Gas Appliances – Tamworth Landlords know your duty!

Even today with the Internet,social media and television being in your face, a small number of landlords who manage their own rental properties are still not aware of their responsibilities.
Landlords are under a duty of care to ensure all  gas appliances, chimneys,flues and fittings provided in rental properties are safe pursuant to the Gas Safety (Installation and Use) Regulations 1998.
Responsibilities:
1/ Annual gas safety checks must be carried out by a qualified Gas Safe engineer on every gas appliance, this includes flues. You can find a Gas Safe engineer by checking out the https://www.gassaferegister.co.uk/find-an-engineer/

2/ Appliances, pipework and chimney/flues must to be maintained. Gas appliances should, realistically be serviced annually so why not arrange to have the servicing carried out at the same time that the annual gas safety checks are carried out. Gas Safe engineers will more often than not advise you, the landlord when their rental properties are due for its annual check.

3/  A copy of the annual gas safety check must be provided to your tenants within 28 days of completion. New tenants should receive their copy at the start of their tenancy.

Did You Know??
According to a Gas Safe investigation unsafe gas appliances have been found in a fifth (21%) of privately-rented accommodation, with gas heaters considered to be the most dangerous appliance in rented properties.
1/ A fifth of tenants (19%) are unaware their boiler should be safety checked annually, and half of this group (11%) do not believe that their boiler has been inspected this year.
2/ More than a third of landlords (37%) are unaware of their duty to ensure that gas appliances they have supplied are checked annually.
3/ More alarmingly, one in seven landlords (15%) think gas appliance safety is the responsibility of their local council.
Gas Safe Register also found the The West Midlands had the highest percentage out of the five regions to be most dangerous for harbouring unsafe gas appliances.
West Midlands – 28%
North West –17%
East England – 19%
Wales –19%
Scotland – 18%
 
The Health and Safety Executive (HSE) are responsible for enforcing this legislation and failing to comply could well result in a fine and/or custodial sentence of either the landlord or letting agent where they manage the property.
No Access?
A well written tenancy agreement should  include a clause requiring the tenant to grant access for the purpose of a Gas Safety check. Landlords are then under a duty to take “all reasonable steps” to ensure the check is carried out. Any communication whatsoever requesting access should be retained by landlords and if a tenant refuses to give access or does not respond to the landlords communication, the landlord should seriously think about getting their local environmental health officer or the HSE involved.
As mentioned earlier, there are  severe penalties that landlords or agents can face for non-compliance, so landlords/agents should not sit on their laurels just because a tenant is seen to be difficult!  The Health and Safety Executive has guidance which states that it will not prosecute where clear efforts have been made to secure access and it has been refused.
If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk
Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk
 

Property of the week – Hopwas Tamworth B78

This weeks “Property of the week” is a delightful 5 bedroom family home which is situated in the very popular semi rural location of Hopwas village.
For a cool price of  £895,000 you will be getting a large plot of approx 1 acre and a fully enclosed outdoor swimming pool. This property really does have everything the modern family could wish for, and some……..

Interested in  viewing this home, can you see yourself living there…click the link for more details…….

http://www.rightmove.co.uk/property-for-sale/property-62086766.html

Being advertised by Connells of Lichfield, it will be a considered purchase, but it is nice to dream!


If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk
Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk

 










Tamworth Landlords and Tenants – How does the Tenant Fee Banning order effect you??



Tenant Fees set to banned within 12 to 18 months

·         Rents due to rise as those fees passed to Landlords
·         Landlords won’t be worse off – and neither will tenants or agents
 
With our new Chancellor of the Exchequer revealing a ban on tenant fees in his first Autumn Statement on Wednesday what does this actually mean for Tamworth tenants and Tamworth landlords?
 
The private rental sector in Tamworth forms an important part of the Tamworth housing market and the engagement from the chancellor in Wednesday’s Autumn Statement is a welcome sign that it is recognised as such. I have long supported the regulation of lettings agents which will ensconce and cement best practice across the rental industry and, I believe that measures to improve the situation of tenants should be introduced in a way that supports the growing professionalism of the sector. Over the last few years, there has been an increasing number of regulations and legislation governing private renting and it is important that the role of qualified, well trained and regulated lettings agents is understood.
 
