Where will Nuneaton house prices be in the not so distant future?

rising house prices

I was having lunch the other day with a solicitor friend of mine who’s properties I manage, when the subject of property came up. She asked me my thoughts on the Nuneaton property market for the next five years. Property prices are both a British national obsession and a key driver of the British consumer economy.  So what will happen next in the property market? So here is what I told her, and now wish, my blog reading friends, to share with you.

 

Before I can predict what will happen over the next five years to Nuneaton house prices, firstly I need to look at what has happen over the last five years.  One of the key drivers of the housing market and property values is unemployment (or lack of it), as that drives confidence and wage growth – key factors to whether people buy their first house, existing homeowners move up the property ladder and even buy to let landlords have an appetite to continue purchasing buy to let property.

 

Nuneaton’s MP, Marcus Jones, has welcomed new figures showing that unemployment in Nuneaton has fallen by 54% over the last five years and wage growth continuing to out-pace inflation. There are now nearly 1,600 fewer people in Nuneaton claiming out of work benefits compared to 2010. The figures also showed that average pay growth is at 2.9 per cent – the fastest rise since 2002 – while inflation was only 0.1 per cent, meaning hardworking people in Nuneaton have more money in their pockets.

 

 

Many home occupiers have held back moving house over the past seven to eight years following the Credit Crunch but with the outlook more optimistic, I expect at least some to seize the opportunity to move home, releasing pent up demand as well as putting more stock onto the market. With a more stable economy in the Town, this will, I believe, drive a slow but clearly defined five year wave of activity in home sales and continued house price growth in Nuneaton.

 

The price of the average UK home will rise by 50% in the next 10 years, say the National Association of Estate Agents and the Association of Residential Letting Agents. The average cost of renting a home in the UK is forecast to rise too, though by only 27%, taking the average rent from £134 a week to £171.

 

 

50% might sound optimistic to some, but according to zoopla, values have risen by 13.5% over the past 5 years. However, it wouldn’t be correct not to mention those potential negative issues as I do have some slight concerns about the future of Nuneaton housing market.  The number of properties for sale in Nuneaton is lower than it was five years ago, restricting choice for buyers (yet the other side of the coin is that that keeps prices higher). Interest rates were being predicted to rise around Easter 2016, but now I think it will be nearer Christmas 2016 and finally the new buy to let taxation rules which are being introduced between 2017 and 2021 (although choosing the right sort of property / portfolio mix in Nuneaton will, I believe, lessen those issues with the next taxation rules).

 

I am telling the landlords I speak to, that with interest rates at their current level 0.5%, the cash in your Building Society Passbook is going to grow so slowly that it might as well be kept under their bed. Property prices, by contrast, have rocketed over the years, even after the property crashes, far outstripping bank accounts and inflation.

 

So my final thought …  property is a long term investment, it has its’ up and downs, but it has always outperformed, in the long term, most investments. Those in their 40’s and 50’s in Nuneaton would be mad not to include property in their long term financial calculations. Just make sure you buy the right property, at the price in the right location. One source of information on such matters would be the Nuneaton Property Blog … www.Nuneatonpropertyblog.com

If you’re looking to invest in Nuneaton and want to ensure you have the best tenant possible, or you are thinking of passing on the management of your Nuneaton investment, feel free to visit our website and see how we can help http://www.qthomes.co.uk/

Fancy this Nuneaton BTL with a 6.6% yield?

Wow, I have come across a property this morning that in my opinion is too good not to share with all you lovely property investors.

A 2 bedroom Terraced house on Lister Street, Nuneaton. On the market with Mark Webster at £104,950! I have been to this property myself about 6 months ago and was quite excited to see that it had been put on the market as I do think location combined with price and general condition that it would in fact have potential to be a good investment.

It has to reception rooms, a modern fitted kitchen, 2 good sized bedrooms and a modern family bathroom upstairs. The garden is a decent size albeit needing a little tlc, and with a fresh lick of paint throughout it would be good to go! If you were to offer around the £100k mark and it was accepted, you could ask for rents of at least £550PCM with potential of slightly more depending on the work you put into it initially, but these figures would give you an annual yield of 6.6%.

PROPERTY PARTICULARS

The property is a 5 minute walk from Nuneaton town centre, and is located close to an industrial estate where we know of several companies looking for rental properties in the area for their employees (often they are willing to pay slightly higher rents also). The house is also in the catchment area for the desired primary and secondary schools which are close by which would be appealing to families as well as a professional working couple.

