5 Things to Know Before Becoming a Landlord

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Becoming a landlord isn’t easy. It’s not a career choice that should be made without genuine thought and consideration. Many people become landlords to capitalise on solvency or as an investment for the future. If you’re considering becoming a landlord at some point, here are the 5 things you need to know first.

1. There are rules which you must follow

This is an absolute must. When you become a landlord, it’s imperative that you understand what rules and laws you must follow. It’s also important to scratch up on your rights and the rights of your tenants. Ask yourself the following:

  • Do you know what you can and cannot ask when interviewing potential tenants?
  • Do you know how to handle a security deposit?
  • Do you know what your responsibilities are for property upkeep?
  • Do you know how to go about evicting a problem tenant

As a landlord, there’s many more questions you’ll find yourself asking. It’s imperative to know where your position is in the eyes of the law.

2. Being a landlord isn’t a normal job

Being a landlord isn’t a 9 to 5 job. You may be you own boss and you may enjoy your independence. This doesn’t mean your working day isn’t altered and changed by others. At any moment, a tenant can call you with a major issue and no matter what, it’s your responsibility to resolve that issue. The severity obviously affects the time frame you can take to respond. If there’s a major issue which needs to be resolved immediately, it’s up to you to deal with it or call in someone who can. Your days will be unstructured and spontaneous. Be prepared for a tenant’s call at the most inconvenient of moments.

3. Your job title goes further than just ‘landlord’

The best landlords do far more than that which naturally falls within the remit of the job title. In fact, you role will go far more than you could initially expect. Here are a few professions that your time as a landlord could prepare you for:

  • A lettings agent – this one’s pretty obvious. If you’re a private landlord, you’ll find yourself doing all the jobs of a lettings agent.
  • Salesman/woman – there’ll come a time when showing potential tenants around your property will seem more like a sales pitch than a viewing.
  • Negotiator – okay so this one is very similar to the salesperson. There will come a point when tenants will attempt to negotiate with you. Be firm but fair.
  • Debt Collector – this one’s pretty obvious too. Is someone not paying their rent? You need to know how to deal with this.
  • Handyman – your tenant needs something fixed and you’d rather do it yourself than pay someone external. Better start learning how.
  • Therapist – Your tenant’s just broken up with their long term partner, lost their job and can’t make the rent payments. Be prepared for a teary phone call coming your way.
  • Detective – Someone’s applied to rent your property. Time to do some digging and detective work. Referencing, credit checks and general questioning should give you enough evidence about your potential new tenant’s renting habits.

4. Expect a learning curve

When you’re a landlord, no matter how much research you’ve done, you’ll always be surprised. Expect small issues to linger for a while and then expect major problems to suddenly dominate much of your waking life. Thankfully, the longer you do this job, the more likely you are to recognise potential complications. You’ll also learn after a few bad tenants, which warning flags you should look out for and what circumstances breed disaster.

5. Hard work is rewarding

Whatever your own personal goals may be, being a landlord can help you achieve them. As a landlord, you’ll get freedom, money and power. If you make enough, you can even grow your own mini empire of properties. Put the hard work in and benefit from the rewards further down the line.

If you’re a landlord concerned about the headache of inventories, find out how No Letting Go’s services can remove the stress from the process.

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Help! A Tenant Left Belongings in My Property After Moving Out! What Should I Do?

A tenant has moved out but left their belongings, what should I do?

So the issue all landlords despise has happened. A tenant has moved out but left some of their belongings in your property. You’re now unsure what to do next. From this moment onwards, your actions have to follow law and must stand up to scrutiny – the tenant can still make a claim against you for damages. Follow our advice below and the situation will hopefully be resolved with ease.

It’s Still the Tenant’s Property

As soon as you see the items left behind, you’ll have a pretty good idea of whether it was left as rubbish or simply forgotten. DO NOT be tempted to throw any of this away, sell it or neglect the issue. Everything still legally belongs to the tenant and they retain rightful ownership – even after they’ve left it behind. If you throw away any items and they hold value, you’ll be liable for damages. There is however, a silver lining to this terribly frustrating situation. You may be able to charge the tenant for the cost of clearing your property and possibly any storage afterwards. Be sure you follow the right procedures for these.

The Torts (Interference with Goods) Act 1977

Thankfully, you do have some legal backing in this situation. The Torts (Interference with Goods) Act 1977 allows you to dispose of any belongings left behind, on the condition that you follow a specific course of action first.

