home on https://t.co/aCeYK4XONb pic.twitter.com/aY3Wx8mx5t

— Ministry of Housing, Communities and Local Govt (@mhclg) June 26, 2018

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New student letting & management service

conker: The new student letting and management service from Unite Students https://t.co/12uLhX9QLo

— NLA (@nationalandlord) June 4, 2018

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£35 a month HMO letting service - how can it be so cheap?

How can it be so cheap? Online agent launches £35 HMO service https://t.co/dtcqAMqBcO via @https://twitter.com/TheNeg

— The Negotiator (@TheNeg) May 16, 2018

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Check property photos before posting

Easy mistake.... https://t.co/di4Vcf5ver

— Victoria Whitlock (@VicWhitlock) March 8, 2018

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Prime London - tenants' market coming to an end

READ: Interesting views on the London lettings market by @GaryJamesHall
Most prolonged tenants’ market in 20 years nears the end https://t.co/q1pWxCfZVM

— Tom Bill (@TomBill_KF) February 9, 2018

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Council leaves landlord with £30k clean up bill

Local council who 'managed' a property for a landlord leaves landlord facing £30,000 clean-up bill with this mess .. https://t.co/ElsQeejfvr pic.twitter.com/zN2M5XZM5v

— Dorian - Belvoir! (@Dorian_Belvoir) March 15, 2017

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Landlord cunningly dresses rental property

Camden renters open blinds in new flat - to find there is no window https://t.co/JQpa85DfTB

— Telegraph News (@TelegraphNews) August 5, 2016

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ARLA reports fall in rental properties

The Association of Residential Letting Agents (ARLA) report a further drop in the number of rental properties advertised by its agents.
On average each ARLA letting agent had 172 rental properties per branch in January - 10 less than in December.

The figure is ARLA's lowest on record, though they have only been tracking it for a year.

ARLA's managing director , David Cox remarks:

“Supply of housing continues to be a problem and tenants bear the brunt of this with more people competing for properties at higher prices.”

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Pop star leaves landlord in a spin

Anybody who remembers the 80s will likely recall the band Dead or Alive and their big hit "You spin me round (like a record)". It appears like the controversial lead singer Pete Burns is doing exactly that to his poor landlord after racking up debts (mainly non-payment of rent of £34,000).

Apparently the landlord who used to live in the property has become extremely distressed over the ordeal.  It would be interesting to know if the landlord or their agent had gone through a thorough vetting of the tenant. 

Maybe they were bowled over by the tenants celebrity status!?

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Let to retire

'Let to retire' -  is my attempt to coin a new phrase for a sub-section of the private residential lettings market.

'Let to retire' refers to an increasing number of over 65's who are looking to let out spare rooms in their homes to help make up for any shortfalls in their retirement income.

As a trend, it makes sense. Pension incomes have been hit hard. Woefully low interest rates, failed investments and the breaking of links to any index has seen many pensioners worse off than they might of hoped.

Expectations may have also changed, no longer are pensioners happy to spend their retirement in a wing-back chair, or pottering in the garden, many want to still get out there, go on holiday, hang out in coffee shops, go to gyms - do stuff and buy more stuff.

A recent survey by Morethan insurance reported as many as 1 in 7 pensioners would consider letting  rooms in their properties, that rate increases to 1 in 5 living in the capital.

With many older people increasingly asset rich but cash poor expect this trend to increase.

'Let to retire' - you heard it here first.

Read more in the Telegraph

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View on Central London lettings market

Prime Central London estate agent, W.A.Ellis, saw a buoyant lettings market in 2013, with a 50% increase in tenancies agreed in 2013 compared to 2012, and an estimated 2.8% increase in rents in 2013, however, this price increase was 0.4% less than 2012 when prices rose by 3.2%.

Lucy Morton, senior partner and head of lettings at Prime Central London estate agency, W.A.Ellis, comments: “Although rents did increase last year overall, in the lead up to Christmas, we did see prices reduce by as much as 20% in order for landlords to secure a tenant and prevent void periods.

