It’s no secret that the private rental sector needs improvements in some areas. A lack of organisation and a minority of poorly maintained, privately rented properties are damaging the sector’s reputation. These negative aspects are often used as fuel to publish damming headlines blaming landlords and property professionals for failures in the industry.
However, a 2018 report by University of York academics, Julie Rugg and David Rhodes named the ‘Evolving Private Rented Sector: Its Contribution and Potential’ is the latest source to argue that the problems in the rental sector are not the fault of landlords and letting agents alone.
We’ve been featured in Letting Agent Today on our support of this new proposal. Here’s how a new rental property ‘MOT’ certificate could improve the private rental sector for both landlords and tenants.
The property MOT is the initiative created by The Lettings Industry Council (TLC). The group is made up of a cross range of letting experts who represent landlords, letting agents, tenants, suppliers and others in the Private Rental Sector and includes government advisors. The groups aim is to improve standards across the industry.
The Report: Improving the Private Rental Sector
The report acknowledged that the private rental sector is currently ‘failing at multiple levels’. Subpar housing conditions, disorganised management and the fact that many tenants and landlords are unsure of their rights and responsibilities has resulted in this situation.
The report recommends introducing a new, annual MOT-style certificate to set a new minimum standard for rented housing conditions.
The New Property Licence
The suggested scheme would ensure a property is licensed before being let. Landlords would be required to apply for a licence so that an independent property inspector can review the property.
This service would be performed by property professionals, trained to assess whether a property is fit to let. Once affirmed, all licensed properties would be added to a national database connected to the landlords phone number, while unlicensed properties would be subject to legal action if let.
For HMO properties (houses in multiple occupation), a slightly amended certificate would be required, taking into consideration the extra safety checks needed.
If introduced, mortgage lenders would have to check the status of a property before loaning money and it would be illegal for letting agents to manage an unlicensed property.
The authors believe that, alongside other revisions to the industry, this ‘MOT’ could improve conditions for renters. They also hope that the new scheme would free up time and resources for local authorities to combat criminal activities and other pressing issues in the industry.
Benefits for Private Rental Landlords
One benefit of this proposed scheme, is that it would integrate existing health and safety certificates for rental properties. Gas and electric checks and the energy performance certificate (EPC) would be added to with a basic standards for habitation assessment.
This goes hand in hand with the recent 2018 Homes (Fitness for Habitation) Bill which requires all rental properties to be safe and free of health risks for tenants. This act makes any landlords not meeting these standards liable by giving tenants the power to take legal action.
Integrating these property licenses has the potential to make things simpler and more streamlined for landlords.
Reaction from Property Professionals
The report has been praised by property professionals for moving away from the culture of blame often placed on landlords and other property agents in the media. Instead, finding sensible solutions to current problems and improving systems for both landlords and tenants could help to transform the industry as a whole.
No Letting Go’s founder and chief executive, Nick Lyons spoke to Letting Agent Today on why he believes that creating an MOT certificate system could raise the standard of homes in the private rental industry;
“An MOT report, ensuring a property meets a minimum standard, alongside an independently and professionally compiled inventory would ensure that everything about a property’s condition and contents is suitably documented at the start of a tenancy”.
It’s not just No Letting Go championing this idea. ARLA Propertymark, the professional body for raising standards in residential lettings, agrees that this certificate could be a simple and practical solution to current issues.
Keeping on Top of Your Rental Properties
If you’re a landlord who’s worried about potential changes to your responsibilities and feel overwhelmed with licencing applications, why not delegate some of the work?
No Letting Go are one of the largest providers of inventory services in the UK. We provide independent property reports, including check in/check out services and safety checks to help give landlords peace of mind. Find out more about our services here.
Ever had your investment abused by careless tenants? Whether it’s damage to the property or a general disrespect, it’s a horrible feeling. You feel cheated by the people you trusted.
Deposits and tenant referencing companies are great ways of combating bad tenants, but there’s another step you should be taking. Regular landlord inspections are vital for ensuring your tenant is actually maintaining your property as agreed in the tenancy agreement.
Many landlords avoid checking their investment purely because there are clear regulations to follow. Don’t be one of those landlords! Here’s what you need to know about property inspections.
Why You Should Carry Out a Rental House Inspection
Not convinced about the need to inspect your property? Here are a few advantages of inspections:
- You can assess how your tenant treats the property
- You can check on any maintenance issues that need your attention, such as health and safety requirements
- You boost your reputation as a landlord and become more approachable
- You can create an open pathway of communication with your tenants
- You can take a look at the living conditions of your tenant
- You can keep an eye out for any illegal activities
- You can check that you’re still offering a safe and legal letting to the tenant
- You may not have a duty of care to neighbours, but it may avoid disputes to check in with them. They may be able to tell you information about how your tenants are behaving that you might otherwise miss
Can a Landlord Enter Without Permission To Do A Property Inspection?
When it comes to entering the property, there are rules.
You can’t just turn up and inspect the condition of the property. The landlord or agent doesn’t necessarily need permission before entering. However, there are laws you need to follow when it comes to regular inspections.
Legally, there are three main rights of entry:
The Right of Reasonable Access
As a landlord, you need to be aware of your Landlord access rights. ‘Reasonable access’ sounds like a very general term but it is simply defined. This ultimately refers to the need to access the property immediately to carry out emergency/necessary repairs.
The Right to Enter to Inspect the State of Repair of the Property
As owner of the property you can also enter to inspect the ‘state of repair’. For inspections, you aren’t granted immediate access.
You must also carry out all inspections at reasonable times of day. If someone other than yourself (or a previously agreed agent) is inspecting the property, you must give notice of inspection in writing.
