According to Countrywide’s Monthly Lettings Index for May, the average cost of renting a one-bedroom home in Great Britain accounts for 48% of the post-tax income of an average young full-time worker. This compares to 45% in 2007. Rents have increased 27% since 2007 outpacing a 16% growth in incomes.
Changes implemented under the Energy Efficiency (England & Wales) Regulations 2015, mean that domestic landlords need to be prepared for the new Minimum Energy Efficiency Standards (MEES). These changes come into force on the 1st April 2016.
With the new Right to Rent Scheme launched on 1st February 2016, Landlords are now required by law to check any potential immigration status before granting a tenancy. Failure to do so can result in fines of up to £3000.
With so many new laws in the buy to let business, it can be increasingly difficult for landlords to self-manage their portfolios and ensure that are up to date with current legislation.
Whether you are a veteran landlord or an aspiring one, there are lots of things to consider when becoming a landlord. By being one of the ‘good guys’ you have an opportunity to create loyal tenants, that will renew their contracts with you, look after your property and help you get the most out of your investment.
George Osborne announced at the beginning of the month, that the mortgage interest tax relief for buy to let home owners, is to be restricted to the basic rate of income tax, currently sitting at 20%.
As we are all aware when housing is in short supply, the private rental sector is extremely important. Countrywide’s Tonic for Tomorrow paper has called for measures to protect the private rental sector and make improvements to benefit both landlords and tenants.
If you’re a landlord who is managing and / or growing a property portfolio, your rental strategy should not ignore the potential of acquiring property close to rental hubs. Here’s just the tool to help.
The cost of agreeing a new tenancy rose 3.7% over the past year with rental growth continuing to be driven by London and the East of England, according to Countrywide Residential Lettings, the UK’s largest lettings agency.
Countrywide plc, the UK’s largest integrated property services group, has been named Large Lettings Agency of the Year, Employer of the Year and Property Management Company of the Year at The Negotiator Awards 2014. Countrywide plc were also delighted to receive the silver award for Innovator of the Year.