“Voids periods did creep up last year but the figures are slightly distorted as the lettings market has become more seasonal. For the last two years in particular, the key lettings months have been between April and October – in these periods, a property can let within a week, whereas void periods can be substantially increased if a property becomes available between November and March. The changeover season in the lettings calendar continues to be during July when we notice a marked increase in our tenancy terminations. This is driven by not only the end of the school year for families, but also the end of the academic year for universities. Year on year, we are noticing a substantial increase in high net worth overseas students flocking to study in London which adds to this."

“It is always difficult to predict market conditions 100% accurately, but I believe that it will be more of the same for 2014 although with the economy picking up, indications are that the City will be hiring thus creating more tenants. I therefore predict that Prime Central London rents will increase by marginally over 3% in 2014.”

Gumtree warnings

I've written before about my less than satisfactory experiences with trying to let my properties using Gumtree.  I know it's free for the first couple of rental adverts, but despite trying the service at least half a dozen time I've never bagged a single tenant with it.  Having said that Gumtree has been great for letting my garages.  I've let them all through Gumtree and have had a cavalcade of exemplary tenants.  On my rental properties ...nothing, zilch!

Gumtree rental scams

It therefore doesn't surprise me when I read that a number of people are using Gumtree to scam unsuspecting tenants by setting themselves up as bogus landlords and then requesting money from unsuspecting tenants.  After the money has been BACS or transferred to the 'landlord' the tenant never hears from them again.  OK...the tenants are somewhat naive parting with money without a tenancy agreement in place but it does highlight the fact that Gumtree without any filters on who uses it and no upfront investment in time or money Gumtree can be a bit of a lettings jungle.  Landlords be on your guard!

Have you had a good or bad experience of trying to let your property through Gumtree - please post your comments below.
 
Get my property on RIGHTMOVE.

Rent to Rent warning

The 'get rich from property' talk on the internet is now all about Rent to Rent.

For those landlords that don't know about it, you should. Not necessarily because you should give it a go, but because you might want to keep an eye out that one of your tenants isn't up to it.

The basic premise is that a property is rented from a landlord and then re-organised so that it can be then sub-let, with the intention that the sub-let rents are in excess of the basic rent. Therefore garnering the original tenant a healthy profit. If this investor can repeat this same system on multiple properties the potential profits are reported to be very nice indeed.

The example cited in a recent Guardian article, one investor, 25 year old Daniel Burton reports to be bringing in £35,000 in rent per month. It doesn't say whether this is profit after paying rent to his landlords or just the rent he gathers from his 200 tenants.

Burton describes how he seeks out rental houses where the landlord has failed to maximise the rent potential, then looks to "jack up the rent" through the Local Housing Allowance. This might be done by partitioning up rooms or converting living space to bedrooms.

Some  Rent to Rent investors use middlemen to pose as normal tenants to sign the tenancy agreement and then let the rooms out individually. This means that the tenants they move in are occupying the property with no legal right as well as putting the landlord who actually owns the property in a situation where they break the restrictions of their landlord insurance, BTL mortgage and potentially the local councils requirements for Houses in Multiple Occupation.

Landlords need to keep a check on their rental properties that they don't have a lot more tenants than they bargained for.

Now here's where the real money lies for those involved in this industry. 

There are plenty on the well trodden 'get rich from property' lecture circuit promising to teach fresh new investors how to make a fortune from Rent to Rent. They use the classic sales promises, corny phrases like "turbo charge your investment" and "infinity profit." 

As is always the case with these property rich schemes, the practitioners  will tell you how to do it for a small fee - £500 ish for a day seminar. 

There's no doubt they are making far more of a killing from that, than renting out  rooms. 

In terms of hitting the right market with the right product this scheme is perfect. It's selling the millionaire dream to those people who probably don't have much money, but are desperate to be millionaires. 

I'm guessing that many of those at these seminars are renting the same tiny little cupboard rooms they're proposing they should create. Let's just hope that they've not just wasted next months rent.

