If you are thinking about buying a property with the intention of letting it out, you are going to want to know which is likely to let quickest and with the least trouble.
While nobody can be sure 100% of the time, properties that let quickly are likely to have most of these features:
• Convenient location. Good transport connections and being close to shops, schools and parks are important to people. If you are considering student lets then quick and easy access to college or university is essential.
I was interested to read the results of a recent survey by Belvoir, a nationwide franchise operation specialising in letting properties.
Of the landlords surveyed, 68% said they had not raised rents in the last twelve months but 88% believed that the increased costs for purchasing buy to let properties introduced by the government would inevitably lead to a general increase in rents.
I fear the fallout continues following the Chancellor’s announcement of a 3% increase in Stamp Duty for buy-to-let properties and second homes in his Autumn Statement.
The increase is due to be introduced in April and there is speculation that small landlords will rush to purchase properties to let before that deadline.
The Chancellor George Osborne gave the housing industry plenty of good news recently in his Autumn Statement. At the same time, though, he announced a 3% increase in Stamp Duty for buy-to-let properties and second homes, which analysts fear could lead to price hikes and resultant rent increases.
The positive news for the housing market was the announcement that the Government’s housing budget would be doubled to £2 billion to build more homes. The Chancellor made a commitment to building 400,000 new homes by 2020.
Savills, one of London’s top Estate Agents, has published research which shows demand for buy-to-let property will continue to increase in coming generations as domestic tenancies rise while property ownership falls.
I was surprised to read that they predict fewer than half of those people born in 1990 will be home owners by the time they reach 40. Their Residential Property Focus 2015 reveals some 53% of people born in 1960 owned their own home by the age of 30, which rose to 71% at the age of 40 and 79% at 50.
I was shocked to read recently of a landlord who let a property with serious health and safety issues to vulnerable adults and was subsequently fined £1,350 for breaches of the Housing Act 2004.
John Kiernan pleaded guilty to failing to implement satisfactory management standards when letting the property in Birkenhead. When housing officers from the Wirral Council inspected the property they found it had several health and safety risks:
• There were no fire precautions
• The electrical wiring was in a dangerous condition, including some exposed live wires
• There was serious damp and mould was growing
• Some of the windows were boarded up
• The kitchen and bathroom facilities were extremely poor