What You Need To Do

A written letter is the best place to start. We recommend doing this via recorded delivery so you can guarantee the tenant receives it. Explain in your letter that you wish to dispose/sell the items. You must inform them on how to contact you to retrieve them. As well as this, you should include a detailed description of the items, where they are being stored and when you’ll be selling/disposing of them. Be sure to allow the tenant enough time to take preventative measures. Remember, this could all be a genuine mistake. You should give your tenant the chance to rectify the situation. Keep a copy of the letter in your records.

What If I Don’t Have the Tenant’s New Address?

Don’t worry, a resolution can still be found. You need to be able to prove that you’ve made a reasonable attempt to get in touch with the tenant. We recommend using a tracing agent to track down the tenant’s address. These companies usually won’t charge you if they can’t find the individual’s location. Keep the report that states they can’t find your tenant and you’re good to go ahead with the disposal.

Decided to Sell the Items?

You’ve followed the strict procedure, you’re now ready to sell the items and pocket the cash. Unfortunately the money’s not actually yours to keep, it belongs to the tenant. This is infuriating, we know. Thankfully, if there have been any charges or costs incurred throughout the process, then you’re good to go ahead and reimburse yourself.

Want more rental advice? Give the Department for Communities and Local Government’s ‘How to Rent’ guide a read.

With our inventory services, claiming from your tenant’s deposit for this could be easily achieved and resolved. These issues needn’t be such a strain. Find out more information here.

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No Letting Go’s First Annual Golf Day was a Hole-in-One!

 

no letting go annual golf day

A great day was had by all during the first No Letting Go Annual Golf Day. 12 participants tested their skills at Hever Castle in an attempt to discover just who the best golfer was amongst players from NLG, Your Move, Miles & Barr, Hawes & Co and Fixflo.

Bragging rights were shared by Adam Jenken – who hit the longest drive during the day – and Rob Jones – who managed to hit the ball closest to the pin. Meanwhile the winning three ball team was made up of Lorraine Verlander, Chris Payne and Adam.

A special thank you to all those who came along, including:

  • Joe Mullan – Your Move
  • Lee Archer – Your Move
  • John – Your Move
  • Chris Payne – Your Move/Invited Guest 
  • Bertie Kerr- Fixflo
  • Toby Paul – Hawes & Co
  • Adam Jenken – Miles & Barr
  • Nick Lyons – NLG
  • Gary Claven – NLG
  • Mike Knibbs – NLG Franchisee
  • Lorraine Verlander – NLG
  • Rob Jones – Invited Guest

Well done to everyone who took part. We’re already counting down the days until next year’s event!

no letting go annual golf day

no letting go annual golf day

 

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Countrywide UK Offices to Close in Near Future

Countrywide set to close 60 UK officesIt has been reported today that Countrywide Group estate agency is to close around 60 of its UK offices in the coming weeks.

In a comment to Estate Agent Today, Countrywide said: “Following consultation with colleagues, we have made the decision to close 59 branches within the retail arm of our business. This is part of our ongoing ‘Building our Future’ strategy.”

The company go on to cite that this is a strategic decision to ensure the right people are in the right places to meet customer needs. Countrywide have clearly stated they want to avoid redundancies wherever possible though it can be deduced that there’ll be a loss of staff following such a drastic change to the business.

These closures are the crescendo to what has been a year of speculation and concern surrounding the future of some brands and offices. Chief Executive of Countrywide Group, Alison Platt, brought speculation to the forefront of workers’ minds in October 2015 when she succinctly told investors the company was moving in the direction of “fewer, stronger brands”.

The leaked list of closures sees a dramatic loss of offices across England, Scotland and Wales with the most damage being seen across the Midlands and Southern England. Below you can find a list of offices reported to be closing:

South Coast:
Palmer Snell in Lyme Regis.

Yorkshire:
Bridgfords in Bingley, and Ripon.

Manchester and Lancashire:
Bridgfords in Hale, and Bramhall.

South Central:
Mann in Bitterne, Cosham, Godalming, Haslemere and Hythe,
Gascoigne-Pees in Grayshott,
Watson Bull & Porter in Shanklin.

South East:
Geering & Collyer in Canterbury and Folkestone,
King & Chasemore in Eastbourne, Lancing and Littlehampton,
Freeman Forman in Mayfield.

Midlands North:
Ian Peat in Bingham,
Bairstow Eves in Derby,
R A Bennett in Solihull,
Dixons in Tamworth.