I would strongly suggest a viewing of the property before it gets snapped up, and if you would be interested in using either our tenant find or fully managed service please do get in touch, we’d be more than happy to help you out. Feel free to call us on 02477 674545.

5, no, LOTS of Reasons why you should NOT let your property in Nuneaton using Gumtree

Honestly I could write a book about this. Time and time again through my agency career I would have landlords calling me, desperate for advice after they’ve placed a “lovely” tenant in their property using a free (or low costs) DIY advertising website. The tenant presented themselves as honest, open, and above all very capable of paying the rent.

But the truth is a different matter. They got into the property by deception, and ended up costing these landlords thousands of pounds in damages, unpaid rent, and above all stress. These landlords had to cover the mortgage whilst funding the legal battle. One made very difficult because they weren’t aware of all the legislation surrounding lettings. This could prejudice their position in court. Didn’t serve the Prescribed Information? Didn’t register the deposit within 30 days? That means the tenant could actually sue YOU for 3 times the deposit amount! And there’s more…

It has been said that some 30% of the PRS is made up of accidental landlords (Source: Landlordnews.co.uk). Here lies the problem. As an accidental, or amateur (not a bad thing!) landlord, it is unlikely that they invest the time to make themselves aware of all the legislation surrounding lettings. There is a lot, but as the saying goes “you don’t know what you don’t know,” so most are blissfully unaware – until it goes wrong, and they can do with disastrous consequences!

If you saw the other weeks episode of “Nightmare Tenants, Slum Landlords” on Channel 5 then you will know more. Paul Shamplina, Director of Landlord Action advocates against using such sites. I say there is a time and a place for DIY platforms. After all, there are certainly elements of the process you can do yourself – IF you are able to dedicate the time to it. After all, opening a door and doing a viewing can cost very little time and effort if you are local. If you need to travel from work to the property in Nuneaton and then back to your home in Coventry after work it could become a very tiring process, especially factoring in the inevitable no-shows.

There are certain elements of the process, and depending on which you can do, you can choose a service to suit you.

Presentation
This is the first hurdle where most people fail. Miserably. The average rent in Nuneaton is £650pcm, or £7,800 per annum. I would suspect that if you are looking to part with just under £8,000 then you would expect to see something immaculately presented and shiny. Like a car. Ever seen a dirty car in a showroom? No? I wonder why. Let’s compare and contrast with letting your property. iPhone photos will not always cut it. Unmade beds? No. In order to achieve the best result (best price in the shortest space of time with the most enquiries, viewings and offers to choose from) you want to present the property to the best of your ability. Present well, clean, and use a professional photographer. I can highly recommend a few that are reasonable and will do all the digital editing required. An investment of £100 goes a long way, if you achieve £2 per week more rent then it’s paid for itself. And remember the photos last for a good number of years, you don’t need to redo them.

Marketing
Where are you likely to attract a professional tenant for your £8,000 a year property? Not in a free advertising site like Gumtree that is impossible to navigate, sort any meaningful way and so forth. You want to get on Rightmove and/or Zoopla. These two portals are where 95% of home movers look. That’s where you want your property. Any good quality agent will advertise your property on one if not both of these. Beware of agents that are NOT on one of these in favour of a third platform called Onthemarket.com. In essence they are trying to compete with Rightmove and Zoopla but failing miserably and they don’t want to admit it. Tenants on the whole don’t look here, so advertise elsewhere.

Price
This is key. Whatever you may think, it is unlikely that your property is the best property in Nuneaton. Harsh but true, there will be better properties out there. A good look on Rightmove and Zoopla will give you an idea of prices. Talk to a local agent that you respect – do they have good quality properties? Well-presented? Good photos? They probably know what they are doing, speak to them. And price competitively, you want it to let after all. Time is also key. If you start advertising 60 days in advance and you think “well, I’ll start high because I have time” then you may miss out on those excellent tenants who plan ahead. A lot of landlords I know tend to drop their asking price with 3 weeks left on the tenancy because they know that is roughly when it really comes down to decision time for most. And indeed my experience tells me that tenants tend to make their decision 2-4 weeks in advance. I have, however, let properties long in advance but they tend to be 1bed apartments where the more organised of the couple (tends to be the female) would like to plan ahead. So they price ambitiously for 4 weeks to have satisfied themselves that they have “tried to get a better price.” But what if they’ve missed out on an organised tenant? After all, do you want someone who makes last-minute decisions? I personally would rather have someone that is organised.

