Nuneaton Rental Properties- supply & demand

With things picking up again after lockdown and being inundated with tenants looking for rental property in Nuneaton, it got me thinking about supply and demand.

We’ve never had an issue finding good tenants for properties because we’ve always been flooded with enquiries (usually within a few minutes of listing the property online). For example, a property we had recently was a 3 bedroom terraced in Stockingford, Nuneaton CV10. We had over 70 enquiries for it within a couple of days!

At this point I thought it best to pause the marketing and allow time to pre-qualify all of the potential applicants. However, if I had not done that, the enquiries probably would’ve been well into the 100’s after a few more days of advertising.

So, I had a look to see what NEW property rentals have been listed with “on the market” since 1st July 2020 to date (including all agents in Nuneaton) . In the CV10 area there have been 47 properties come available and in the CV11 area only 32 properties. These are your average 2-3 bedroom terraced properties.

Bearing in mind the amount of people who enquired about one property, this amount of NEW properties would not have even covered all of the applicants we had! What was even more surprising was to see that some properties were still available after being on the market for more than a month!

To sum up, the demand is always there for rental properties in Nuneaton, regardless of area, property type, size etc. When I list a property to rent, I often think of it like expecting a stampede of buffalo like in the lion king. Thankfully it’s not as dangerous!

To everyone out there- stay safe! Keep investing in Nuneaton and we’ll find you buffallo…I mean tenants in no time 🙂

Melissa

New notice period for rental properties- Nuneaton Landlords…Listen up!

I wanted to get this VERY important information out to you as soon as possible and make it as detailed as possible, so…… I copied it from HMRC website. I know, I know, that’s so un-original! But it’s important so, read on…

“The provisions in the Coronavirus Act 2020 have been extended meaning that from 29 August 2020, landlords must provide six months’ notice to their tenants in most circumstances. However, there are some serious cases where it is right that landlords are able to start progressing within a shorter timeframe. This is because of the pressures these cases place on landlords, other tenants and local communities.

These changes mean that from 29 August 2020:

  • For notices in relation to anti-social behaviour, domestic abuse, rioting and false statement, the required notice periods have returned to their pre-Coronavirus Act 2020 lengths. In some cases, this means that proceedings for anti-social behaviour can be brought immediately after notice has been served. Notice periods on these grounds otherwise vary, depending on the type of tenancy and ground used, between two weeks and one month.
  • Where at least six months of rent is unpaid, a minimum four-week notice period will be required. If less than six months of rent is unpaid, then the notice period is six months.
  • Where a tenant has passed away or is in breach of immigration rules and does not have a right to rent a property in the United Kingdom then a minimum three-month notice period is usually required.
  • Where a social tenant has an introductory or demoted tenancy (used by local authorities), for cases concerning anti-social behaviour (including rioting) and domestic abuse, a four-week notice period will be required. Otherwise, notice periods for Introductory and Demoted Tenancies will be six months.
  • A six-month notice period is required for all other grounds, including Section 21 notices and, as highlighted earlier, where accrued rent arrears are less than the value of six months’ rent.

At the expiry of the notice period, a landlord cannot force a tenant to leave their home without a court order. When the notice period expires, a landlord would need to take court action if the tenant was unable to move. We strongly advise landlords not to commence or continue eviction proceedings during this challenging time without a very good reason.

Where appropriate, if disputes over rent or other matters persist, landlords and tenants are encouraged to consider mediation. Mediation allows an independent third-party to assist those involved to reach a mutually acceptable agreement to resolve their dispute, without the matter needing to go to court. While early mediation may be most beneficial in helping parties come to an agreement, this can take place at any point during the possession action process.”

It’s me again now. So, that makes for an interesting read, doesn’t it. All i will say is, if you are managing properties yourself just KEEP IN TOUCH with your tenants. Please be understanding, be supportive and make compromises. I know there will be some people out there who go on the defensive and demand the rent but, trust me, that definitely will not help! If tenants know that you are on their side, they will be so much more cooperative to help you too.

If it’s not the rent that’s the issue but it’s antisocial behaviour then you will be able to get some additional support for that.

Good luck out there! It’s a crazy world we’re living in at the minute.

Melissa

*Star Buy*-Nuneaton Landlords looking for next property investment…

This 2 bedroom terraced on Bracebridge Street, Nuneaton is currently on the Market with Your Move for £100,000 and looks as though it could be a great investment opportunity!

Yes, it needs quite a bit of attention but for those DIYers out there, it’s a perfect little project and potentially fantastic investment. I can potentially see two options for this…

Option 1- Buy the house, do what needs to be done (up to £10,000 if you can do most of it yourself) and then rent it out for around £600/month. Giving you an annual yield of 7.2% (not including the cost of the works to do it up)

Option 2- Buy the house, split it into two 1 bedroom flats (which looks achievable from the floor plan) and get an income of £1100/month, which would give you an annual yield of 13.2%!