The Right to Enter to Provide Room Cleaning Services
If you offer room-cleaning services to your tenant and this is stated clearly in the contract, you can access the property without permission. This is a relatively uncommon situation.
Can a Landlord Enter the Property Without the Tenant Present?
If the reason for access is one of the ones mentioned above, such as an emergency, the tenant does not need to be present during a property inspection.
However, tenants should still be informed. This is their home also, so it’s a good idea to let them know if you’ve entered, and for what reason.
A landlord entering the property without permission or reason is against the law.
How Much Notice Does a Landlord Have to Give?
Usually, you must provide at least 24 hours notice before entry. This can differ in an emergency.
Landlord Right of Entry – Try Not to Scare the Tenant
Inspections can be scary for your tenants, as they’re obligated to look after your property. As soon as you notify them of your intention to check your property, they’ll begin to sweat. Be as casual and relaxed about it as you can. Explain there’s no reason for them to be worried, it’s just a mandatory walk through.
If you’re able to, give your tenant more than the required 24 hours’ notice – a week is usually best. This gives them time to present the rental in a clean and tidy state. Be flexible about the time of your visit and offer to rearrange if it isn’t convenient.
Landlord House Inspection Checklist
So, what should you be looking for?
There are plenty of issues you might come across, some more serious than others. Your inspection can be as thorough or casual as you’d like. Having said this, keep your eyes peeled for these common problems:
- Damage beyond wear and tear (broken windows, stained carpets, etc.)
- Damp and mould
- Leaks
- Condition of furniture and white goods
- Excessive rubbish
- Poorly maintained garden
- Faulty smoke alarms/carbon monoxide detectors
- State of the loft/attic
- Signs or rodents/infestations
Periodic Inspection Report
It’s recommended to carry out a house inspection every 3 months or less. This depends on the length of the tenancy.
To help you monitor your property effectively and keep track of any recurring issues, you may want to fill out a house inspection form of some kind.
This can be particularly useful if you spot a problem on a particular visit, and find it has not been corrected next time. With all the obligations landlords have, having a record can help you stay informed about the condition of your rental property.
Can Tenants Refuse Access to a Property?
If you turn up unannounced, for example without written notice, the tenant can refuse to grant entry.
To avoid this, give plenty of warning.
What Happens If the Tenant Refuses Entry?
If a tenant refuses to grant permission for entry, you can’t go ahead without their blessing. As a landlord, you have to respect the tenant’s privacy. This can create a difficult situation where a harmonious relationship between landlord and tenant can be jeopardised.
Tenants only tend to refuse entry if they’re hiding something unsavoury from you. Unfortunately, you can’t take the issue any further.
How to End the House Inspection
Communication is key here. If there are issues you’re not happy with, explain why and discuss whose responsibility it is. If you’re coming back to complete any repairs, give full details of when this will be. Don’t forget to ask your tenant whether they know of any issues or damages that require your attention. Ultimately, thank them for their time – remember, they weren’t obliged to let you in.
How Can an Inventory for a Rental Property Help?
Want to lower the possibility of deposit disputes and damage to your investment? No Letting Go will manage the entire inventory process in a professional and open manner. This includes check ins and check outs. We’ll help you comply with your obligations, while improving the lives of tenants. Find out more about our inventory services here.
For landlords, there are seemingly endless responsibilities to keep track of. Every self-respecting landlord wants to provide safe and comfortable homes for their tenants, but it can be difficult to stay on top of changing developments.
One such responsibility that’s vital to stick to is getting an EPC for your property. The EPC is a certificate to ensure the sufficiency of a buildings energy performance and is required for all properties being put on the market to sell or rent.
We know it can be tricky navigating complex requirements and laws. That’s why we’ve put together this information on landlord EPC obligations.
So, without further ado, here’s everything you need to know about EPC for landlords, all in one place.
What is an Energy Performance Certificate?
Put simply, an Energy Performance Certificate (EPC) tells you how energy efficient a property is. Factors such as carbon dioxide emissions and heating costs are taken into consideration to give the property an EPC rating.
An EPC is required every time a property is put up for sale or rent.
Introduced in 2008 as part of the Home Information Packs (HIPs), the EPC aims to give potential buyers and tenants clearer information on the energy efficiency of their building.
As well as rating the building for its current efficiency, the EPC also gives suggestions for improving energy use and will provide a predicted rating for when these are implemented.
Energy Efficiency Rating
The energy efficiency of your property is given a rating between A and G, with A being very efficient and G being inefficient. An older property without double glazing or proper insulation is more likely to get a lower rating than a new build.
The property will also be given a number between 1-100. The higher the number, the more efficient the building is and the more cost-effective energy bills are.
The EPC will also provide estimated energy costs for heating, lighting and water bills. As well as advice on how to improve the energy efficiency of your property. From installing better quality wall insulation to something as simple as switching to energy efficient light bulbs, there are many ways to make your property greener.
What’s the Minimum Energy Efficiency Standard for Landlords?
As from April 2018, landlords in the private rented sector need a minimum rating of E for their rental properties. Failure to meet this standard could result in fines so must be avoided at all costs!
Tenants have the right to make improvements to the energy efficiency of the property, with the permission of the landlord.
From April 2020, these regulations will also apply to all ongoing assured tenancies in existence.
For more information on landlord requirements consult the government web page.
Which Properties Need an EPC?
Every domestic and commercial building in England and Wales must have an EPC. If you are leasing a property, you must have ordered the EPC before the property goes on the market.
The only types of buildings that are exempt include some listed buildings and residential buildings or rented holiday accommodation which are in use for less than four months a year. A room rented out by a residential landlord is also let off the hook.
The EPC must be shown to potential tenants and a copy supplied free of cost. Make sure you don’t get caught out!
How Long is the Energy Performance Certificate Valid for?