South West:
Stratton Creber in Mawnan Smith,
Fulfords in Shaldon, Topsham and Torquay.

Wales and West:
Entwistle Green in Crewe, Frodsham and Prenton,
Beresford Adams in Denbigh and Flint.

Midlands East:
Abbotts in Billericay, Clacton, Dedham, Felixstowe, Haverhill, Leigh-on-Sea, Sudbury, Wickford and Witham,
Bairstow Eves in Halstead, Ipswich, Leigh-On-Sea and Tiptree.

Midlands Central:
Taylors in Kettering and Olney,
Wilson peacock in Newport Pagnell.

Scotland and NE:
Countrywide in Ayr.

Midlands West:
R A Bennett in Bourton-on-the-Water, Chipping Campden, Cirencester, Stow-On-The-Wold, Thornbury, Wootton-Under-Edge and Yate,
Taylors in Churchdown, Evesham, Portishead, Shirehampton, Swindon West and Warndon.

Are you reading this, concerned about your future within the Countrywide Group? Is your office set to close down? A No Letting Go franchise is a lucrative business opportunity whoever you are and whatever background you come from. The inventory market is exciting and it’s growing! Getting involved in this market is not only fun but rewarding too. We’re looking for people who strive for success to join our established, market leading inventory services. Find out more about our franchise opportunities here.

 

Image taken from Estate Agent Today.

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Who Are the Worst Kind of Tenants?

Who are the worst kind of tenants?Being a landlord is a very unique line of work. You see how people behave behind closed doors. There’s a lot you can tell about a person by the way they conduct themselves during and how they leave a tenancy. Sometimes tenants can take lease of your property and really care for it. Other times, landlords are not so lucky. So who are the worst kind of tenants? We decided to take a look and offer some wisdom that’ll hopefully help you from taking in any undesirable individuals.

We’ll start by explaining that we aren’t going to write about any horror stories. There are some really nasty experiences that have been spoken about online. In fact, if you’re interested read this r/AskReddit thread where landlords explain their worst tenant stories. In this article, we’ll look closer at the generalised tenant groups that should be avoided if you want an easy life. We must warn you, these are generalisations and stereotypes. You should scrutinise your prospective tenants fully before allowing them to move in.

The Party Animal

If you’re a landlord in a student area, you’ve probably come across this type of tenant. This individual just wants to party all the time. This can even be during the week, when neighbours have to wake up early for work. Sometimes the party animal will bring recreational drugs into your property which can pose a big issue. The loud music, frequent visits from friends and regular mess can often be a real pain for landlords. It’s difficult to tell the party animal tenant from others but students regularly fall into this demographic.

The Animal Lovers

It’s not unusual for a prospective tenant to ask whether pets are allowed in the property. In fact, this is quite a responsible question. It is unfortunately a common occurrence for tenants to ignore a landlord’s response. One of the most frustrating things for a landlord is to enter the property after a tenant has left to find it smelling of animals. Often the people who ignore a landlord’s wish for no pets are those who do not necessarily take much care of their animals. This can result in a fierce smell, nasty stains and lots of hair.

The Extended Family

This is a really tough one. We’ve heard of situations before when a couple view a property, sign the rental agreement but convert your one bedroom flat into a living area for them and their entire family. The issues this causes go far beyond what you may initially expect. Wear and tear becomes far more apparent, the property smells and often there’s a general lack of respect for your investment. Sometimes there is a conversion process which means your living room space is no longer a living room. IF your property is furnished, this can be particularly costly.

The Wannabee Lawyers

This can be one of the most frustrating tenants to come up against. This tenant is usually fresh out of university or only recently in professional employment. They have an ingrained opinion that landlords don’t play by the rules. They will scrutinise every move you make to ensure it’s by the book. They will talk to you as if you don’t know the law or your own profession. Once they’ve moved out, if you find a genuine reason to detract from their deposit, they’ll refuse and enter into legal proceedings. These will be both costly and time consuming.

The Chronic Late Payers

You never truly know whether you’ll get a chronic late payer. These tenants disguise themselves well. Sometimes late payments can develop for genuine and honest reasons, sometimes tenants can just try their luck. You must look at things from a business perspective, this is your livelihood after all. When arrears mount up and it’s affecting your everyday life, you need to take action.

If you’re a landlord and have encountered nasty deposit disputes before you’ll know how disruptive it can be. Take a look at No Letting Go’s inventory services to see how we can remove this stress from the lettings process.