Great News for Tamworth Tenants
 
So, let’s look at tenants .. this is great news for them, isn’t it?  Well before you all crack open the Champagne, read this …
 
Although I can see prohibiting letting agent fees being welcomed by Tamworth tenants, at least in the short term, they won’t realise that it will rebound back on them.
 
First up, it will take between 12 and 18 months to ban fees, as consultation needs to take place, then it will take an Act of Parliament to implement the change. A prohibition on agent fees may preclude tenants from receiving an invoice at the start of the tenancy, but the inescapable outcome will be an increase in the proportion of costs which will be met by landlords, which in turn will be passed on to tenants through higher rents.
 
Published at the same time as the Autumn Statement, hidden in the Office for Budget Responsibility’s Economic and Fiscal Outlook on the Autumn Statement (The Office for Budget Responsibility being created by Government in 2010 to provide independent and authoritative analysis of the UK’s public finances), it said on Wednesday …
 
“The Government has also announced its intention to ban additional fees charged by private letting agents. Specific details about timing and implementation remain outstanding, so we have not adjusted our forecast. Nevertheless, it is possible that a ban on fees would be passed through to higher private rents”
 
 
The charity Shelter and Scotland
 
Scotland banned Letting Fees in 2012. The charity Shelter have been a big voice in persuading and lobbying the Government since it managed to persuade the Scottish Parliament to ban fees in 2012. On all the TV and radio shows at the moment, they keep talking about their Independent Research, which they said showed that,
 
“renters, landlords and the industry as a whole had benefited from banning fees to renters in Scotland. It found that any negative side-effects of clarifying the ban on fees to renters in Scotland have been minimal for letting agencies, landlords and renters, and the sector remains healthy.”
 
Going on,
 
“Many industry insiders had predicted that abolishing fees would impact on rents for tenants, but our research show that this hasn’t been the case. The evidence showed that landlords in Scotland were no more likely to have increased rents since 2012 than landlords elsewhere in the UK. It found that where rents had risen more in Scotland than in other comparable parts of the UK in 2013, it was explained by economic factors and not related to the clarification of the law on letting fees”
 
.. yet the devil is in the detail….
 
Only a few days ago Shelter were quoting this Research from December 2013 to say rents never went up following the tenant fee ban in Q4 2012. I have read that research, but it was published three years ago, only 12 months after the ban was put into place.
 
I find it strange they don’t seem to mention what has happened to rents in Scotland in  2014, 2015 and 2016 .. because that tells us a completely different story!
 
What really happened in Scotland to rents?
 
I have carried out my research up to the end of Q3 2016 and this is the evidence I have found..
 
In Scotland, rents have risen, according the CityLets Index
by 15.3% between Q4 2012 and today
 
 (CityLets being the equivalent of Rightmove North of the Border – so they know their onions and have plenty of comparable evidence to back up their numbers).
 
When I compared the same time frame, using Office of National Statistics figures for the English Regions between 2012 and 2016, this is what has happened to rents
 
·         North East 2.17% increase
·         North West 2.43% increase
·         Yorkshire and The Humber 3.21% increase
·         East Midlands 5.92% increase
·        West Midlands 5.52% increase
·         East of England 7.07% increase
·         South West 5.82% increase
·         South East 8.26% increase
 
·         London 10.55% increase
 
….and let me remind you about Scotland … 15.3% increase.
  
Are you really telling me the Scottish economy has outstripped London’s over the last 4 years? Is anyone suggesting Scottish wages and the Scottish Economy have boomed to such an extent in the last 4 years they are now the Powerhouse of the UK? .. because if they had, Nicola Sturgeon would have driven down the A1 within a blink of an eye, to demand immediate Independence.
 
 
So what will happen in the Tamworth Rental Market in the Short term?