An EPC is valid for 10 years from when it’s completed. If the property holds an EPC from an existing tenancy, it’s fine as long as it’s within this period.
How to Get an EPC
As a responsible landlord, you must only use an accredited Domestic Energy Assessor when acquiring the EPC for your property.
To find a list of approved EPC organisations in the UK, check the energy performance certificate register.
What does the Energy Performance Certificate Cost?
An important question for landlords! Unfortunately, there is no fixed rate for EPC’s currently, however prices usually start at £35. Factors such as the size of the property, the type of property, how many bedrooms it has and its location are all taken into consideration.
Therefore EPC’s for larger homes in desirable locations are likely to cost more.
EPC’s and Feed in Tariffs
If your property has solar PV and you want to receive payments from the government’s feed in tariff (FIT) you will have to provide evidence of an acceptable EPC rating.
The Benefits of Having an EPC
It may sound like a bit of a hassle, but there are actually some benefits to getting a CPE for your property.
For one thing, having an EPC means you can feel safe in the knowledge that your property is within the required energy efficiency standards. That’s one less thing to worry about.
Another advantage, is that by periodically checking your property’s energy efficiency, it will be easier to save money on energy bills for your tenants. The EPC will also help you to plan for future costs with its breakdown of energy expenditures. For landlords managing multiple properties this will be particularly helpful.
Recent Changes to the EPC
From 1st April, 2019, the ‘no cost to the landlord’ exemption will no longer apply and landlords will be required to pay up to £3,500 on works to increase their property’s rating up to an E. If costs exceed this figure, landlords will be allowed to register for a ‘high cost’ exemption on the PRS Exemptions Register provided they give significant evidence.
This is a significant change that landlords in the private rental sector need to stay on top of.
Let us Lend a Hand
With all these obligations to wrap your head around, it’s worth delegating some tasks to make the process of organising a new tenancy that bit simpler.
No Letting go provide professional, unbiased inventory services to make the process as fuss-free and efficient as possible and help you stay on top of your responsibilities.
Making the choice to buy a property is probably the biggest financial decision you’ll ever make. Definitely not one to be taken lightly.
You’ve probably been told that buying a property is the way forward in terms of financial stability and you may feel under pressure to buy your own home to make that first step onto the property ladder. But is it really the best option for everyone?
We believe there are pros and cons to buying a house and that renting a property can be a smarter option for some.
That’s why we’ve put together this guide, so you can decide, once and for all; is it better to rent or buy?
The Benefits of Renting
Despite what older generations might tell you, there are many advantages to renting in today’s world.
Consider these before you dismiss renting as an option:
It Pays to Rent
The costs of buying a house can seem never ending. Hidden extra charges like paying for surveys, stamp duty and removal costs are enough to induce a panic attack. For rental properties, the upfront costs are pretty standard; a secure deposit, a month’s rent and any Letting Agency fees are all you’ll need to pay.
Once you’re in, the costs don’t stop when you own your own home. Recurring expenses like homeowners insurance and property taxes are just the start. Maintenance and repairs can really add up too. A dodgy boiler giving up in the middle of the night mid-November or a leaky pipe creating a downpour in your bedroom is all down to you to fix. If you’ve ever had to track down a tradesperson out of hours you’ll understand the pain.
With renting, these responsibilities lie in the hands of your landlord. Landlords have a legal responsibility to provide a safe, liveable home that is well maintained. This means the landlord foots the bill for any essential repairs.
Skip the Hefty Deposit
For first-time buyers, it’s becoming increasingly difficult to buy.
Soaring house prices have resulted in eye watering deposits that seem unattainable for lots of us. Finding somewhere to buy within a reasonable commute to work is almost out of the question, with people being forced to live in less desirable areas.
Although rent prices increase in sought-after locations, it’s far less drastic.
Flexible Housing for Flexible Living
In today’s world of employment, people switch jobs every few years and no one is quite sure what’s around the corner. If work decides to transfer you to the opposite end of the country or, worst case scenario, you lose your job, you could be left with mounting mortgage repayments. Selling is stressful, costly and always takes longer than you expect.
The pros of renting a house mean it’s easier to move quickly. Usually, tenancy agreements have a break cause and you could move somewhere new within a month with minimal fuss.
Scared of Commitment?
If you’re a commitment-phobe in your relationships, you might not want to be tied down by a property. Renting a home is the more flexible option, allowing you to jump ship if things get boring.
Renting could also be the intelligent choice if you’re moving in with a new partner. There’s nothing like a few months of living together to test a relationship. Discovering your partner’s unsavoury living habits could swiftly make you think twice about your happily-ever-after home. Toenail clippings behind the sofa or late night video game sessions could be the final straw.
The advantages of renting a house mean you can test each other out short-term, without the added pressure of mortgage repayments.
Stay Safe and Secure
As we mentioned earlier, landlords have obligations to fulfil when it comes to property maintenance. These responsibilities stretch further than fixing the odd appliance.
Safety standards have to be adhered to, such as gas, electrical and fire safety checks. These regulations are all designed to protect tenants.
Avoid Rising Interest Rates
Rising interest rates mean your mortgage repayments go up. If the budget is already tight, this could have grave consequences on your finances and living situation.
Equally, property values are famously volatile, and if the value of your property goes down it will be more difficult to sell later down the line.
Renting sidesteps these stresses.
The Cons of Renting a House
As with everything, there are some negative aspects to renting. It really depends on the stage of your life you’re at and what will benefit you now as well as in the long run.
Think about these issues before making your final decision:
Sacrifice the Freedom to Decorate
One downside with renting is that you’re more restricted when it comes to redecorating and making structural changes to your home. Alterations need to be ok’d by the landlord before they go ahead, sometimes even down to hanging a picture frame!
