The most recent rental index from Landbay has revealed that the average cost of renting a property outside of the capital rose during 2016. Rents paid increased by 2% in the 12 month period and now account for 53% of the average take-home pay for people outside of London. Capital Pains In the capital, typical rents remain more than double the average for the rest of the UK at £1,882. This is despite a fall of 0.13% during December. Worryingly, with take-home pay averaging £1,967 per months, many on typical incomes will spent nearly all of their money on rent, unless they split the cost. Taking London out of the equation, average rents across all properties […]
As 2017 begins, now is the perfect time to think about how you can refine your role as a buy-to-let landlord and maximise the potential of your property! With these in mind, try these five easy new years resolutions to ensure you secure great tenants for 2017 and beyond: Talk to your tenants – It is vital that you keep in close communication with your tenants. This will not only show you as a conscientious and committed landlord but will allow you to keep on top of any problems. Most disputes arise as a result of simple misunderstanding or lack of communication. Be sure to develop a relationship with your tenants be staying in contact. Arrange […]
The residential housing market in the UK finished 2016 strongly with prices up 1.7% month on month in December, taking the annual growth to 6.5%. The quarterly growth was also strong, up 2.5% in the final quarter of the year, taking the average price of a home to £222,484, the figures from lender the Halifax show. Halifax housing economist Martin Ellis said that while house prices finished 2016 strongly, slower economic growth, pressure on employment and a squeeze on spending power, together with affordability constraints, are expected to reduce housing demand during 2017. ‘UK house prices should, however, continue to be supported by an ongoing shortage of property for sale, low levels of housebuilding, and exceptionally […]
New year, new investment? Now that 2017 has hit, you might be considering a new investment to kick off the year. But what are the red flags you should be looking out for? And what’s the better option? Managing it yourself or handing it over? 1. Can you afford the property? Investing in property is a big project that – for most buyers – comes with a lengthy process and will take a while to go through. So making sure that you’ve got the funds to cover every singly repayment and put the deposit down is one of the first things you should be certain about. 2. Can you afford the costs? Costs on a property […]
Mortgage approvals for house purchases hit an eight-month high in November, according to the latest figures from the Bank of England (BoE). Some 67,505 mortgage approvals were recorded in November, up from 67,371 in October and the highest number seen since March, when the figure reached 70,079. It is believed that the peak witnessed in March was the result of a rush of investors hoping to beat the introduction of the 3% Stamp Duty surcharge for additional homes in April. Despite November’s high number of mortgage approvals, the level was still down on an annual basis, from 70,123 the previous year. However, the value of lending was higher in November, at £12.3 billion, up from £11.8 […]
As every property expert in the land prepares to unveil their predictions for the market in 2017, it seems there is some consensus as to the general shape of the next 12 months. Nobody is predicting any great moves in prices for 2017, with a seeming period of quiet while the market waits to see how Brexit will affect the whole economy.