Well nothing will happen in the next 12 to 18 months .. it’s business as usual!
 
… and the long term?
 
Rents will increase as the fees tenants have previously paid will be passed onto Landlords in the coming few years. Not immediately .. but they will.
 
As a responsible letting agent, I have a business to run. It takes, according to ARLA, (Association of Residential Letting Agents) on average 17 hours work by a letting agent to get a tenant into a property. We need to complete a whole host of checks prescribed by the Government; including a right to rent check, Anti Money Laundering checks, Legionella Risk Assessments, Gas Safety checks, Affordability Checks, Credit Checks, Smoke Alarm checks, Construction (Design & Management) Regulations 2007 checks, compliance with the Landlord and Tenant Act, registering the deposit so the tenants deposit is safe and carry out references to ensure the tenant has been a good tenant in previous rented properties.
 
All of which the vast majority of lettings agents take very seriously and are expected to know inside out making us the experts in our field. Yes, there are some awful agents who ruin the reputation for others, but isn’t that the case in most professions?
 
.. but business is business.
 
No landlord, no tenant and certainly no letting agent does work for free.
 
I, along with every other Tamworth letting agent will have to consider passing some of that cost onto my landlords in the future. Now of course, landlords would also be able to offset higher letting charges against tax, but I (as I am sure they) wouldn’t want them out of pocket, even after the extra tax relief.
 
So what does this all mean for the future?
 
The current application fee for a single person at my lettings agency is £100 and for a couple £200 .. meaning on average, the fee is around £200per property as I don’t have any single lets.
 
I am part of a Group of 500+ Letting Agents, and recently we had to poll to find the average length of tenancy in our respective agencies. The Government says its 4 years, whilst the actual figure was nearer one year and eleven months, so let’s round that up to two years.
 
That means £200 needs to found in additional fees to the landlord, on average, every two years.
 
In Actual Pound Notes
 
In 2005, the average rent of a Tamworth Property was £623 per month and today it is £715 per month, a rise of only 14.8% (against an inflation rate (RPI) of 38.5%).
 
 Using the UK average management rates of 10%, this means the landlord will be paying £858 exc Vat per annum in management fees.
 
If the landlord is expected to cover the cost of that additional £200 every two years, rents will only need to rise by an additional 2% a year after 2018, on top of what they have annually grown by in the last 5 years.
 
So, if that were to happen in Tamworth, average rents would rise to £937 per month by 2022  (see the red line on the graph) and so the landlord would pay £1124 per annum in management fees .. which would go towards covering the additional costs without having to raise the level of fees.



 
  
.. but that is bad news for Tamworth Tenants?
 
Quite the opposite. Look at the blue line on the graph). If the average rent Tamworth tenants pay had risen in line with inflation since 2005, that £623 per month would have risen today to  an average of £863 per month. (Remember, the average today is only £715 per month) .. and even if inflation remains at 2% per year for the next six years, the average rent would be £937 per month by 2022 .. meaning even if landlords increase their rents to cover the costs tenants are still much better off, when we compare to the £836 per month figure to the £937 per month figure.
 
Conclusion
 
The banning of letting fees is good news for landlords, tenants and agents.
 
It removes the need for tenants to find lump sums of money when they move. That will mean tenants will have greater freedom to move home and still be better off in real terms compared to if rents had increased in line with inflation.
 
Landlords will be happy as their yield and return will increase with greater rents whilst not paying significantly more in fees to their lettings agency. Letting agents who used to charge fair application fees won’t be penalised as the rent rises will compensate them for any losses.
 
.. and the agents that charged the silly high application fees .. well that’s their problem. At least I know I can offer the same, if not a better service to both my Tamworth landlords and Tamworth tenants in the future in light of this announcement from Phillip Hammond.

 
If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk
 
Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk
 


 
 
 
 
 
 
 
 
 


Why become a Tamworth landlord – Money Money Money!!

