Category Lettings

Green shoots in the Housing Market…

Recent reports from the Office for National Statistics confirm that we are now starting to see some positive increases in the market.

Momentum is building across the UK housing market as spring approaches. The ONS (Office for National Statistics) report average property prices are rising in every region of the UK for the first time in nearly two years.

Property price growth is currently strongest across Yorkshire and the Humber and the East Midlands, with price growth across the capital at its strongest level since October 2017.

The Royal Institute of Chartered Surveyors (RICS) and Rightmove report there has been a notable increase in buyer demand in January with both the HMRC and Rightmove citing sales volumes are on the rise.

Both market appraisals and new instructions are on the up, according to both RICS and Rightmove although demand currently outpaces supply. Prospective vendors are well advised to contact their local agent.

Lettings Market Snapshot for January 2020

We bring you the latest trends in the rental market, with a detailed focus on South Hampshire.

Over the last 12 months, the average rent achieved for properties let in South Hampshire was £888 per month. This is a +4% change on the previous 12 month period.

The rate of annual rental growth across the UK remained unchanged in December at 1.4%. Value growth across London continues, average rents 1.2% higher than a year ago with growth at its strongest level in over 2 years. 

The government has announced an overhaul of the model tenancy contracts, including making it easier for responisble tenants to have a well behaved pet. At present just 7% of tenancies allow a pet, with a survey by the Property Academy finding over one third of tenants (35%) would be prepared to pay a rental premium in order to keep a pet.

Can renting be pet friendly?

40% of UK households own a pet, yet only 7% of landlords advertise homes as suitable for pets. It is no wonder many people struggle to find a pet-friendly home.

Research conducted by the Property Academy found that 35% of all tenants would be willing to pay a premium of £40 per month (£50 in London) for a ‘pet-friendly’ property. This proportion rises to 43% among tenants who are couples.

Housing Secretary Robert Jenrick has called on landlords to make it easier for responsible tenants to have well-behaved pets in their homes, announcing an overhaul of the model tenancy contracts. There should be a clear balance with pet owners not being penalised and landlords being more flexible, yet their properties being protected from damage.

20% of English & 15% of Welsh households are in the private rental sector and this has been increasing. In England and Wales the private rental sector (the proportion of housing stock that is privately-rented) has increased by around 8% from 2013 to 2018, and therefore demand for pet-friendly homes is increasing. Private renters should be able to enjoy the happiness a pet can bring to their lives and hopefully the revised tenancy contracts will help this!

78% of renters in the UK encounter problems during their tenancy

Although we can’t always avoid our tenants encountering problems our experienced lettings team are committed to tackling these issues head on so that both our tenants and landlords can be assured they are in safe hands.

Nearly eight in every ten renters have experienced a problem renting, according to the HomeOwners Alliance 7th annual Homeowner survey, polled by YouGov.

Issues with landlords account for a significant number of problems, with nearly two-fifths of all renters finding it difficult to get their landlord to carry out maintenance and repairs. A third of those who had experienced problems, found their landlord unprofessional.

‘Poor heating and ventilation’ was cited as the second most common problem among tenants. By April 2020, all rental properties will be required to have an EPC rating of ‘E’, to comply with the 2018 ‘Minimum Level of Energy Efficiency’ standard. Just 12% of properties let over the past year have held the top rated EPC rating of A or B.

Following the introduction of the Tenant Fee Bill in England (June) and Wales (September), future editions of the survey should show a significant reduction in problems relating to charges and deposits.

If you are a Landlord or Tenant and would like to find out more about our service please contact our lettings team: http://bit.ly/contact_us_thb

Customer feedback – Lettings Department

Another great review for our Lettings Department and an insight into the excellent customer service that Pippa consistantly provides:

“I’ve had a great experience with the whole process. I have been fortunate enough to have had Pippa looking after my every demand. She has gone over and beyond I would have expected. She’s so friendly and genuinely made me feel so at ease whilst I was flat hunting on my own. She’s been supportive, efficient and kept in contact ever since my first viewings, ensuring that I was happy and that I was able to find my new home. I can’t praise her enough. Thank you.”

Students at university can now invest in property and become landlords?

Buy for Uni mortgages are now offered by three Building Societies. They allow students to buy a property while at university and pay the mortgage with the rent they charge other students.

Of the 2.3 million students in higher education across the UK, over three-quarters, 1.84 million are students studying on full-time or sandwich courses. The majority require student digs during their studies.

While nearly one in five live at home, 317,300 students, the equivalent to one in six live in their own residence, an additional half million more (531,715) in other rented accommodation. Together these two sectors account for nearly half (46%) of all student digs.

Students can borrow 100% of property value, however the 25% deposit required by lenders is put against their parents’ house and there are limits on the type of property that can be purchased. Find out more in our blog, ‘View from the loft’.

If you would like to speak to one of our whole of market mortgage brokers click here to book a free consultation: http://bit.ly/contact_us_thb

Customer feedback

More great feedback received today for the lettings team:

“Dear Lyn, We very much appreciated the service, 

Please pass our thanks on to Andrew, Pippa, Freddie & Jenna. You all provided a professional friendly & responsive service.

We would be very happy to come to you again & recommend you to others.”

Delivering a great customer experience is one of Taylor Hill & Bond’s core values and we are always delighted to hear from our customers with their thoughts.

Click here to read further feedback regarding our service http://www.taylorhillandbond.co.uk/testimonials.html