In fact, I may go and have a look at this myself!

Happy Investing.

Melissa

What exactly is happening to Nuneaton house prices post lockdown?

What will house prices do this year? Do we sit and wait patiently for the much-predicted house price crash in the next few months, or will the UK property market bounce back following the stamp duty holiday announcement?

If, like me, you are confused by the latest figures released by Rightmove, which show a 2.4 per cent house price surge compared to March in the month leading up to 8th July 2020. This number comes in only a few weeks after other house price data was showing a steady decline, with the first annual house prices fall (of 0.1 per cent) since 2012. Buyers and sellers alike are struggling to get their heads around these fluctuations understandably!

It would seem that the government’s stamp duty holiday plan is paying off, at least in the short term: the cancellation of all stamp duty payments on properties up to £500,000 has inevitably resulted in a spike of buyer interest – and in sellers being able to raise asking prices, bringing up the average property price in the UK to £320,265.

To find out more about the effect this is all having on Nuneaton house prices whether you are buying or selling, please feel free to drop us an email at info@qthomes.co.uk

Nuneaton Landlords- no more “NO DSS”!

Are you a “NO DSS” Nuneaton landlord? It has long been a fear for many landlords that if they rent their property to a family in receipt of, what is now, universal credits then they are at higher risk of having problems with rent arrears. Not necessarily because of the individuals themselves but rather the system itself.

Propertymark have said “The design of the system with payments made in arrears makes paying rent on time impossible for many tenants and this presents issues for landlords who are relying on the rent to make mortgage payments.”

A Negotiator article recently reported that “at York County Court a judge found that the practice of turning away applicants because they are receipt of benefits unfairly discriminated against a single mum-of-two with a disability, on the grounds of sex and disability under the Equality Act.”

People should not be discriminated against because of their circumstances, I absolutely agree. I am also inclined to agree that the system MUST change to support & reassure landlords that renting their property to someone in receipt of Universal Credit is no higher risk than renting to a person in full time employment.

“NO DSS” will be “stamped out” says Shelter and no doubt hefty fines are headed in your direction if you do not adhere to it!

Let me know your thoughts on the subject.

Melissa

Nuneaton Property SOURCING for Investors…

Let us help you find the right property investment for you

Are you thinking about investing in Nuneaton? Maybe you’re a pro investor and could buy properties in your sleep or, maybe like some people we’ve spoken to recently, you’re new at the property investing game?

Either way, I’m delighted to announce that we are venturing into property sourcing for investors and our services will include a basic “property source” right through to quoting and managing the refurbishment of your newly sourced property as well as property management at the end of the process.

We will be with you every step of the way. Either holding your hand (metaphorically speaking of course…thanks to COVID 19) through it all (if you need a bit more reassurance and support) or just provide regular email updates with photos of the progression so you know that things are being dealt with.

You’ll know from this blog that Mariam and I love property and are always keeping up to date with what’s going on in the local community (town improvement plans, new build sites etc) as well as the Nuneaton property market as a whole. So, if you want to use our property sourcing service for a property investment in Nuneaton, please feel free to get in touch and we’ll be delighted to find you the next gem in your property portfolio.

Melissa

Nuneaton Agents providing virtual viewings…and??

If you were going to buy or rent a house would you take the house based on a virtual tour?

My answer- Hell NO!

Before I bought my house I saw so many houses online and was sooo excited thinking, “yes this one is the one” then i’d go and view it and it wasn’t as big/nice as it looked and it just had a “bad” feeling to it.

Men reading this might think “pffft women and their feelings” but it’s so true. You either get a good or bad vibe about a house and you just can’t feel that when you look at photos or watch a video.

We have a managed property vacant at the minute and a nurse was looking to move to be closer to the hospital. She saw the video i did (which was awesome…obviously!) and loved the house. The landlord went and opened the door for her and allowed her to view the empty property alone. She got back to me and said that although it was lovely, she didn’t feel it was big enough for her and her family.

It’s not that i’m trying to pause the housing market any more than it has been but I want to be real about things and say, although the video tours might be helpful, I don’t think i could trust anyone who would buy or rent a house from a video tour. They’re a great additional tool to have to sift out the time wasters before booking viewings but I can’t imagine how many issues will arise from people taking properties from virtual tours alone….cringe!

What are your thoughts on this? I’d be very interested to hear from you.

Stay safe all

Melissa

COVID 19 -What can Nuneaton Landlords do about empty properties?

Well, I don’t know about you but during lock down I’ve perfected the art of baking as well as Lego houses and sunbathing.

In all seriousness, I am working from home running my Lettings business as well as managing my own properties (and trying not to let my 5 year old become a tech monster!).