This isn’t a problem if DIY isn’t really your thing, and most landlords are reasonable when it comes to home improvements. You are enhancing their property after all.
If you have a pet you’ll need to make this clear at the beginning as living with pets isn’t allowed in all rental properties. It is possible to rent with pets, just make it a priority for your search.
Be at the Mercy of Your Landlord
One thing that can put people off renting is the idea of being at the mercy of their landlord. If they choose, landlords can raise the rent and even decide to kick you out.
Although this is a possibility, it’s a rare one. Landlords have to compete with the rest of the property market and if they charge extortionate prices they risk not filling properties. You also have a tenancy contract which will stipulate how much notice a landlord can give you if they decide to make changes.
Save Money in the Long Run?
Many people claim there is a long-term, financial benefit to buying. Once you’ve finally paid off your mortgage, they say, you will be able to live rent free.
But, how long will that take?
Mortgages that take up to 35 years to repay are not uncommon. That’s a long time to commit to.
In the short-term at least, it’s cheaper to rent. Rent is usually less than the monthly mortgage repayments and the original deposit is just a fraction of the cost of buying a house.
The Final Say
To sum up, it really depends on your specific situation as to whether it’s best to buy or rent.
Some things to think about before you buy are;
- Before making an offer on a house – can you afford the mortgage?
- Can you afford the monthly repayments (taking possible rises into consideration)?
- Are you planning to stay in the property for a significant length of time?
If it’s flexibility, minimal upfront costs and the security of knowing your landlord is there to cover maintenance you’re after, renting is the best option.
On team rent? If you let out your home, make the process as smooth as possible by taking advantage of No Letting Go’s inventory services. This way, you won’t get caught out with unexpected charges as all the information about the property’s condition is independently evaluated and stored securely. Whether you’re a landlord or letting agent, find out how we can help with our professional, unbiased property reports.
Do you have a property that you are hoping to let out? If so, you might be looking to take on a letting agent.
Whether you’re new to the world of buy-to-letting or not, you may be asking yourself ‘Which letting agent should I choose?’
To try and help, we’ve put together our advice on choosing a letting agent.
Why go with a letting agent?
While some landlords choose to manage their property alone, letting agencies are still hugely popular. Whether to choose an agency or not is down to the individual situation.
What is the role of a letting agent?
The role of a letting agent varies, depending on what you’re looking for. Their role can range from simply providing a tenancy agreement to full-on maintenance of the property.
Most letting agents will offer to collect the rent and deposit on behalf of the landlord, while many letting agents also offer extra services.
These extra services can vary from tenancy vetting’s to full-on maintenance and ensuring any damage costs are reimbursed.
What are the advantages of choosing a letting agent?
While a letting agent will entail fees, there are numerous advantages alongside this.
1. Firstly, letting agents will be regulated. Ensure that the one you choose is a member of a trade association, such as NAEA (National Association of Estate Agents) or ARLA (Association of Residential Letting Agents).
2. Secondly, a letting agent will have a full understanding of the buy-to-let market. If you’re a first-time landlord, it’s likely that you will benefit from this knowledge! This expertise should result in the process running more smoothly.
3. Finally, choosing a letting agent will mean that you won’t have to navigate the world of buy-to-let alone. An agency will have a dedicated team in place to manage any property related issues.
You may also like: Landlord Responsibilities – A Guide to Health & Safety Obligations
How to choose a letting agent
Once you’ve decided to go with a letting agent, it’s important to detail what service you’re looking for. There are many other factors that should go into your final decision.
You’re entrusting your property to a third party, so it’s not an easy choice to make!
Marketing and advertising
It’s important to remember that using a letting agent will cost you money.
Therefore, when considering the question ‘Which letting agent should I choose?’ you should look closely into their marketing strategy.
If their advertising is effective and they are proactive in their marketing, you will know they’re more likely to find you a tenant.
Enquire into which newspapers they advertise in.
Also, ask them to show you which potential tenants they have on their books. They should prove that they will make it their mission to see your property let out!
Listen to recommendations
An important factor in choosing a letting agent is their location. Our advice is to choose an agency in your property’s area, so you can take advantage of their local knowledge!
When choosing a letting agent, it’s important to ask around for recommendations. Listen to those who live in your area, for example other landlords, who can be found through a local landlord association.
Word-of-mouth can be a reliable source of information!
Understand their fees
You need to be clear on how an agent’s fees are organised. You don’t want to be caught out with any unexpected costs!
An agent’s fees tend to be organised either as a fixed fee, or as a proportion of rent. Fees are completely dependent on each agency itself.
One way to ensure that a letting agent is reputable is by checking that they have insurance. An agency should be able to prove they have CMP (Client Money Protection) in place.
Also, ensure that you have landlord insurance, to protect you in the unlikely event of the misappropriation of money.
In understanding an agency’s fees, you need to understand what is meant by ‘guaranteed rent’. While this sounds appealing at first, it has its drawbacks.
If an agency offers guaranteed rent, it’s likely you will receive a lower price. However, you will also avoid periods of no rent at all.
Make sure you fully consider your decision!
Check the contract
While this sounds obvious, it’s essential.
Checking the contract can help avoid some costly surprises.
You need to be clear on everything from cancellation periods, to whether there are any vacant property charges.
Aside from the fee for when new tenants move in, do they charge commission also?
Make sure you understand all the clauses within your contract.
Remember maintenance
Your letting agency should detail whether they will run safety checks, for example annual gas readings, or if this is down to you.
Consider routine repairs. Will there be any extra costs for the general maintenance of your property?
Being a landlord can be tough! As your property is your livelihood, we believe in protecting it. With No Letting Go inventory services, we can help you safeguard your property. Our full check-in and check-out service can ensure a hassle-free and impartial inventory check. Find out more about how we can help you here.