You can read a full description on Rent to Rent in this Guardian article

You can listen to Daniel Burton talking about how he makes his Rent to Rent system to work.

Tenants young & beautiful!

Most tenants are still young and beautiful according to the latest stats produced by Countrywide.

Their findings reveal that cohabiting couples under the age of 35 continue to make up the largest proportion of new tenants looking to rent (at 23.4% in Q4 2011). Most of my tenants are in this category although I do have one or two now that are older.

The figures reveal that their are a growing number of families that are entering the private rental market. I suspect this is a result of increasing numbers that are unable to raise sufficient mortgage finance to buy. This emerging trend which was found to be most evident in the North and South East of the UK.

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Rightmove letting agent feedback

I was chatting to my letting agent on Wednesday morning. The very amiable Nick at Express Lettings.

He confirmed my 2 bed maisonette in the the leafy suburb of Lady Bay has hit the Rightmove internet airways on Friday. Since being uploaded Nick could use the Rightmove letting agent analytics to immediately see that my advert had 57 click throughs from tenants looking at the details of my buy-to-let. In his view a lot. Given that as yet there has been no viewing booked in his take was that the photos needing tweaking. The interior is being decorated this week so maybe a spruced up set of images will help sell one of my prize lettings.

Internet now central to letting a property.

This conversation does just go to confirm how central the internet is now to letting property. I have also employed a twin tracked approach using lettingaproperty to also market my buy-to-let. So far this service has thrown up 2 enquiries one which turned into a viewing. Unfortunately, despite the prospective tenant showing a great deal of enthusiasm on the idea of converting the rather over grown but huge garden into an allotment there have been no takers.

So if you do know a reputable tenant looking to rent a 2 bed first floor apartment in West Bridgford, Nottingham for around £525 let me know or respond to this advert.

Let my property for LESS.

Plymouth agent dissapears

A letting agent has disappeared owing landlords and tenants hundreds of thousands in rents and deposits.

The owners of Hothomes UK in Plymouth, Jacqueline and Tony Burridge have seemingly vanished.

Angry landlords and tenants have been contacting local police and trading standards asking for help with the seemingly mysterious closure of the agency.

Has anyone seen them?

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Game, set and pants

With Wimbledon over for another year, we may be mourning the failure of our British hope, but on the positive side the locals make a rip roaring trade as part time landlords from the tennis circus.

With rents for Wimbledon fortnight three times the usual figures for a short term let in that postcode.

Plus the bonus prize of some celebrity knickers been left in your washing machine - ACE!

"Tennis shoes, tennis balls, clothes, they are always leaving those behind. They are usually worn, left in the washing machine... forgotten. I once had Nadal's knickers left behind," remarked one local letting agent.

Read full article on Reuters

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Middle class view on letting

Comment from a 'lady who lunches' on the state of the current letting market in the Telegraph.

An anecdotal and unrepresentational article to read over cornflakes, or in the authors case, muesli.

Read article here

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Rental Markets in London Continue to Grow

Throughout London and the South East, the rental market is continuing its growth, remaining dynamic in the face of increased demand. Due to this constant demand, rental yields have been supported and helped landlords enjoy a quick turnaround as well as a lack of vacant properties.

Hamptons International has announced that transactions within their lettings division have increased 6%, in comparison to the same quarter last year. With new applicants increasing 15% from March 2010, higher average rents are being charged across the market. This increase in new potential tenants is being offset by a 17% increase in new rental instructions on the Hamptons’ books, enabling both landlords and tenants to benefit from a buoyant rental market.

London is currently experiencing high demand and pressure throughout the lettings market, due to a number of contributing factors, including the difficulty some first time buyers experience when attempting to raise a deposit. Whilst lending and securing a sizable deposit is an issue for buyers, it will remain advantageous for the lettings industry, with a steady supply of prospective tenants available.

Hamptons Corporate Services team are seeing increased requests from industry, in particular the Energy and Finance sectors, to place senior professionals around London. This increased activity within industry highlights general demand for rental properties throughout London, a demand that looks set to continue throughout 2011.