More property price twitter chatter

Stamp duty change to compound low prices in worst areas - Times
Double dip for property prices- Guardian
Scottish property prices on the up - Scotsman
Rightmove predicts property price falls for next 3 months - Money Marketing
Northern Ireland property price report - BBC
Passing clouds could make buyers pause for breath - Times

See all the property price tweets

Cheap online tenant reference

Affordability gap for FTB falls

According to the latest house price and affordability index released by Findaproperty.com affordability has improved slightly over the last month

First time buyers now only have to find an average of £57,400 instead of £58,030. Not exactly a pittance but a lot better than the massive £70k + during much of 2008.

The Affordability Gap (amount of deposit required expressed as a multiple of FTB average household income) at 1.80 times, has decreased marginally since last month (1.81). This compares favourably with the peaks of around 2.4 times late last year.

The most affordable region in the UK remains the North East where FTB income to average property price is at 3.4 time average income and the deposit as a ratio of FTB annual income is 0.3 compared to the national average of 1.8

Insurance for landlords

Property Snake highlights the falls

How can you save up to 54% on the original listing price of a property?

The website Propertysnake has been going since 2007 and is an interesting starting point for landlords looking for properties that have been sticking on the market and then have had their original listing price reduced.

The properties are not necessary a bargain. Have a look at our article of many moons ago talking about when a sale is not a sale.

However, the site does give some useful history and data on how long a property has been on the market.

landlords insurance

Tips to reduce rental void periods in winter.

Spread your marketing - It is true that around 80% of tenants will find their property online; however, the remaining 20% find properties typically through To-Let boards and newspaper advertising.

To-Let boards are ideal for capturing a local audience. We have noted that the majority of enquiries we register are from tenants that are already living in the area. Local property classifieds are often read by tenants new to an area or wanting to avoid paying high street application fees.

Offer Incentives - A great way to entice tenants to apply for your property is to offer tangible incentives – here are a few ideas:

a. Offer one month rent at half price, or better still – for free. This is a real incentive for Tenants, especially over Christmas where disposable income is limited. (You may decide to increase the rent slightly over the rest of the 11 months to help offset the initial discount)

b. No Application Fee – High street agents can charge up to £300 for a joint tenancy. Whether you are advertising online or in the local papers, lettingaproperty.com highly recommend including the benefit of - No Tenant Application Fees.

c. Bonus Items – Every tenant would appreciate a free bonus item like say, 6 months of FREE cable / sky TV (£18pm cost) or 6 months of FREE broadband.

Keep your advertising fresh - A new property is more likely to be let in the first 2 weeks of being advertised. If your property has been on the market for longer than this, it is always recommended to change the advert display. Take new photos of the property, re-write the description, and include room measurements if you have good sized bedrooms.

And finally – the price - If you want to reduce those void periods you will need to look closely at your rental price.

For more advice on how to market you property in winter, call 0844 567 0578 or visit www.lettingaproperty.com.

Stamp duty holiday comes to an end

The stamp duty holiday for properties between £125,000 and £175,000 is about to expire.

The exemption period ghas already been was extended from April to 31 December, but this is unlikely to be extended any further.

Any landlords in the process of buying a rental property that falls into the exemption price range, need to place a firm boot at the backside of their solicitor to hit the New Year's Eve closing date.

Read more in the Guardian

Landlord tax bookshop

Landlord Ignores Emergency Prohibition Order

A landlord has been prosecuted for non-compliance of a Emergency Prohibition Order. The landlord had continued to let out the property after it was closed by health and fire experts, a court heard.
Rhondda Cynon Taf Council’s served an Emergency Prohibition Order on Washington Buildings, Porth, back in September last year after it had been judged unsafe. The property was perceived to lack the required fire escapes and fire precautions.
Three months after the original Emergency Prohibition Order had been served, the property caught fire later the fire and a female tenant received treatment for smoke inhalation.
The landlords, Topaz Property Management Ltd, Cardiff have been fined £1,500 and £470 costs.
It is believed to be the first prosecution of its kind in Wales for non- compliance.
The landlords insurance policy would also have been voided for ignoring the council Emergency Prohibition Order.