Legals
Do you know about deposit registration? Tenancy agreements? (no, not the ones downloaded for free off the internet) Repairing obligations? Gas Safety Regulations? EPC regulations? Right to Rent checks? These are just some of the things that you need to do when placing a tenant. If you don’t, you could find yourself in a spot of bother. When you serve a Section 21 notice (a notice to end the tenancy) you will find that the notice is INVALID if you haven’t sorted all the aforementioned! Having a professional estate agency take care of this is invaluable. A few % commission takes care of all the viewings, paperwork, legwork and numerous phone calls that comes with letting a property.

Viewings
Linking back to the beginning, time is money. If it takes you 2 hours to carry out a viewing (adding in travel) and you need to do an average of 15 viewings the 30 hours you spent to save some money becomes less valuable. Add in the legal paperwork, referencing, right to rent checks and so forth you are probably talking closer to 50 hours of your work. Say you earn £40,000 per annum. Divide by 52 weeks and 40 hours and you’re earning about £20/hr. 50 hours = £1000ish. I’d argue it’s worth paying a professional agent and to benefit from their time, expertise, knowledge and near guarantee of a better result.

So to summarise – free (or low cost DIY) advertising websites are fantastic for getting rid of an old desk or sofa, probably not the place to advertise for the professional tenant you want for your rental property. They are possibly professional scam artists. And they know who to target. Do you know how to avoid them? Do you have systems for referencing? Can you afford to have them know more than you, and take advantage? I certainly can’t. There are many great resources you can use to educate yourself, such as joining the RLA, and reading blogs and listening to podcasts, but unless you immerse yourself in it fully you are likely to miss things.

I’ve been in property in Nuneaton for nearly 15 years and I know what a minefield it can be. If you would like help and advice on letting your property in Nuneaton please feel free to give us a call on 02477 674545 or pop into our office on Bond Street and we would be more than happy to advise you. Alternatively, visit our website for moreinformation http://www.qthomes.co.uk/

Buy to Let investment in Nuneaton with a yield of 6.75%

Good Afternoon to you all!

I thought I would share this house that I came across today on Zoopla, in my opinion its what I like to call a ‘star buy’…let me tell you why!

Its a 3 bedroom semi-detached property located in the hilltop area of Nuneaton, close to the A444 for commuting, its a ten minute walk into town, and is ideal for families looking to get their children in to the schools in that area! Internally judging from the pictures there really isn’t anything that would need doing to the property in order to rent it out straight away. Its clean, modern and has the appeal of a driveway and a decent sized back garden.

The property is currently on the market with fosterlewis&co with an asking price of offers over £120,000. If you were to offer the £120,000 and it got accepted, you could then look at renting the property for around £675 PCM, this would give you an annual yield of 6.75% in your first year! As you would have read in a previous article, rents are set to rise around 20% in the next few years so with this in mind – receiving a rent of £810 PCM would then in fact give you an annual yield of 8.1%…nice figure right!

property particulars

Id recommend a viewing on the property ASAP as I’m sure we have all learnt the hard way…properties in Nuneaton don’t tend to be on the market long these days, especially not of this size and in this area! If you would like me to come with you to view this property or any other and offer my humble opinion, I would be delighted too! Please feel free to give us a call on 02477 674545 with any buy to let issues/queries you may have!

Nuneaton rents set to rise by 20% in the next 5 years!?

Recent research from the Royal Institute of Chartered Surveyors has revealed that rental rates in the UK are expected to increase by around 20% over the next five years.

Surprisingly, the rise is not expected to be as fast in the capital, with the research expecting to see only a 15% hike in the capital – good news for renters who are already stretched to meet high rental rates in one of the world’s priciest cities.

When we look at houses prices in Nuneaton in the last 5 years, they have increased by 28.17% with rental incomes increasing at a much slower rate, so to see this level of increase is great news for all of us buy to let investors!

One of the reasons we could be seeing such a significant jump is the ever-increasing level of demand being placed on the private rental sector. With property prices expected to increase 18% in the same timeframe, the shortage of available properties is increasing, with tenant demand outweighing the number of new properties being brought to market. This trend has been building for three years, and as more and more people turn away from buying, and look towards rental option as a long-term housing solution, it’s not a trend that the experts see changing. This increase of rental demand is very evident in Nuneaton, no sooner has a house been advertised for rent …its been snapped up by the first person to view! Avoiding void periods is one benefit, another being you can be more specific and selective with the tenant you want for your property! We have found that are we getting less and less DSS tenants applying for properties which could also be due to the huge drop in unemployment in Nuneaton.