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Landlord Money Saving Tips

Being a landlord isn’t easy. There can be some great highs to the job but some real lows too. Landlords are often hit with unnecessary and avoidable costs. It doesn’t have to be this way. We’ve put together a few insightful tips to help you save money and keep costs down.

Landlord Money Saving Tips

Choose Carefully

This is critical to landlords. In this line of work, there’ll be many important choices to make. If you make the right decision, you’ll keep costs down. If your judgement isn’t spot on, you could face financial burden. The two most important decisions to make concern your property and your tenant.

If you haven’t bought your property yet, consider the location carefully. Do as much research as you can. A few metres in the right direction and you’ll be quids-in! Think about amenities too. Where’s the local school? How far is the nearest supermarket? Put yourself in the shoes of the prospective tenant and ask the questions they would.

Now think about the tenant. You should only take on great tenants. This sounds simple but the reality is quite the opposite. As a landlord you never fully know who you’re dealing with. It doesn’t matter where you find your tenants, there’s always a risk. Ideally your tenant will pay on time, be respectful and keep the property in good shape. Be sure to properly check and reference your tenants. Keep an eye out for suspicious behaviour or circumstances.

Shop Around for Your Agency

Don’t be tempted to take the easy option. Shop around and find the right agency for you. Do you need property management services? Think about this carefully. Some landlords prefer the agent to deal with everything whereas others just use them to find new tenants. Alternatively, you could opt to do it all yourself. This option is growing in popularity. If you choose this, make sure you understand the correct procedures for tenant referencing.

Insurance

Alike your agency, shop around for insurance. Ensure you know what each plan covers as well as what you’ll pay. Never let your building insurance run out. If there’s a fire or incident and your property’s uninhabitable, you may still be liable to pay the mortgage. Consider taking out a Landlord Rent Guarantee insurance too. This is especially important if dealing with new tenants. This policy is relatively cheap and will safeguard your rent if a tenant falls into arrears.

Cut Void Periods

As a landlord, you should avoid lengthy void periods at all costs. These pose a serious financial risk and could lead to a few sleepless nights. If you find yourself approaching a void period, think about how you’re marketing the property. Consider the price of rent, its visibility online, how it’s presented and your availability for viewings.

Maintenance: Tradespeople Vs DIY

So you need some maintenance done? When bringing in tradespeople, it’s important to think about costs as well as reviews. Don’t go for the first you find and don’t necessarily go for the cheapest. You need the job to be done properly, as well as cheaply. If you’re considering a DIY fix, make sure you do a good job. You don’t want to be revisiting the same issue again in a few months. Sometimes the cost of bringing in a tradesperson is better than the time expenditure of doing it yourself.

Furnishings

Furnishing your property is a great way of adding value. Check out all options for this. Sometimes bulk buying furniture from retailers will get you a better deal. Why not look for second hand options? This can add a unique character to your property but also save you money. Take a look at auctions as well as sites like Freecycle, Gumtree, Ebay and Amazon.

Tips for saving landlords money - mortgage

Review Your Mortgage and Hire an Accountant

A landlord’s main expense is their mortgage. It’s good practice to regularly review this and ensure you’re getting the best deal. This can mean saving money immediately. Search around and see if there’s a better deal out there. If you’ve got extra money hanging around, consider making an additional payment on your mortgage. This can seriously lower your interest rates.

It’s said that a good accountant will save you more than their fee. For a landlord, hiring an accountant should be a serious consideration. There are plenty of legal tax exemptions and breaks that you could qualify for. Speak to an accountant, see how they can help. Ask them about the possibility of off-setting your expenses against your tax bill.

Get Your Inventory Right

Your property is your livelihood. As a landlord you have the right to deduct money from a tenant’s deposit if your property is damaged. With recent changes to the law, it can be more difficult than ever to do this – even if you’re in the right. If you haven’t got your inventory spot on, you’ve got no chance of recuperating any costs. By using an impartial and unbiased service like ours, the decision is taken out of your hands. We’ll undertake a comprehensive report of your property in a fair and unbiased way. If you’re sick of deposit disputes with tenants or simply want peace of mind, get in touch with us here.

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No Letting Go Services Get Paul Shamplina and Direct Line for Business’ Seal of Approval

Paul Shamplina discusses the importance of getting your inventory right.This week Paul Shamplina, founder of Landlord Action and celebrity in the field of property, took to the Direct Line for Business blog to discuss the importance of getting your property inventory right. In this piece Paul discusses the need for property inventory services and recommends No Letting Go, explaining that the cost of the package is easily outweighed by savings and benefits. Paul also shed some light on the need for quality inventories and outlines what a landlord really ought to know. We’ve put together a few of his key points here for you.

