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