Whilst the rise may be welcomed by landlords who are now facing heftier bills, taxes and more stringent legislation to abide by… it is bad news for tenants, with many experts predicting that the hike in prices will see tenants reliant on housing benefits forced out of the private rented sector. Even though, in my humble opinion, with the banning of application fees coming into play, and landlords inevitably having to take the hit in one way or another, rent increases will fairly cushion the blow making it fair for both parties. A third of respondents to the RICS research admitted that they believe that people on lower incomes are being pushed out of the market, with 29% blaming caps on housing benefits..

It’s not all bad news for tenants though. Over 50% of landlords said that they would be prepared to rent their property to households in receipt of housing benefit, or homeless people, if help was offered through central government to provide financial guarantees for deposits and rent…And quite rightly so! Landlords need as much reassurance as possible when it comes to guaranteeing rent these days.

If you would like to speak to us more about this, or any other buy-to-let related issues you may have, please feel free to give us a call on 02477 674545, we’ll be happy to hear from you. Alternatively, feel free to visit our website to see how we can help http://www.qthomes.co.uk/

Nuneaton Buy to let opportunity ready to let!

Good Afternoon to you all, i hope the wet weather isnt detering you from wanting to find that next ideal buy to let opportunity? it certainly isnt stopping me!

Whether you are a first time investor looking for a property which you can rent out straight away, or an investor looking to build on their existing protfolio, i think this property could be ideal!

Its a 3 bedroom end terrace house on Marston Lane, Atlleborough. It has a driveway for 2 cars, good sized back garden, conservatory and best of all its ready to be rented out upon completion. We have recently marketed several properties in this area- maple park and attleborough- and within 24 hours of them being advertised, viewings and applications have been submitted. Neddless to say, this is a highly sort after area for renters. Not only is it in the catchment for the local primary and secondary schools, but it is ideally situated for commuters with motorway links to the M6 and M69 being very close by.

The property is on the market with Up Estates with an asking price of £140,000. I think offers in the region of £135,000 would be highly favoured but be warned, i cant imagine this property will be on the market for long so viewings are reccomended asap. Rental wise- asking between £675 to £695 would definitely be achievable, and this in turn would give you an annual yield of 6.18% with the higher rental income. As i always point out, its important to look at the bigger picture also and what your investment property will be worth in a few years time, and the fact these houses rarely come on the market in this area, combined with the high demand for the area, can only mean this would be a sound investment.

property particulars

If you would like me to come with you on the viewing of this or any other property to give my opinion on its investment potential, please feel free to get in touch on 02477 674545

The drop in unemployment in Nuneaton, and how it affects the Nuneaton property market.

It was late May 2016, The Right Hon. Member for Tatton, Mr George Osborne, published an official HM Treasury analysis stating UK house prices would be lower by at least 10% (and up to 18%) by the middle of 2018 compared with what is expected if the UK remained in the European Union. So, almost 9 months on from the Referendum, are we beginning to show signs of that prophecy? The simple answer is ‘Yes’ and ‘No’.

Good barometers of the housing market are the share prices of the big UK builders. Much was made of Barratt’s share price dropping by 42.5% in the two weeks after Brexit, along with Taylor Wimpey’s equally eye watering drop in the same two weeks by 37.9%. Looking at the most recent set of data from the Land Registry, property values in Nuneaton are 0.4% down month on month so is this the time to panic and run for the hills?
Doom and Gloom then? Well, let me consider the other side of the coin…

Well, as I have spoken about many times in my blog, it is dangerous to look at short term. I have mentioned in several recent articles, the heady days of the Nuneaton property prices rising quicker than a thermometer in the desert sun between the years 2011 and late 2016 are long gone – and good riddance. Yet it might surprise you during those impressive years of house price growth, the growth wasn’t smooth and all upward. Nuneaton property values dropped by an eye watering 1.62% in September 2012 and 0.61% in November 2014 – and no one batted an eyelid then.

You see, property values in Nuneaton are still 8.58% higher than a year ago, meaning the average value of a Nuneaton property today is £158,621. Even the shares of those new home builders Barratt have increased by 43.3% since early July and Taylor Wimpey’s have increased by 37.3%. The Office for Budget Responsibility, the Government Spending Watchdog, recently revised down its forecast for house-price growth in the coming years – but only slightly.