Paul Shamplina’s Views on Property Inventory Services

Paul Shamplina writes about how landlords can ‘save a great deal of time and hassle’ by using property inventory services like No Letting Go. The benefits put forward by Paul centre upon the professional expertise and advice as well as the protection that comes with the impartiality of our service. Paul does rightly highlight the need for landlords to be selective in their choice of services, only opting for companies that are a member of The Association of Independent Inventory Clerks or The Association of Professional Inventory Providers. Paul ends his discussion of the topic with a strong recommendation for No Letting Go (a member of The Association of Professional Inventory Providers).

65% of Landlords Do Their Own Inventories

In the video accompanying Paul’s blog, he becomes animatedat the mentioning of this statistic. As a landlord carrying out your own inventory you are ‘exposed to more risk of a deposit dispute’. Paul attributes this to most landlords not putting detailed, correct or required information on the inventory. With an impartial service, this is not a problem that would be encountered.

Property Inventories on Unfurnished Properties

Paul’s article highlights a topic that we’ve encountered many times. Some landlords are led to believe that an inventory is only needed for furnished properties. Paul reiterates that this is not the right view to take. Decoration and condition of the floors, walls and garden should all be noted in the inventory. Mould and discolouration can appear very quickly if your property isn’t being maintained properly, the inventory will detail this clearly. If you do not include an inventory with your property, irrelevant of furnishings, you are opening yourself up to the potential of losing any deposit costs that you may wish to hold back.

Mid-Term Inspection

Paul Shamplina goes on to highlight the importance of a mid-term property inspection. This visit is the ideal opportunity for you, as a landlord, to check that the property is being looked after in the correct way. The best time to do this is after at least three months of the tenant being in the property, though this is at your discretion. Don’t forget that by law you are required to give 24 hours written notice of any inspection. We highly recommend that you are flexible with your approach to inspections, this will help take the intimidation factor away from the process.

Are you looking to take away the stress and hassle of writing your own inventory? Get in touch to find out more about our property inventory services.

Picture taken from Property 118.

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Success Story: Rachel Farr Fast Tracks in Bath

no letting go franchisee success story Rachel Farr

Rachel Farr is already on the path to growing her franchise business in Bath. Having joined the No Letting Go team just a few months ago, Rachel is already expanding her business with the help of two inventory clerks.

Rachel originally ran her own inventory company in Bristol and came across No Letting Go whilst on a Property Inventory Management training course. Here she explains why she decided to switch from working independently to being part of the No Letting Go franchise network: “In short it was No Letting Go’s systems that impressed me so much” she recalls.

Online Inventory Tools to Make Life More Manageable

“Whilst I was still running my own business I started to do some work with No Letting Go as an affiliate working on some of the company’s national contracts in the Bristol area where I was based at the time. Letting Agents want easy access to their inventories and online systems are the obvious solution. I was using a simple online inventory tool to generate inventory reports and log photography which worked okay but once I’d started to work with No Letting Go’s system I knew I had found a superior system; I found the software so user-friendly I knew it would make my life more manageable, that I would be able work more efficiently freeing up valuable time to grow my business. In the end it was an easy decision really.”

Rachel and her family took the opportunity to relocate to Bath, “I am loving being my own boss and with the additional backing and support of the No Letting Go team I have the best of both worlds,” she added. “I enjoy the variety, every day is different and the freedom to manage my own time and the flexibility that I have as a result is wonderful.”

Become a No Letting Go Franchisee

If you feel inspired by Rachel’s story then don’t hesitate to get in touch with a friendly member of our team on 01322 555 128. We can provide you with all the information you need regarding franchise packages and how you can become a successful ‘No Letting Go’ franchisee just like Rachel. Take the first steps and contact No Letting Go today.

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Things to Consider When Viewing a Rental Property

Viewing a property can be exciting. Quite often it’s the most enjoyable part of the whole rental process. It’s very easy to get carried away by the idea of the next property being perfect while neglecting to check the things that really matter. We’ve put together a list of the top considerations to make when viewing a property, so you won’t forget to check something that could come back to haunt you.