I have had several people contact me saying “my rental house is empty and i want to get a tenant in ASAP”. I shall share with you what I told them… If a house move is non-essential then it should be postponed until it is safe to do so. For example, if a person is in an abusive relationship and it would be a danger to life if they did not move, then that would be acceptable OR in a case that i dealt with, a family had a house fire and were living in a hotel. The hotel then closed due to COVID 19 and they would’ve been homeless had I not sorted everything out for them.

Even if you do have a prospective tenant in desperate need for homing, how will you go about doing a viewing, all of the paperwork, right to rent checks etc without breaking government guidelines?

The answer is- it’s possible but a longer drawn out process.

I manage a Facebook page called ‘Nuneaton Houses To Let For Sale or Wanted’ and we have had about 200 new members since lockdown and lot’s of people looking to move. I appreciate that people may “want” to move but if they don’t “HAVE” to move then they should stay put. I also appreciate, as a landlord, that we don’t want our property empty, however, given the circumstances I think it’s best that we stick to the guidelines.

In the mean time, go and check on your empty rental once a week/once every couple of weeks. Speak to the neighbours (from a distance) and pass on your number and ask them to get in touch if there are any problems.

It’s also the perfect opportunity to do a bit of maintenance/ painting. Spend a bit of time getting the house tarted up, ready for letting.

If you’re looking to find a tenant for your rental property after lockdown or want any advice on property rentals in Nuneaton, feel free to give me a call.

For now, stay at home, stay safe

Melissa

What Nuneaton Landlords & Vendors can do during this time…

I don’t know about you but I’ve been doing a lot of home improvements over the last 10 days or so since we’ve been on lock down. I’m not looking to sell or rent my house, however, I thought this really is THE perfect time to get a house ready to sell or to rent.

You might be thinking “yeah, great idea but where can I get materials from?”. Well, I know our local Wickes store is doing a click & collect service and I would imagine that they are all doing the same countrywide. So, those scuffed walls that are looking worn and unattractive can be painted, that chipped and scratched worktop that is letting the kitchen down can now be replaced. You get my drift.

If your house was on the market prior to lock down and it wasn’t letting or selling, feel free to get in touch. We can arrange a video call, you can show me around and i’m happy to advise on those few improvements that could make all the difference!

I’m pretty confident that the property market is going to boom once we have come out of this pandemic so, lets get ready to sell or rent NOW!

Stay Safe all

Melissa

Brief update on managing your Nuneaton Buy to Let during the Coronavirus Pandemic

Apologies for the delay in getting more blogs out. It turns out that working from home with a 5 year old isn’t easy…at all! However, he is currently entertained so I figured I’d get a quick blog done.

I’ve had a few questions come in from landlords and tenants and i thought i would share my findings with all of you as well…

Do i Still have to carry out the landlord gas certificate?

The short answer is YES.

HSE State:

“Landlords have a duty of care to their tenants. This is a legal duty to repair and maintain gas pipework, flues and appliances in a safe condition, to ensure an annual gas safety check on each appliance and flue, and to keep a record of each safety check.

The Gas Safe website say:

In the event you are unable to gain access to the property, e.g., refusal of access due to tenants self-isolating, or if you are unable to engage a registered gas engineer to carry out the work due to a shortage of available engineers, you will be expected to be able to demonstrate that you took reasonable steps to comply with the law. This will need to include records of communication with the tenant and details of your engineers attempts to gain access. You should seek to arrange the safety check as soon as all parties are available. For more information click HERE

What repairs do I HAVE to carry out during Coronavirus Pandemic/lockdown?

This is very much about common sense. Do you NEED to arrange for someone to go out and do the repair? (If not, don’t do it). Can it wait? (If so, just tell the tenant you will address is as soon as you can). Is it likely to be detrimental to the property or tenant if left unattended? (If so, find a suitable trades person, ensure they will adhere to the Health & Safety e.g. social distancing, wearing gloves & mask and arrange for the work to be done).

My tenant has asked for a “Rent Holiday”. How do i get this money back?

If your tenant asks for a rent holiday, you need to be understanding and sympathetic given the current situation we all find ourselves in. Agree a term (probably 3 months) that they can have a rent holiday and discuss repayment options. e.g. the 3 months rent they have missed will be split over 6 or 12 months and added onto their monthly rent amount.

Contact your mortgage company straight away (online is best) and request a mortgage holiday. They will most likely grant 3 months holiday and your ;missed payments’ will be added to the term and you will find that your mortgage repayments will increase as a result.

The important thing is to ensure you keep in touch with your tenant and be as clear as possible with how things will work. Try to keep things in writing so you can both keep records of everything. If they have a guarantor, please contact them to inform them (see if they are able to pay. If not, let them know that the rent payments will go up as a result and their obligations still apply).

That’s all for now folks. If you have any more questions, please feel free to get in touch and I will get them posted on here and share them far and wide to ensure as many of us keep afoot of the changes and our obligations.

Stay safe. Stay home.

All the best

Melissa