So today is a reminder as to why you do what you do as a Landlord. It’s so easy to forget! especially with the government dipping into our pockets!!!
Income

This is undoubtedly the main reason people become landlords. Every month (assuming your tenants pay on time!), you’ll receive an amount of money which should be enough to cover any mortgage that is outstanding on the property. This  allows you to hold on to the property while it gains in value or until you decide to quit the property market and take to the hills with your shoe boxes full of money.

Long-term security

Renting a property can provide an ongoing income which can be saved as a pension, or for a ‘rainy day’, plus – if your living situation changes – it’s also possible for you to use the property yourself (so long as you uphold any contracts signed with tenants). You will always have somewhere to live. 

Flexibility of managing an investment

Being a landlord is like managing your own business, which can be very rewarding. You get to make the decisions on costs, contracts and terms, plus whether or not you want to sell your asset, and when, You’re the boss! What more could you want? 
If this isn’t enough to pick you up then why not consider handing the management of your properties over to an agent. We at Hall and Thompson can take the hassle out of those midnight emergencies where your tenant rings telling you a pipe has burst. We can save you time, if renting properties is a second income but takes up more of your time than your first then why not let us do it for you. We are a friendly qualified and professional team waiting to make your day easier.

Feel free to contact us, for a no obligation chat on what we could do for you.

If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk

Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk

Tenant Fees Are Banned – Bad News for Tamworth landlords??

Well another day at the office and another blow for landlords. Yesterday’s Autumn Statement by the government includes putting a ban on letting agents fees to tenants!

 
Whenever you switch the television on, there seems to be another hard done by tenant  claiming  “I’ve paid thousands to move in to a property, I’ve been robbed” 
 
For those who don’t understand what the money is being paid for, it may appear as though the agent or landlord is feathering their nest, however, it is normal to pay a deposit (normally 6 weeks rent) this covers damages etc at the end of the tenancy. A month’s rent in advance is normally paid and then a fee to the agent to sort out all the paperwork, not as much goes to the agent as some assume.
 
So in Tamworth where the average rent is £750ish this would break down as £1125 deposit, £750 upfront rent and then say £350 for the agent, total £2225. All of this money isn’t for the agent!!!
 
After banning fees in Scotland the Government were obviously pleased with the outcome and decided that England should follow suit. Scottish tenants praised the government for banning these fees, English tenants have been heard today, “praise be to the government”. Do the Scottish tenants realise the fees were passed on to the landlords, who passed them onto their tenants through higher rent. 
 
Generation Rent genuinely think this is a victory on their part, any attack on fat cat landlords and their agent counterparts is, of course, a move they fully support. Shelter commissioned a study, which was quoted in a newspaper claiming that rents didn’t go up much, if at all. The article claimed the fee ban in Scotland has made no difference to rents, yet fail to reference where the data is on which they base this statement. The research was commissioned by Shelter, so how fair is the data? 
 
Campbell Robb, Shelter’s chief executive, said banning fees was a welcome move:  “Millions of renters in England have felt the financial strain of unfair letting agent fees for far too long, so we are delighted with the government’s decision to ban them. We have long been campaigning on this issue and it is great to see that the government has taken note,” I totally disagree with Campbell Robb’s comments.
 
My thoughts – Nothing is free in our society, If you don’t want to pay an agency fee then don’t move house. Agency fees are subject to the supply and demand in the market. If they are too expensive customers will go elsewhere and find an agent with cheaper fees, it’s as simple as that!
 
I am not alone in thinking this is a terrible move for renters. David Cox, MD of the Association of Residential Letting Agents (ARLA) has already warned that “a ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market.” I think we can agree on the fact that the tenant will end up paying for this. 
 