No Letting Go are proud to support the Association of Independent Inventory Clerks (AIIC) in their bid for mandatory inventories for all private residential tenancies. An independent inventory ensures there’s no room for ambiguity during the check-in and check-out procedures – this dramatically reduces the number of deposit disputes.
Evidence of Fulfilled Landlord Obligations
We would like to go a step further. There are some health and safety requirements no landlord can ignore! We feel inventories should be combined with compliance reporting. A detailed inventory at the start and end of a tenancy can act as a crucial document which acts as evidence of a landlord fulfilling their health and safety obligations.
The report could also work as evidence of a landlord complying with:
- Smoke and carbon monoxide alarm regulations 2015
- Fire and furnishing safety regulations 1988
A Duty of Care
Nick Lyons, CEO of No Letting Go spoke to Landlord Today regarding the topic:
“Independent inventory providers have a duty of care to protect the interests of both landlords and tenants alike. The government has introduced legislation to protect tenants but with no real effective means to monitor it.
“The introduction of a compulsory combined inventory and compliance report for all let properties compiled by trained, independent professionals will help ensure that landlords meet their legal responsibilities and assist the government and trading standards to police the landlord’s requirement to protect tenants.”
Why Is the Petition Important?
The petition is being put forward by the AIIC. This is to encourage the government to introduce mandatory inventory reporting as part of its ongoing plans to increase regulation in the Private Rented Sector.
The AIIC sees mandatory independent inventory reporting as the next step from the 2007 introduction of compulsory tenancy deposit protection. This is because there’s not been additional legislation concerning the documents or evidence needed to resolve deposit disputes.
Danny Zane, joint chair of the AIIC explains:
“With this in mind, regulating independent inventories really is a no-brainer for the government. An independent and professionally compiled inventory offers protection to both tenants and landlord and can prove invaluable in the event of a tenancy deposit dispute.”
Irrelevant of whether mandatory independent inventory reporting becomes a legal requirement, there is still an abundance of benefits for landlords, letting agents and tenants. An independent body like No Letting Go can take the hassle and strain out of the process while dramatically cutting down on disputes. Find out more about how we can help your inventory process here.
If you fancy turning your hand to property investment but unsure where to start, we’ve got it covered. We’ve taken a look at the best place to invest in property in the UK. To work this out, we’ve looked at the average rental yield all UK cities and ranked them accordingly. We’ve worked this out by looking at the average property value and average annual rent in each city. Where does your city rank?
Ranked from bottom to top by average rental yield percentage, here are the results…
68. St Albans – 2.76%
Average property price: £581,041
Average rent: £1,336 pcm
67. Truro – 2.85%
Average property price: £320,611
Average rent: £761 pcm
66. Worcester – 2.87%
Average property price: £260,039
Average rent: £623 pcm
65. Chelmsford – 3.04%
Average property price: £387,413
Average rent: £982 pcm
64. Salisbury – 3.08%
Average property price: £341,338
Average rent: £876 pcm
63. St Asaph – 3.1%
Average property price: £225,104
Average rent: £581 pcm
62. Hereford – 3.14%
Average property price: £249,947
Average rent: £655 pcm
61. Ripon – 3.2%
Average property price: £290,495
Average rent: £774 pcm
60. Lichfield – 3.2%
Average property price: £291,353
Average rent: £777 pcm
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59. Wells – 3.31%
Average property price: £308,536
Average rent: £850 pcm
58. Cambridge – 3.34%
Average property price: £455,104
Average rent: £1,268 pcm
57. Winchester – 3.36%
Average property price: £548,755
Average rent: £1,537 pcm
56. Chichester – 3.4%
Average property price: £428,867
Average rent: £1,214 pcm
55. Wolverhampton – 3.44%
Average property price: £188,146
Average rent: £539 pcm
54. Bath – 3.44%
Average property price: £444,257
Average rent: £1,274 pcm
53. Gloucester – 3.47%
Average property price: £230,997
Average rent: £668 pcm
52. Chester – 3.5%
Average property price: £254,681
Average rent: £742 pcm
51. Perth – 3.5%
Average property price: £202,679
Average rent: £591 pcm
50. Exeter – 3.52%
Average property price: £293,069
Average rent: £860 pcm
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49. York – 3.55%
Average property price: £282,874
Average rent: £837 pcm
48. St David’s – 3.56%
Average property price: £234,104
Average rent: £695 pcm
47. Peterborough – 3.7%
Average property price: £217,668
Average rent: £672 pcm
46. Carlisle – 3.73%
Average property price: £157,070
Average rent: £488 pcm
45. Ely – 3.8%
Average property price: £295,045
Average rent: £935 pcm
44. Norwich – 3.9%
Average property price: £265,871
Average rent: £864 pcm
43. Leicester – 4.01%
Average property price: £216,421
Average rent: £724 pcm
42. Bristol – 4.03%
Average property price: £314,629
Average rent: £1,057 pcm
41. Canterbury – 4.07%
Average property price: £335,782
Average rent: £1,138 pcm
40. Lincoln – 4.07%
Average property price: £192,423
Average rent: £653 pcm
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39. Wakefield – 4.08%
Average property price: £177,810
Average rent: £605 pcm
38. Derby – 4.12%
Average property price: £194,951
Average rent: £669 pcm
37. Lancaster – 4.25%
Average property price: £191,729
Average rent: £679 pcm
36. Dundee – 4.28%
Average rental price: £156,781
Average rent: £559 pcm
35. Southampton – 4.36%
Average rental price: £289,546
Average rent: £1,053 pcm
34. Hull – 4.43%
Average rental price: £133,306
Average rent: £492 pcm
33. Newry – 4.44%
Average rental price: £146,353
Average rent: £542 pcm
32. Oxford – 4.46%
Average property price: £503,570
Average rent: £1,870 pcm
31. Stoke-on-Trent – 4.53%
Average property price: £143,358
