You may be aware that Brexit and coronavirus have made it difficult for tenants to find good quality London property to rent. Although many people left the city for a lifestyle change in the countryside, the trend is shifting. Over the past few months, the demand for rentals has significantly increased. The reason for this is that people are looking to return to London. Plus, domestic and international students are returning to campus. What’s more, the type of rental property is limited as most tenants are searching for the same sort of property… a place with enough space to work from home with a garden or terrace. Finally, thousands of people have lost their jobs, had their income reduced or lost their homes during the pandemic. Now they are struggling to find a suitable home to rent within their budget. What’s the solution to this housing crisis? Introducing the Reka […]
Hmo property
The 7-Step Guide to Being a Responsible Property Manager
Whether you are a new landlord, or if you have owned property for years… it’s good to know your property management responsibilities. That’s why we have put together our 7-step guide to be a responsible property manager. The Essentials of Property Management Property management is about taking care of the investment property to ensure you maximise your rental return. This involves the following activities: Setting rent at the market price Screening tenants to ensure they’re suitable Collecting rent from tenants Keeping tenant vacancy rates low Providing maintenance and repairs to ensure the property is safe Consistent communication with tenants Managing the income and expenses associated with the property 7-Step Guide to be a Responsible Property Manager Below are the key steps you need to be aware of as a Property Manager: Step 1: Screening potential tenants You need to ensure that you use a rigorous screening process to find the best […]
The Beginners Guide to Converting Your Property into an HMO
If you are considering converting your current property into an HMO to increase your rental income while providing more people with affordable accommodation, here’s how to do it. Step 1: Plan First Before you consider converting your property to an HMO, check that it is in the right location for an HMO. Ideally, your property should be in a busy student area or close to good transport connections to attract tenants. Step 2: HMO Licensing When you convert your property to an HMO, you’ll need an HMO licence to ensure that the property is safe and compliant. We recommend that you contact your local council before planning your conversion to find out what you need to include in a compliant HMO property. If you want assistance with your application, you can talk to us about our HMO Licensing service. This service includes identifying what is needed in an HMO property […]
The Best Places to Rent in London
If you’re considering renting in London, it can be challenging to decide where the best place is to suit your lifestyle. Do you want to be close to public transport? Do you want a share-house accommodation to meet new friends? Do you have a family? Or do you need something that suits your pets? To help you decide, here are the best places to rent in London, based on your lifestyle, family situation, hobbies, and budget. If you are on a budget: The average rent in London is currently £2,892 per month. Affordable rent is anything below £1,200 to £1,500 per month. The following boroughs have quality places to rent in the affordable range: Sutton – with average rental prices of £1,405 Croydon – with average rental prices of £1,375 Barking – with average rental prices of £1,305 If you are a young professional: Young professionals have a variety of […]
Why is the UK’s Property Market Heating up?
The good news for investors and landlords is that the UK property market is heating up. However, to better understand why this is happening now and what is the future trend, we have investigated current market trends and future property predictions. Here’s our summary. UK Housing prices are growing at the fastest rate in 17 years, with all regions picking up. Although we are in the middle of a global pandemic, property prices remain high. We have seen that at the start of the pandemic, the property market was put on pause. Now we are seeing sales surging, with the average sale price of a home in England increasing by 10.2% since March 2020. People have reassessed their lifestyle and work situations while they have been forced to stay home. We see a trend that people want to continue to have the flexibility to work from home in comfort. What’s […]
5 Rental Trends You Need to Understand as a Landlord
Here we look at the five rental trends that may impact the rental market that you need to be aware of… 5 Rental Trends You Need to Understand as a Landlord The abolishment of ‘no fault’ evictions, Section 21 Without Section 21, landlords will be required to go through the courts to gain possession of their property, where there is a legitimate reason. Usually, a Section 21 notice gives your tenants at least two months’ notice to leave your property. However, during the pandemic this has been extended. If you give your tenant notice after 29 August 2020, the notice period must be at least six months. Home ownership rates are declining The current trend indicates that home ownership rates have declined recently and may continue to decrease. The main reason is the challenge in saving for a deposit. Currently 71% of young families said they are renting because they […]
What Will the HMO Market Look Like, Post-COVID?
As a landlord, you are probably aware that more people than ever rent a property rather than own. This is due to affordability, lifestyle choices and wanting to free up income for investment opportunities. If you’re an HMO owner, then the pandemic has likely impacted you with extra commercial cleaning to common areas, undertaking socially distanced property inspections and dealing with changed eviction notice periods. We believe HMOs are still a solid investment, even during COVID times, as they are an attractive accommodation choice for people wanting shared houses. However, its interesting to see what the HMO market will look like, post-COVID. Below we’ve listed three trends that may impact the HMO market post-COVID. Trend 1: Working from home Working from home has been an ongoing trend during the pandemic with attitudes regarding working from home improving substantially. One question you may be thinking, is whether most people will continue to […]
How to Attract Good Tenants for Your Property
Finding the right tenants is key to making sure your property is looked after. But there is a balance between making sure you’re not missing rental payments because your property is empty and dealing with troublemakers. Here are our tips to making sure you attract the right tenants for your property, so you can receive a stable rental income. Tip 1: Figure Out Who You Want to Rent to You need to first think about who your ideal tenant is so you can appeal to them. For example, there is always a high demand for rental properties that allow students and has communal shared spaces. This not only reduces the rental amount for students, but it also serves as a social outlet. Tip 2: Get your property “rent-ready” Before you list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and […]
Pros and Cons for HMO Investment
You may have seen HMO investments increasing in popularity, even with recent legislation changes and COVID restrictions reducing rental demand in some areas. Before you decide if it is best to invest in an HMO instead of a standard buy-to-let property, we want to bring you the pros and cons of HMO investments, so that you can decide. Firstly, what is an HMO? An HMO is a ‘multi-let’ rental property with three or more tenants, not from one household/family, that share amenities. This can include: A house which is split into bedsits or units A house, or flat share, where each of your tenants has their own tenancy agreement Students who live in shared accommodation The pros: One of the most significant advantages of investing in an HMO is that it will generate a rental income increase of three to five times a standard buy-to-let home. The property will help provide more people with affordable accommodation. Cash flow […]
Technology Changes Impacting Property Management
COVID has brought about unprecedented challenges. However, some changes have had far-reaching benefits to property managers, landlords and prospective tenants. Here we share some technology changes that we have implemented in property management. Zoom Meetings With physical restrictions and lockdowns, most people have gotten used to using Zoom calls to connect with colleagues, family, and friends. Zoom calls allow you to stay in touch, see people and be connected. It is a great tool for work/life balance, which is why we find it beneficial for rental inspections. We do this one-on-one with the prospective tenant, so they can ask questions and see areas they are particularly interested in. The prospective tenant jumps onto the call, and we show them around the property – walking them into each room, opening cupboards and looking under furniture. Not only does this ensure social distancing, but it also means the prospective tenant can see […]