Things to look for when viewing a rental property

Outside the Property

When you first get to your viewing, take a good long look at the outside of the building. Be sure to think about the following points:

  • What condition is the outside of the property in? Is there any structural damage that could cause issues further down the line?
  • What is the condition of other properties around?
  • How secure is the property? Are the locks of a satisfactory quality?
  • If you’re viewing a flat, what’s the entry system like?
  • Is there a burglar alarm?
  • Is there a garden? Who takes responsibility for the upkeep?
  • What is the parking like?

Inside the Property

When you’re greeted by the lettings agent, be sure to take the viewing at your own pace. Ask questions, be thorough and don’t be persuaded by the smell of coffee or great interior design. When in doubt, consider the following:

  • Are there any signs of damp? Any flaking paint? Any evidence of insect or vermin infestation?
  • How effective is the heating? Do all radiators work?
  • What is the state of insulation? Any double glazing?
  • Can you see any obvious repairs that you would like carried out before you move in? Be sure the landlord puts any promises of repair work in writing for you.
  • How much storage space is there? Can you imagine yourself fitting all your belongings into the storage available?
  • What comes with the property? Is it furnished, part-furnished or unfurnished? Are the white goods included?
  • What state are the kitchen cupboards and work surfaces in?
  • Run a tap, check how hot the water is. This will give you an idea of the condition of the boiler and water pressure.
  • What are the rules on decoration? Can you redecorate and give the place your own personal touch?
  • What is the phone signal like? Do you really want to rent a property where you can’t be contacted whilst at home?
  • Where are the electrical points? Can you spot any loose or dangerous wiring?
  • Any signs of condensation on the windows? This could be a sign of poor insulation or cracking sealant. Check the sealant in the bathroom too, is it intact?

Local Area

Take a walk to the shops, keep your eyes open and take in the neighbourhood. Be sure to think about the following:

  • What is the neighbourhood like? Would you feel safe walking alone after dark
  • Are there amenities in close proximity to the property?
  • What transport links are there?
  • What is the volume of noise like? Do any train lines run close to the building? Any busy roads nearby? Any late night pubs that could cause a disturbance?

Other Considerations

  • Are the burglar, smoke and carbon monoxide alarms in working order?
  • Are all locks, including windows, functioning correctly?
  • What does your rental payment cover? Who will take responsibility for bills and council tax?
  • How much is the deposit? Where will this deposit be kept?

No matter how much you want a property to be perfect, listen to your gut. If the property isn’t right, then it simply isn’t for you. Don’t force it and never run into a decision like this without full consideration and thought. Once you’ve found your dream rental and approach the moving in process, be sure to carry out a full inventory. Whether you’re a tenant, landlord or lettings agent, take the stress out of the inventory process with No Letting Go. Find out more about our award winning services here.

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Brexit and its Impact on the Rental Market

Brexit and its effect on the rental market

With the country voting to leave the EU last week a lot of people have turned their attention to the property market, and just how Brexit might impact buying and renting. It’s still too early to make any firm statements, but some analysts are starting to make some predictions about the rental market and what we should expect over the coming years.  An opinion that seems fairly common at the moment is that rental supply will remain at similar levels as Britain prepares for life outside the EU.

Brexit and Housing Supply / Demand

A report has found that two thirds of letting agents are not expecting supply, demand or rental costs to change that much in the immediate aftermath of Brexit. In the future demand may start to fall, as prospective international tenants choose to go elsewhere, but for the most part prices should stay around the same levels we’re seeing today. Elsewhere a quarter of the agents surveyed say that Brexit will cause upward pressure on rental costs, as landlords will be looking for a greater return on their investments.

Brexit and Buy-To-Let Mortgages

Buy-to-let mortgages have been getting increasingly difficult for landlords to obtain, with lenders continuing to reduce the amount that they are prepared to lend in relation to rental income. However there is some hope that Brexit may actually help the sector, as house prices could fall faster than rent and landlords’ yields would rise. That wouldn’t help their existing properties but it could provide some much-needed relief if they wanted to add to their portfolio.

Brexit and Housebuilding

Other industry experts say that housebuilding levels will take a hit, and that some property deals that were in the pipeline are now being cancelled following Brexit. If this is the case and fewer homes are built around the country then it could force landlords to continue with their current portfolio in the short term. However, overseas buyers could be tempted into the market thanks to a weaker pound, and anyone who trades in US dollars has much value to gain from capitalising on the exchange rate.

As things stand it’s too early to say for definite what kind of impact Brexit will have on property, but it will be a very interesting time for the sector. In the meantime if you’re a landlord or letting agent in need of inventory services then make sure you get in touch with No Letting Go today.

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