Average rent: £541 pcm
30. Bradford – 4.53%
Average property price: £129,444
Average rent: £489 pcm
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29. Aberdeen – 4.58%
Average property price: £197,352
Average rent: £753 pcm
28. Preston – 4.6%
Average property price: £179,405
Average rent: £687 pcm
27. Inverness – 4.68%
Average property price: £177,736
Average rent: £693 pcm
26. Newport – 4.71%
Average property price: £165,970
Average rent: £651 pcm
25. Stirling – 4.78%
Average property price: £194,439
Average rent: £775 pcm
24. Brighton & Hove – 4.79%
Average property price: £385,220
Average rent: £1,537 pcm
23. London – 4.8%
Average property price: £672,390
Average rent: £2,692 pcm
22. Newcastle – 4.81%
Average property price: £203,524
Average rent: £816 pcm
21. Sheffield – 4.91%
Average property price: £187,360
Average rent: £767 pcm
20. Sunderland – 5.02%
Average property price: £139,518
Average rent: £584 pcm
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19. Derry – 5.12%
Average property price: £110,884
Average rent: £473 pcm
18. Glasgow – 5.21%
Average property price: £175,623
Average rent: £762 pcm
17. Lisburn – 5.36%
Average property price: £143,435
Average rent: £641 pcm
16. Plymouth – 5.47%
Average property price: £200,655
Average rent: £914 pcm
15. Cardiff – 5.6%
Average property price: £233,833
Average rent: £1,092 pcm
14. Belfast – 5.72%
Average property price: £153,310
Average rent: £731 pcm
13. Swansea – 5.74%
Average property price: £167,147
Average rent: £799 pcm
12. Liverpool – 5.78%
Average property price: £164,838
Average rent: £794 pcm
11. Portsmouth – 5.81%
Average property price: £227,041
Average rent: £1,100 pcm
10. Edinburgh – 5.89%
Coming in at 10th place is Scotland’s capital Edinburgh. The city is a highly desirable place to live and is a huge cultural hub north of the border. Having said this, property prices are relatively low while rent remains high. This means, Edinburgh is a great place for any landlord to build a portfolio.
Average property price: £268,989
Average rent: £1,320 pcm
9. Nottingham – 5.97%
With a popular university paired with high standard of living, property investment in Nottingham could be a money maker. With a 5.97% average rental yield, this is a serious consideration for anyone looking to make money.
Average property price: £188,609
Average rent: £939 pcm
8. Birmingham – 6.27%
Proclaimed to be the second city in the UK, Birmingham was guaranteed to feature high in this list. The property prices are in line with much of the midlands while rent is high. The popular university also prevents an opportunity for those considering student lets.
Average property price: £188,235
Average rent: £984 pcm
7. Armagh – 6.42%
The Northern Irish city is claimed to be the fifth-least-populous city in the UK. Maybe that goes some way to explaining the low property prices. Rent, at least, is in line with the surrounding area.
Average property price: £105,815
Average rent: £566 pcm
6. Manchester – 6.5%
Though Birmingham takes the title of Britain’s second city, Manchester seems to be stealing the attention. It’s a highly favourable place to live, especially among the younger generations who seek a buzzy metropolitan area. This has led to rent remaining high while property prices sit in line with much of the north of England.
Average property price: £175,872
Average rent: £952 pcm
5. Coventry – 6.64%
Coventry storms ahead into 5th position in our list. As the ninth largest city in the UK, it’s no surprise it features high. The city is the only Midlands spot to break the £1,000 average rent mark.
Average property price: £195,255
Average rent: £1,080 pcm
4. Durham – 6.71%
At the business end of the list we find north-eastern city of Durham. The location is renowned for its beauty and highly respected university. There are plenty of reasons why people are attracted to the city, an alluring potential for investment.
Average property price: £159,146
Average rent: £890 pcm
3. Leeds – 6.89%
Another city that people are naturally driven to. Leeds is metropolitan city renowned for its shopping, nightlife and culture. If you consider the high rent prices and relatively low property prices, you may find yourself building a portfolio here.
Average property price: £204,644
Average rent: £1,175 pcm
2. Salford – 7.53%
If you’re looking to invest in Manchester, you may do better by looking to neighbouring Salford. The city offers similar average rent but with a reduction in average property prices, a win-win!
Average property price: £156,118
Average rent: £979 pcm
1. Bangor – 9.42%
The best place to invest in property in the UK is Bangor – an exceptional opportunity for anyone considering property investment. The house prices are aligned with the local area and pretty low. The average rent is considerably higher, exceeding £1,300 pcm.
Average property price: £169,148
Average rent: £1,328 pcm
All figures accurate on date of publish.
If you’re considering becoming a landlord, don’t get caught up in messy deposit disputes. We can help. Find out how No Letting Go’s inventory services can remove the hassle from the situation.
When starting out as a landlord, it can be difficult to keep track of all your legal obligations. We thought we’d offer a little helping hand. We’re shedding some light on landlord responsibilities and your health & safety obligations. Don’t cut corners here, it’s important to get this right.
Gas Safety
As a landlord, you need to take gas safety seriously. Make sure all gas equipment is installed and maintained by a Gas Safe registered engineer. Every appliance also needs an annual gas safety check by a registered engineer. By law, you must get a Gas Safety Certificate every twelve months. You need to provide a copy of this to new and existing tenants within 28 days of the check.
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Electrical Safety
Any electrical system or appliance in your property must be safe to use. By law, you are responsible for the general electrical system as well as the safety of appliances you provide, e.g. cookers, kettles, toasters, washing machines etc. Ensure all appliances are tested by an electrician and display the PAT (portable appliance test) sticker clearly on the plug.
