COVID 19- most Nuneaton Landlords now working from home…

….me being one of them!

So, i’m doing my best to retain some sanity whilst sat at home trying to run a business, home school my 5 year old, trying to block out the constant chit chat while i’m responding to emails and taking calls. It’s all good fun! I’m sure a lot of you are in the same boat (some of you will have the even bigger challenge of multiple children… enjoy!).

I’ve not been doing so many written blog posts on the Coronavirus because I’ve mostly been doing video blogs for landlords and tenants, helping them to decipher the vague announcements from the govenrment over the last few days. If you want to see any of the videos, please click here.

Unless you’ve been living under a rock for the last week, you will know that the government have announced that lenders will be offering a 3 month “mortgage holiday” to help relieve the financial pressures of those “impacted” by COVID-19. They also said that there will be a complete ban on evictions for the next 3 months to ensure that tenants are safe during this time of uncertainty. Both fair. Both necessary.

However, what was not made clear was what happens in the event that tenants cannot pay the rent and STOP paying the rent. The landlord may have the mortgage holiday but they have to pay this back eventually and are losing income in the mean time. Do tenants have to pay the lost rent back?

I have a couple of contingency plans in place in case this happens. If you would like to know what they are, please feel free to get in touch.

I know i’m a bit of a joker at times but, I just wanted to say that if any of you are feeling anxious or worried at this time about what will happen to you, your tenant or your investment property, please feel free to get in touch for a chat. I may not have ALL the answers but i’m hear if you need me.

If you do call, please excuse the noise in the background. It turns out that 5 years old aren’t particularly quiet!!

wishing you all the best. Stay safe.

Melissa

*STAR BUY* for Nuneaton Landlords!

Whilst doing my usual trawl through On The Market, I noticed this gem pop up. Admittedly, I am not usually a massive fan of flats. I have several of my own flats and can’t say that they’re my favourite but I do have some at Simon Close (where this flat is for sale) and these flats are, BY FAR, my favourite! The management company are fantastic and the flats rent very quickly here.

This flat is on for offers over £80,000 but it has been on since December so I’m thinking there may be some flexibility here.

Lets look at the fun stuff…
If you purchase the flat for £80,000 and the current tenant pays £500. The ground rent and service charges are £1210/year, which would leave you with a gross yield of 7.50% and a net yield of 5.99%.

However, I will share a little secret with you….I charge £525 for both of my flats at Simon close so, if the rent were to be increased, you could be looking at a gross yield of 7.88% and a net yield of 6.36%.

Not bad, ey!!!

If none of you snap this one up, I might add to my Simon Close collection!

If anyone is looking to have their Nuneaton Property managed or if you just simply want us to find you a tenant, please feel free to get in touch on 02477674545 and we’ll gladly help.

Nuneaton Landlords- If you get hit with COVID 19 you might be supported by your mortgage lender!

You may have read my blog last week about the clever clogs who suggested that landlords provide a 3 month rent free period to their tenants if they are unlucky enough to get the COVID-19 virus and just take the financial hit (more like Thor’s hammer to the face!).

Well, I read today that lenders are looking to support their clients by offering a 3 month holiday from mortgage payments if they are affected by the virus. At the moment it is only RBS but other lenders are likely to follow suit.

The article by “The Negotiator” states that  “With the fallout from COVID-19 likely to last many months, and some experts predicting another financial crash, the speedy move will go some way to maintain confidence in the market.” I am inclined to agree with this and say “hoorah” to the sensible lenders who are good enough to support their clients…and the economy as a whole!

I hope this doesn’t affect any of our readers and I hope you all stay safe and healthy over the coming weeks/months. Elbow bumps to all of you.

Nuneaton Landlords- Under pressure by Boiler Pressure?

As a property manager, I have a lot of phone calls from tenants saying “my heating and hot water has gone off” and I reply with “what is the pressure gauge saying on the boiler?” and they respond is usually “the what?”. Obviously, I do my best to avoid sending out a plumber unnecessarily so i get the plumber to call them and talk it through if possible.

Today i came across a very helpful video from Jamie at Hydro Heat Plumbing and he explains why the pressures drops and how to re-pressurise the boiler yourself.