In Scotland, rents have risen according the CityLets Index by 15.3% between Q2 2012 and today… interesting when you compare the same time frame (using ONS figures which don’t cover Scotland) between 2012 and 2016
North East 2.17% increase
North West 2.43% increase
Yorkshire and The Humber 3.21% increase
East Midlands 5.92% increase
West Midlands 5.52% increase
East of England 7.07% increase
London 10.55% increase
South East 8.26% increase
South West 5.82% increase
..and again Scotland at 15.3% increase.
I truly believe this will be a great way for landlords to increase their rents. Many landlords have never increased their tenants rent since the day they moved in, I can now see landlords levying a yearly rent increase. Poor victory for the “Generation rent”! 
Along with the Tenant Tax which will come into effect tax year 2017-2018, this is certain to make rents rise by double digit figures in Tamworth come summer of 2019 compared to the year prior. I predict that once landlords start paying those Self-Assessment tax demands due by Jan 31st 2019 landlords will realise just what these taxes are costing and implement rent rises. I can foresee this will be carried out en masse, so tenants will be hard up to find value for money in the summer of 2019, will the local council’s housing waiting list become even longer.
 
So what am I going to do? Well I’m not going to panic, I’ll sit tight and see how the bigger High Street Tamworth agencies react to this news, I trust the rest of the country will follow. I will adapt and adopt and ensure I get my house in order before these changes are implemented and I will flourish, I am not worried.

Will letting a property through an agency cost the landlord more? will the unemployment figure in Tamworth increase as agencies let staff go? Will Shelter be there for us poor agents?????
 
What I do know is that the tenant will end up paying for it in the end! I’m hoping that investors will see a ban on arrangement fees from mortgage companies, solicitor fees for conveyancing, doctors letters, a ban on being charged to get your passport verified and a ban on hospital parking charges, my list is endless. As I stated earlier – You don’t get something for nothing in this society.

 
If you are thinking of getting into the property rental market and don’t know where to start, If you are interested in learning more about growing your investments then get in touch. I am a property professional and love helping landlord investors build profitable portfolios. Call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk
Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk
 

Property of the week – Dosthill, Tamworth

I trust you’ve felt the cold already, November has been a chilly one, so get cosy on the sofa and enjoy my property of the week!


This delightful 5 bed family home is in a Cul De Sac position off the Blackwood Road and is being advertised with our good friends Hunters of Tamworth.

At £350,000 you are certainly getting a lot for your money with this home, 5 beds, detached, utility and family room, the list goes on!

The Blackwood Road is a very popular village setting with schools, local park, doctors surgery and even a barbers shop within walking distance. 

What’s more, I have personal connections with people in this Cul De Sac and know that families get together and share many friendly evenings chewing the cud.  So if you are Interested in this property? check it out on this link……   https://www.onthemarket.com/details/3220279/


If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk
Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk

 






Tamworth Property Values decrease by 2.35% … good or bad news?

“How’s the Tamworth housing market doing?” asked an upbeat Tamworth landlord last week.  “Quite strange”, I replied. Our landlord was perplexed! Let me explain…

Even the Brexit vote has not hindered Tamworth’s steady rise in property value, as Tamworth property values went down 2.35% last month alone, but still leaving Tamworth values 7.16% higher than a year ago. An increase in demand from buyers and an uninspiring level of supply (i.e. the number of properties on the market) has driven up the value of the Tamworth’s housing.
…And that is where the issue is. With Brexit, the coalition of the 2010-15, a double-dip recession and post credit crunch fallout – I was perplexed that the Tamworth property market (and values) has remained so strong, still 11% higher than 20 months ago. That is until you start to look into the real reasons why we find ourselves in such a great place.
The Tamworth (and the UK) housing market is built on the foundations of basic economic rules that any GCSE Economics student should understand. However, at a time when, as a country, we seem eager to uncouple ourselves from all manner of proven facts, anything is up for grabs.
Even the wary RICS said throughout the UK, most of its Chartered Surveyors anticipated house prices to increase in the next six months, which seems contradictorygiven economic cautions from Mr Hammond and HM Treasury. Even though inflation will rise to around 2% to 3% in 2017 and perhaps a little more in 2018 because of Sterling’s devaluation, together with a high probability of a decelerating GDP and a slight rise in unemployment, how can the RICS and most of my landlords be so confident about the value of our homes?
Well, look at from where we are starting. Nationally, a base of low unemployment, low inflation and preposterously low interest rates, while in Tamworth, the local economy is doing quite well for itself. Confidence also plays a part. Confidence can supersede basic economic facts for a short time at least, which is why actual property market changes tend to be more exaggerated, as confidence can turn both positive and negative very quickly. The fact is, there is a long-term relationship between property values, wages and unemployment. For example, looking at the graph below, you can quite clearly see the ratio of property values to earnings is nowhere near as high as it reached in 2008 and currently is in the middle of the range for the last 30 years. As a country, we are in a good place.
 