Fire Safety
This is another crucially important area of responsibility for landlords. You must follow fire safety regulations. You must provide smoke alarms on each storey of your house, this can be either mains or battery operated.
You also have to provide a carbon monoxide alarm in any room with a solid fuel burning appliance (e.g. coal fire or wood stove). There is no legislation requiring you to fit a carbon monoxide alarm in a room with a gas burning appliance (e.g. boiler or gas fire). Despite this lack of regulation, many landlords and agents are choosing to supply CO alarms in these rooms for peace of mind.
An overlooked part of legislation is that all landlords must ensure the alarms are in working order on the start date of each new tenancy. This is the case even if a new tenant doesn’t move in till after that time. You must provide evidence that an alarm is in working condition from the start date, an ideal way of doing this is via a thorough inventory check-in procedure.
You must ensure tenants have access to adequate escape routes at all time, this includes preventing obstructions. If you supply a furnished property, you must ensure that all furniture is fire safe.
If you’re letting a large house in multiple occupation (HMO), you’re required to provide adequate alarms and fire extinguishers.
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The Responsibility of Repairs
This can be a sticky topic. As a landlord, you’re responsible for the majority of repairs. Here’s a list of repairs you must carry out:
- The property’s structure and exterior
- Basins, sinks, baths and other sanitary fittings (this includes pipes and drains)
- Heating and hot water
- Gas appliances, pipes, flues and ventilation
- Electrical wiring
- Common areas like staircases (this will usually be mentioned in the tenancy agreement)
The Housing Health and Safety Rating System
HHRS stands for the Housing Health and Safety Rating System. This is a risk-based evaluation which local authorities use to deem whether a property presents health and safety hazards. If your property is deemed unsafe, your local council can take action. This is something you seriously want to avoid.
How Does the HHRS Work?
Hazards are separated in categories depending on how serious they are. This system also considers the extra risk to the young and elderly.
Category 1 Hazards
Hazards which are the most dangerous and pose the most potential threat to health or safety are labelled as category 1. If your property displays any examples of a category 1 hazard, the local council is obliged to take action. Here are a few examples of category 1 hazards:
- Leaking roof
- Mould on the walls or ceilings
- Rats, pest or vermin infestations
- Broken steps at the top of a flight of stairs
- Exposed wiring or overloaded electrical sockets
- A dangerous or broken boiler
- Excessively cold bedrooms
- Poor security (as a result of lock problems or badly fitting doors, etc.)
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Sometimes it can be difficult to prove your property is in a safe condition before your tenants move in. By using No Letting Go’s inventory services, our full check-in service will be able to record exactly what condition your property is in. This not only removes the potential for deposit disputes but also assists with proving items like fire alarms meet regulations. Find out more about our inventory services for landlords here.
As a landlord, choosing a letting agent can be tough. It’s a decision which needs careful consideration. In recent years, the rise in popularity of online letting agents has presented an alternative option for your portfolio. But which are best? We’ve done the research so you don’t have to. Here’s our guide to the best online letting agents.
What Are Online Letting Agents?
Online letting agents work in a similar way to traditional agencies but don’t have a physical high street presence. From advertising the property to photography and reference checking, most online agencies will deliver all the services required by landlords. They’re often cheaper and don’t come with as many fees (though these do vary from agency to agency).
So, what are the best online letting agents?
Note: All prices mentioned below are for the top/premium/fully managed packages, lower cost alternatives for hands-on landlords are also offered by all agencies featured.
In alphabetical order…
EasyProperty
From the team behind EasyJet, EasyProperty offers professional letting agency services for reasonable prices. Their Complete package includes everything you’ll need, from professional advert creation to the tenancy agreement.
Price: £299 (Complete Package) + costs for additional services.
I Am the Agent
Efficient, cost-effective and straightforward, I Am The Agent offers flexibility and simplicity to landlords. Their service allows you to choose what you’d like to receive as part of their package.
Price: £249 (The Whole Shebang Package) + costs for additional service.
LettingaProperty.com
LettingaProperty.com offers all the services of a high street agency but cheaper and with a self-proclaimed ‘higher service level’. In their Platinum package, the agency offers a guarantee that rent is paid on time every month (even if the tenant doesn’t). Home emergency cover with zero excess is also included in this package.
Price: £99 set up fee & £89 per month from collected rent (Platinum Package) + costs for additional services.
Make Ur Move
Make Ur Move offers a variety of lettings services, ‘from DIY to VIP’. You can easily upgrade your package at any time, to complement the level of service you require as a landlord.
Price: Dependent on inclusions/exclusions.
Mirus
Mirus utilises the skills and expertise of their consultants to offer an ‘unrivalled professional experience’. With a real emphasis on instilling trust and confidence in landlords, this service is driven forward by a highly experienced team.
Price: £99+VAT (Mirus Two).
My Online Estate Agent
My Online Estate Agent claim to work exactly like the best high street lettings agent but charge a fraction of the price. The site claims to achieve an average of 21 enquiries from interested tenants per property.
Price: £199 (Essentials Plus) + costs for additional services.
No Agent
No Agent is a platform designed by landlords for landlords. They describe themselves as ‘the 21st Century upgrade to landlording you’ve been waiting for’. They offer full property management for a fixed fee, ideal for those seeking a low maintenance rental process.
Price: £45 per month in London, £35 per month everywhere else + costs for additional services.
OpenRent
OpenRent is an online agency designed for optimum efficiency while maintaining quality and security. With transparent and easy-to-understand packages, this is a platform designed to take the stress from a notoriously painful process.
Price: £49 (Advertising & Rent Now Package) + costs for additional services.