The Nuneaton housing market has been steadfast partly because, so far at least, the wider economy has performed better than expected since Brexit. There is a robust link between the unemployment rate and property prices, and a flimsier one with wage growth. Unemployment in the Nuneaton and Bedworth Borough Council area stands at 1,384 people (1.1%), which is a huge drop of 26% from this time last year.

However, inflation is the only thing that does worry me. Looking at all the pundits, it will get to at least 3% (if not more) in the latter part of 2017 as the drop in Sterling in late 2016 renders our imports with higher prices. If that transpires, then the Bank of England, whose target for inflation is 2%, may raise interest rates from 0.25% to 2%+. However, that won’t be so much of an issue for borrowers as 81.6% of new mortgages in the UK in the last two years have been fixed-rate and who amongst us can remember 1992 with Interest rates of 15%!

Forget Brexit and yes, inflation will be a thorn in the side – but the greatest risk to the Nuneaton property market is the insufficient supply of properties keeping house prices artificially high. Good news for those on the property ladder, but not for those first-time buyers that aren’t!

How much would it cost to buy all the houses in Nuneaton?

This fascinating question was posed by the 14-year-old son of one of my Nuneaton landlords when they both popped into my office.
The very next weekend, I sat down and calculated what the total value of all the properties in Nuneaton are worth … and just for fun, worked out how much they have gone up in value since his son was born back in the autumn of 2002! I used information from the latest census, land registry and the ONS.
So, here you are…
In the last 14 years, since the autumn of 2002, the total value of Nuneaton property has increased by a staggering 98.7%. Interesting, when you consider the FTSE100 has risen by 68.9% and inflation (i.e. the UK Retail Price Index) rose by 38.7% during the same 14 years.

When I delved deeper into the numbers, the average price currently being paid for Nuneaton households stands at £158,621… but you know me, I wasn’t going to stop there, so I split the property market down into individual property types in Nuneaton; the average numbers come out like this ..

Nuneaton Property Market:

Average Value of a Detached Property: £252,606
Average Value of a Semi-Detached Property: £153,797
Average Value of a Terraced/Town House Property:£123,336
Average Value of an Apartment: £87,498

… yet it got even more fascinating when I multiplied the total number of each type of property by the average value. Even though detached houses are more expensive, when you compare them with the much cheaper semi-detached houses, you can quite clearly see detached properties don’t fare much better in terms of total pound note value of the semi-detached houses.

Total Value of Nuneaton Detached Properties : £3,224,262,984
Total Value of Nuneaton Semi-Detached Properties: £3,122,232,897
Total Value of Nuneaton Terraced/Town House Properties: £1,745,944,416
Total Value of Nuneaton Apartments: £595,773,882

A GRAND TOTAL OF…. £8,688,214,179 !!

So, what does this all mean for Nuneaton? Well as we enter the unchartered waters of 2017 and beyond, even though property values are already declining in certain parts of the previously over cooked Central London property market, the outlook in Nuneaton remains relatively good as over the last five years, the local property market was a lot more sensible than central London’s.
Nuneaton house values will remain resilient for several reasons. Firstly, demand for rental property remains strong with continued immigration and population growth. Secondly, with 0.25% interest rates, borrowing has never been so cheap and finally the simple lack of new house building in Nuneaton not keeping up with current demand, let alone eating into years and years of under investment – means only one thing – yes it might be a bumpy ride over the next 12 to 24 months but, in the medium term, property ownership and property investment in Nuneaton has always, and will always, ride out the storm.
I called the interested boy to tell him my findings… “Oh” he said, “That’s a lot of money…!”

If you have any bizzare wonderings about the Nuneaton property market that you would like answered, drop us a call or and email and we’d be happy to help you get some answers…and maybe even make an article out of it.

Or, if you want to be part of the statistics in a similar article in the future and wish to sell your Nuneaton property, please feel free to give us a call on 02477674545 or visit our website for more information and arrange a free valuation http://www.qthomes.co.uk/

7% yield on a great potential Nuneaton Buy-to-let!!

I think I may have found my favourite potential buy to let star buy property ladies and gentlemen!

As I do every day, I go through rightmove and Zoopla hoping that there is that one property, that hidden gem, that could make one of you lovely buy to let investors some decent yield! And I do believe this property will do that and more!

It is currently a very internally run down property, so it’s a project to be started from scratch- which if you ask me is great! It’s a blank canvas!