I’ll be sending this round to all of our tenants and landlords so i wanted to share it with all of you too. Watch the full video HERE.

Nuneaton Landlords- Have you heard… A call for tenants to get 3 months free rent if hit with Coronavirus.

Without meaning to sound unsympathetic about things, the Coronavirus is starting to become as repetitive as Brexit. Now that we’ve got Brexit out of the way, the Coronavirus has literally infected the entire worlds media and caused widespread panic. What is actually going to happen? Well, the simple answer is, no one really knows.

One clever (not so clever) individual, Richard Murphy, a chartered accountant & political economist thinks it would be a good idea for tenants renting private accommodation to get a MINIMUM of 3 months free rent if they get the Coronavirus!

If I could use emojis on this blog it would be the one slapping it’s hand to it’s face!

All I can say to this is “Whaaaaaaaaaat????”. Just ridiculous! Richard Murphy is saying that the Coronavirus will have a “profound effect….on the economy”, yeah, no shirt Sherlock!! If, by some madness, this ACTUALLY happens, tenants may very well find them selves homeless anyway because the house that they are living in, rent free, will most likely be repossessed because the landlord will probably be unable to afford that additional cost per month. What if their landlord also has the Coronavirus and is struggling to pay their own mortgage? Ever think of that one Richard Murphy?? Honestly…some people (rolling eyes emoji)! For more of this insanity, you can read the full blog article here

If you want to talk sense about property rentals in Nuneaton, feel free to get in touch on 02477674545 or email info@qthomes.co.uk

Farewell to Nuneatons co-op building

Farewell to the co-op building

For many generations of Nuneatoners the Co-OP building, in the town centre, holds precious memories. Mine centre around childhood trips to the toy department and chip batches in café. So it is with some sadness that we bid farewell to the co-op building and look to the future of Nuneaton. 

The co-op building has been vacant since 2016, following the Heart of England Co-operative Society’s announcement that with a ‘heavy heart’ the store would close. This bought into question the fate of the large retail building at the heart of Nuneaton Town Centre.

Early this year the building was purchased by Nuneaton and Bedworth Borough Council.  The Leader of the Council, Cllr Julie Jackson said:

“We have invested in this site so that we can better influence the future development of this part of Nuneaton town centre and we are keen to get started on improvements immediately.”

“This is a very large site and the possibilities are exciting. Obviously, we are still at a very early stage with this project and we’ll be keeping residents informed of progress. It is an exciting development and one of great importance to the town.”

Demolition has now begun on a portion of the building, making way for a development lead by the Transforming Nuneaton Programme. (Click here to see more about Transforming Nuneaton in our recent blog.) It is worth noting that the historical and aesthetic Art-Deco frontage on Queens Road will remain it tack.

The full plans for the site are not yet clear, but we hope that the removal of part of this build, makes way for a modern retail and leisure space in Nuneaton, where future generations buy toys and each chip batches!

Our Star Buy! – Shanklin Drive, Nuneaton, 3 Bed Semi-detached

This month our star buy is a 3 bed semi-detached property we have for sale on Shanklin Drive, Nuneaton, with an asking price of £235,000. This property comprises of an open plan living/dining room, with patio doors to a conservatory, a high spec kitchen, downstairs w.c and storage cupboard and upstairs 2 double bedrooms, one single bedroom and family bathroom. The property also has a front garden and shared driveway leading to a garage at the rear of the property and good sized back garden.

So what makes it our star buy?

Well for starters it has been thoroughly renovated to a really high standard throughout. The renovation includes; a new fitted kitchen, with integrated fridge freezer and dishwasher, a brand new boiler and new doors. The elegant and neutral design is perfect for modern life and is demonstrated by the thoughtful placements of sockets and TV points through the property – because who doesn’t charge their phone by their bed these days? But the best bit of buying a newly renovated property has to be the aroma of fresh paint that greats you when you step through the door.

This property also happens to share its address with Higham Lane Secondary School. Higham Lane School is rated Outstanding by Ofsted and officially Nuneaton’s best performing secondary school, it is even in the top ten across the whole county. This property is perfect for growing families, especially those starting to think about secondary school places.