Pad
Pad is the UK’s first fully mobile lettings agent. Their tenants verify, offer, sign and pay with the click of a button. They claim to be the lowest cost lettings service and will make you the highest return. They pride themselves on their tech and logistics which gives them an edge on the competition. They currently operate in London, listing properties for 1 – 12 month assured tenancies.
Price: £399 (AST Viewing Package), £199 per room (HMO Viewing Package).
Portico Direct
Portico Direct is an online letting agent that enables landlords to advertise directly on Rightmove and Zoopla without using a traditional estate agent. Their newly developed service is available throughout the UK, and listing on the major portals costs from just £1.
Price: £1 to list the property on Rightmove and Zoopla. Optional extras are £20 for a tenancy agreement, £20 for referencing, £20 for deposit registration.
Purple Bricks
Whether you want to manage your portfolio hands-on or leave the fuss to the agency, Purple Bricks can help. Arguably one of the largest names in the industry right now, this is an online letting agency that’s tried and tested by landlords up and down the country.
Price: Contact for a free no-obligation valuation.
Rentround
Rentround compare letting agent fees & ratings in your area and reduce rental costs for your property. We compare insurance, energy bills, mortgages… and now letting agents.
Rentify
Rentify offers an intriguing offer to landlords. They remove any possibility of voids, arrears or repair costs. The agency will inspect your property and make a rent offer. Once this is agreed, they guarantee rent payment for three years. You leave the rest up to them. This system offers complete security and alleviation of hassle.
Price: On consultation.
Rentlord
Rentlord is an online platform designed for helping self-managing landlords. This allows landlords to manage their portfolio entirely online. This makes the admin and legal work of landlords much easier and stress-free.
Price: £14.99 per month (Premium Plan).
Rent My Home
Rent My Home looks to create a speedy and effective letting process for landlords. They put a large emphasis on transparency, creating a clear and honest package for landlords.
Price: Dependant on package inclusions.
The Online Letting Agents
The Online Letting Agents claim to work differently to other online letting agents. Before sending a lead to a landlord, they get further information from the viewer to ensure that they will be a suitable prospective tenant, saving the landlord time and effort. They also regularly review online advertisements to ensure its always performing its best. Currently, The Online Letting Agents are the highest rated online letting agent on Trustpilot in the categories of property, property leasing agent, property rental agent and estate agent categories.
Price: Tenant find from £89, Property management from £30 per month (set up fee applies)
Upad
The UK’s largest online letting agent. Upad allows landlords to pick and choose the services they want included in the package. When you work with Upad, your property will be advertised to over 10 million potential tenants through sites like Rightmove, Zoopla and prime Location.
Price: £399 (Complete Package).
Urban.co.uk
Described by The Sunday Times as ‘one of the top online agents’ and a winner at the Landlord & Letting Awards 2016/2017, Urban.co.uk comes highly recommended. The agency are proud of their reputation and consistently receive high praise from their customers.
Price: £399+VAT & £79 per month (Full Management Package).
Visum
Operating since 2004, Visum is the UK’s oldest online letting and estate agent. With a track record of working with over 30,000 properties, Visum pride themselves on their rich experience in the industry. The site has been conceived by genuine landlords and estate agents who are able to offer expert help with the process.
Price: £79 (Plus Advertising 3 Month Package) + costs for additional services.
Being a landlord can be tough and stressful. Don’t let deposit disputes add yet another burden to your job. With No Letting Go inventory services, we will safeguard your investment with a meticulously prepared, unbiased inventory at both check-in and check-out stages of the tenancy. Find out more about how our inventory services can help you.
Here at No Letting Go, we’re always looking to expand and strengthen our national coverage. This is why we’re excited to announce the opening of four new franchisee offices. Let us introduce you to the new members of our team.
Sam Wilkinson Open a No Letting Go Office in Preston
With a strong background in property sales, Sam Wilkinson has previously worked with an established estate agency. Originally from Kent, Sam relocated to the North West a number of years ago due to family work commitments.
With her property experience, Sam saw an opportunity for setting up her own inventory business. On her hunt for the perfect inventory software to support her business, she found us. “I came across No Letting Go while looking into their Kaptur software, I was so impressed with their business processes that I decided to join the company”. We couldn’t be happier to have Sam on board in the North West.
John Farrell Open a No Letting Go Office in Uxbridge
John Farrell, from Ealing, enjoyed a long and fruitful career in teaching. John developed a strong interest in property investment. Already a hands-on landlord, he began his search for business opportunities in the property market. This is where he encountered No Letting Go.
“The rental market is such a strong market, I really wanted to find a business opportunity that serviced this industry. No Letting Go has a proven track record as a national brand. It was an easy decision for me to build a business with the No Letting Go team.”
Claire and Martin Parfitt Open a No Letting Go Office in Southampton
Claire and Martin Parfitt, current owners of the Portsmouth office have expanded into neighbouring Southampton. Claire has worked as an inventory professional with large agents and No Letting Go for the last 13 years.
Martin has recently moved from his position as a Facilities Manager to aide Claire in establishing the business. “We are really excited about our expansion plans into Southampton, there are many excellent letting agents in the area in addition to a high level of student lets”.
Tammy and Peter Edwards Open a No Letting Go Office in Peterborough
This month, Tammy and Peter Edwards will be opening an office in Peterborough. After searching for a service business opportunity in the property sector, the couple opted to work with No Letting Go. Extensive research into property inventory businesses led them to us.
“We were really impressed with No Letting Go’s technology, marketing and the Head Office team have been very supportive too. We are really looking forward to working with Lettings Agents and Landlords in the Peterborough area”.
If you’re looking for a lucrative, independent and flexible career in the booming UK property sector, we want to hear from you. Find out how to become a No Letting Go franchisee here.