 
By April 2017, Article 50 will be invoked. This will bring additional political tomfooleries and economic ups and downs. With both purchasers and vendors predisposed by the 24-hour news cycle, which let’s face it, gets more haphazard by the day, it is likely to prove a challenging couple of years … and yes, Tamworth property values might drop slightly in 2017, but based on what we know of the UK Plc now, the UK and Tamworth property values are not projected to move that much over 2017 or 2018.  Going into the next two years, we are in much better financial shape as a country compared to the last two crashes of 1987 and 2008.
But, on the other side of the coin, what we also know is that we don’t know much about the form of our economic future or indeed many other facets of our lives. Confidence will continue to be the key player in the Tamworth housing market for a while longer – yet this may spur some much needed second-hand market activity? Now, where is my crystal ball?

 

For more thoughts on the Tamworth Property Market, please visit the Tamworth Property Blog  www.tamworthpropertyblog.co.uk

If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk


Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk

Facebook, https://www.facebook.com/Hallandthompsonestateagents

 

 

Tamworth Housing Crisis? Only 1.5% Of Tamworth Homes Are For Sale.

 
The challenge every Tamworth property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Tamworth, the market is likely to see upward pressure on property values continue.
 
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Tamworth property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Tamworth has increased.
 
For example, last month B79 saw 62 new properties coming on to the market, not bad when you consider for the last year the average has been in the 35 to 40 range. With the average Tamworth property value hitting a record high, reaching almost £195,100 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Tamworth’s supply crisis may be starting to ease.
 
As I write this article, 1.51% of Tamworth properties are up for sale. In terms of actual chimney pots, that equates to 366 properties on the market in Tamworth (within 3 miles of the centre of Tamworth) – which, when compared to only a year ago when that figure stood at 320, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
 
·         Detached Properties in Tamworth  – 121 on the market a year ago compared to 151 on the market now – an increase of 25%
·         Semi Detached Properties in Tamworth – 90 on the market a year ago compared to 100 on the market now – an increase of 11%
·         Terraced Properties in Tamworth – 54 on the market a year ago compared to 57 on the market now – an increase of 6%

·         Flats / Apartments Properties in Tamworth  – 39 on the market a year ago compared to 48 on the market now – an increase of 23%


This is evidence of strength in the Tamworth housing market that many didn’t expect. Many believed that the Tamworth property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
 
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Tamworth Property Market – which is good news for everyone.
 

For more thoughts on the Tamworth Property Market, please visit the Tamworth Property Blog  www.tamworthpropertyblog.co.uk

If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk


Don’t forget to visit the links below to view back dated deals and Tamworth Property www.tamworthpropertyblog.co.uk

Facebook, https://www.facebook.com/Hallandthompsonestateagents

 





Private renting set to grow by 1,400 Tamworth households by 2025


I was having a most interesting chat the other day with a Tamworth landlord when we were looking at a property. As I am sure you are aware, I am always happy to cast my eye over any potential buy to let purchase in Tamworth, be that you emailing me a Rightmove link, a brochure in the post or even treading the carpet and seeing it together. I don’t charge for that, and you don’t even need to be a client of mine. We got talking about the Tamworth Property Market and this landlord brought up the subject of a report he had read from the Royal Institution of Chartered Surveyors (RICS) and PricewaterhouseCoopers (PwC) that stated almost 1.8m new rental homes are needed by 2025 to keep up with current demand from tenants. He wanted to know what this meant for Tamworth.