And the cherry on the top is that this property is being sold with no upward chain!

If that sounds like the property for you, then you do need to get in quick, as this star buy has already had a lot of interest. To view the property details Click Here or call our office on 024 7767 4545.

Why we need more homes on our Nuneaton high street.

Firstly, the government’s stance on the property market is that we need more houses! In fact the government wants 300,000 new house to be build each year by mid-2020. These plans are apparently “way off track” but in Nuneaton we have certainly seen our town grow, with housing developments in Weddington, The Long shoot and Queen Elizabeth Road.

With the majority of these development taking place on the outskirts of Nuneaton, it got us thinking about the possibility of adding homes to the centre of town.

In recent years the UK has seen a massive return to city centre living, with our neighbouring city of Birmingham showing a massive 163% increase in population, from 9,800 to 25,800 people in the last decade. This is primarily made up of young professional, who live, work and socialise in the city. This has massive implications for the high street, with the residence creating the need for gyms, bars, restaurants and shops.

Being a proud Nuneaton business, we can accept that we perhaps can’t compete with the draw of Birmingham, however, on a smaller scale Nuneaton town centre living could boost our high street.

And it’s not just a benefit for the town centre but also for those that choose to live there! Town/city centre living is more environmentally friendly and cheaper (depending of house prices per square foot). People living in town and city centres are less likely to have the need for a car, use less water and have lower energy bills compared to separate dwellings.

We certainly aren’t the only ones thinking about town centre living as an option to help with housing demand and improve the high street. In 2015, the government introduced the Permitted Development Right, which allow retail and office space to be converted into residential dwellings without the need for planning permission. This could suggest that city centre style living may be coming to Nuneaton in the near future.

What does the Prime Minister’s name-check means for Nuneaton house prices?

Last week Prime Minister Theresa May gave our very own Nuneaton a name-check in Parliament. This moment in the spotlight was in relation to the huge plans to improve Nuneaton Town Centre. It is no secret that Nuneaton, like many other towns up and down the country, has suffered in recent years; due to changes in how we shop and closure of several national brands.

The Transforming Nuneaton Programme is a joint effort by Warwickshire County Council and Nuneaton and Bedworth Borough Council to regenerate Nuneaton Town Centre. In particular, the project focuses on area by the train station, which just so happens to be where our office is!

 Transforming Nuneaton has now applied for a slice of a £675 Million pot, called the Future High Street Fund, set aside by the Government to improve town centres.

Regarding Nuneaton’s Bid application, in Parliament Theresa May said;

“I am pleased to hear about the Transforming Nuneaton programme” and “The bid from Nuneaton for the Future High Street Fund is currently under consideration and we hope to announce the bids that have been successful in going forward to the business development phase in the summer.”

Despite the need for the improvements to the town centre, the housing market in Nuneaton is very buoyant, with both home owners and investors. It is evident, from the growth of Nuneaton, with the housing developments in Weddington and the Long Shoot, that Nuneaton is a desirable area to live. Plans to transform Nuneaton Town Centre into a place where people live, do business, shop and visit, can only be a good thing for the Nuneaton property market and Nuneaton as a whole.

We wish Transforming Nuneaton the best of luck with their application and can’t wait to see development begin!

£7.5 million Investment to be spent on Nuneaton !

What will this mean for Nuneaton property?….

In my opinion, it’s simple! The past few years investors have been going crazy over property in Nuneaton, with it being such a central location with commuting links right on your doorstep and yields that you would struggle to get elsewhere, it’s a no brainer!

Buying property now, in preparation for this huge investment of our town will mean in a few years when works are underway/complete, house prices as well as achievable rental yields will inevitably boom! Remember, you can get to London in less than an hour from Nuneaton…and more and more people are moving here for a fraction of the living cost and taking that daily commute.

Nuneaton town centre inevitably needs some TLC!  Sean Farnell, a board director at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “This is a positive step forward to transform Nuneaton in the short and long-term for the benefit of residents, businesses and people visiting the town.

If you currently have property in Nuneaton that you are looking to rent out, or looking to invest in Nuneaton, we always have the kettle on so you are more than welcome to come and pick our brains about what your plans are. Just give us a call on 02477 674545 and book in a time.