It is on the market with Hawkins at £110,000. It is a 4 bedroom terraced house on the Coldwell estate, a stones throw away from George Eliot school. I in fact with one of our landlords not long ago to view an identical house on the same road, the only difference was that it didn’t need quite as much work doing to it. Needless to say, it got snapped up in a matter of days way below asking price as I know the sellers wanted a quick sale!
This house is situated on an ex council estate, but the estate itself over the years has had a lot of work done to it, and alot of the properties are now owner occupied. It’s ideal for families trying to get their children into the High School- George Eliot- as its quite literally on the doorstep. It is also close to the town centre and a short work to Attleborough Village where you have all your local Amenities.

property details

I think you could easily go in with a substantially lower offer of £95k with a maximum offer of £100k. Allowing between 10 and 15,000 pounds to then fix up the house. Once the house has been modified and done up to a high standard, I believe, regardless of area, you could ask £675 PCM rent on this property. The would then give you an annual yield of just above 7%!! Not only that but you would added substantial value to the property which could allow you to take money out of it, in order to buy your next!!
Some property investors, especially those looking for buy-to-lets, like a house that is just ready to move tenants into once the sale is completed, then you get some who would jump at the chance of a project such as this! Different strokes for different folks!
I know the house I went to look at on the same road got snapped up with days, so if this is something you are interested in, I would hesitate in getting a viewing sorted!
If you would like me to come with you to offer my advice, I would be more than happy to come, you can call me on 02477 674545.

What risks are Nuneaton’s Accidental Landlords taking??

In today’s economy, there are plenty of tricks you can use to save money, but some landlords are taking that a step further. According to research from LV landlord insurance, there is a surge in ‘accidental’ landlords across Nuneaton as people are attempting to boost their income by letting properties privately to save on agency fees.

An Overview of Britain’s Landlords

Over 7% of adults in Britain rent out a property to help to supplement their income and receive an average of £678 per month. This equates to almost £28bn per annum across the country.

Landlords in London and the South East collect the highest (average) rents at £1,079 and £819 respectively. This is followed by the West Midlands at £678 and then East Anglia at £676.

The driving force behind this trend of 55% of accidental landlords (renting out property they never intended to) varies, from wanting a bigger property (15%), moving for work (10%) or even wanting a garden (6%)! Another 6% of landlords say they ended up renting out a property because they moved in with a partner and didn’t want to or couldn’t sell their own.

Landlord Responsibilities

Whatever the reason may be, all Nuneaton landlords must comply with current regulations and legislation.
All landlords must ensure that gas equipment (boilers, cookers, etc) are installed and checked annually by a registered Gas Safe engineer. All electrical installations must be safe. Tenant deposits must be held in a deposit protection scheme and some local authorities have mandatory licensing for landlords.

A managing agent will usually take responsibility to ensure that all legislation is complied with, for a fee, as well as check tenants and manage the rent collection, repairs, inspections and deal with the end of a tenancy. Almost half of today’s amateur landlords manage their rental property on their own and do not have such protection.

Of those self managing their properties, 27% have not had a gas safety check in the past twelve months and risk being prosecuted and fined up to £20,000.

Non-Compliance

As well as exposing themselves to fines from the local authority, Nuneaton landlords could find themselves heavily out of pocket if one of their tenants decides to make a claim against them. For example, a landlord could be sued by someone who falls and is injured because a pathway has not been maintained.

Landlords can also be liable for damage to adjacent properties, such as an overflowing gutter causing water damage to a neighbouring house. Analysis of the data shows that the number of liability claims being made against property owners has been steadily increasing in recent years.

Other Impacts

The insurance needs of a rented property are very different to those of an owner-occupied home. Standard home buildings insurance will not usually cover homes that are tenanted. Almost a third (32%) of Nuneaton landlords say their rental property has been damaged at some point and has had to be repaired, which has cost them £1,200 on average. Of those who have had their property damaged, the main cause has been damage by tenants (44%), followed by flooding (17%) and storm damage (8%). 19% of those who rent out houses – equivalent to over 400,000 landlords(UK) – do not have appropriate insurance in place and might not be covered should the worst happen.

Renting out a property can be a great way to cover your costs if you are unable to sell or want to hold on to a home and make some extra money from it, but it is not without risk. In order to mitigate those risks, we would always advise that you speak to a reputable agent who will help to guide you and show you how to protect yourself against many risks you may not have even considered.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on info@qthomes.co.uk or call on 02477 674545. If you are in the area, feel free to pop into the office – we are based on Bond Gate, right next to the train station. Or feel free to visit our website www.qthomes.co.uk