 
Well my blog reading friends, some commentators said last Winter that buy to let was about to die, what with the new stamp duty changes and how mortgage tax relief will be calculated. Others even said 500,000 rental properties would flood the market nationally in the 12 months after the new Stamp Duty rules came into force on the 1st April 2016 as landlords left the rental market. Well, all I can say is, I wish all the landlords of those half a million properties would hurry up and put them on the market – because I have plenty of other potential landlords wanting to buy them!
 
Back to the matter in hand.. if the RICS and PwC are indeed correct, what does this mean for Tamworth? The fact is, as a country, we are facing a precarious rental shortage and need to get Tamworth building in a way that benefits a cross-section of Tamworth society, not just the fortunate few. I call on the Prime Minister to drop the higher stamp duty tax on buy to let purchases to ease the pressure on the rental market.
 
Of the 30,400 households in Tamworth, currently 7,700 tenants live in 3,300 private rented properties. If we apportion those 1.8m households equally around the Country, that means in nine years’ time, the number of rental properties in Tamworth needs to rise by 1,400 (i.e. 42.8%) .. taking the total number of rented properties in the city to 4,700.


That means Tamworth landlords need to buy around 150 properties a year between now and 2025 to meet that demand – because according to my calculations, an additional 3,300 people will want to live in all those ‘additional’ Tamworth rental properties – so why is the government penalising landlords?

 
Thankfully the new housing minister Gavin Barwell detached Teresa May’s new administration from the Cameron/Osborne laser-like focus of just home ownership to solve our housing issues, saying “we need to build more homes for every single type of person needing a home and not focus on one single tenure”. The private rented sector became a stooge under David Cameron’s watch and still, with increasingly unaffordable Tamworth house prices, the majority of new Tamworth households will be relying on the rental sector in the future to house them. I can only say Westminster must put in place the measures that will allow the rental sector to flourish. Any restrictions on the supply of rental property will push up rents (bad news for tenants), thus side-lining those members of Tamworth society who are already struggling. Let’s hope this new Government continues to see the contribution landlords give to the country as a whole.
 
If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk


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Serviced Accommodation in Tamworth – Is there a need

If you are a contractor working away from home and living in a hotel room, do you go slightly insane staying confined to four walls. If a typical night consists of you sitting at the bar with only the bartender for company and perhaps you’re craving a few more home comforts, well, there is another option to consider. The buzz word at the moment is “serviced accommodation” typically a flat, this type of accommodation not only offers better value for money but is a more flexible option which is ideally suited to those travelling on business. 
In a nutshell  serviced accommodation is like a hotel because your accommodation is charged on a nightly basis. In return you are provided with a fully furnished and equipped property to offer you all your home creature comforts. 
Hotel rooms unless you have mega bucks to pay for a suite are  typically small and offer little more than a bed and desk  and a small living space.
Serviced accommodation, on the other hand, usually offer much more space for the same price or even cheaper. They usually include a fully equipped kitchen, allowing you the freedom to cook for yourself rather than having the added expense of eating out every day. 
 
An added bonus is serviced accommodation will offer a washing machine and drying facilities. While this may not sound like much of an advantage over hotels (which usually offer a laundry service themselves), the cost savings can be enormous. The hotel laundry services are always overpriced, I am told.
Many blocks of flats that offer the serviced option also offer other facilities and might include a fitness centre and a concierge service.
 
Serviced accommodation is flexible when it comes to bookings.You can pay for one night or stay for up to 6 months with the price quoted often lower, the longer the stay. 

 

If your Company is not aware of serviced accommodation, It would be in everybody’s interest if they were to take a good look at what this can offer.  It could provide you and  your colleagues with a  far superior standard of accommodation, a great cost saving to your employer – A win win situation for all!

If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195 or 07531484956, you can always email me on Lorraine@hallandthompson.co.uk
 
Don’t forget to visit the links below to view back dated deals and Tamworth Property News.
www.tamworthpropertyblog.co.uk