What are potential tenants in the North East really looking for?
Over past 12 months, we’ve seen our letting figures rise by 30%. The market is extremely healthy and with the North East thriving as a hub for investment, it can only get stronger. However, a strong market isn’t always the answer; in order to succeed in the property market, it’s vital that you listen to your tenants, keep on top of trends and most importantly, exceed expectations.
There’s a lot of information out there about what it takes to be a ‘good landlord’, however, this will differ from tenant to tenant. Of course, as letting agents, we make sure that all your affairs are in order, but not every landlord has a letting agent acting for them. Here are some tips…
Tenant Fees Ban – June 2019
Tenant Fees Ban comes into force 1st June 2019… Click more information about the Tenant Fees Bill.
Head of Letting, Donna Cheney shares her thoughts and how GFW Letting are preparing for the ban: “GFW Letting agree with most other agents and also our regulatory body, ARLA Propertymark, that this ban is grossly unfair on honest and reputable agents who charge legitimate fees for work that is conducted on behalf of tenants.
Landlords: is Brexit good news?
This week, LandlordToday released figures suggesting that Brexit uncertainty could mean a rise in tenants.
Commenting on the news, Donna Cheney, Head of Lettings, said: “GFW Letting have seen strong rental growth in the financial year 2018/19 to date, with a 25% increase in the number of lets completed in comparison to the same period in the previous year; this is despite the uncertainty across the housing sector due to Brexit. There is always a market for rental properties as a mobile workforce often means Read More
The best time to let your property? Now!
It goes without saying that we’ve had a long, cold winter and some might say we are pretty much skipping Spring all together and heading into a long hot summer (or so we hope!).
Given the extended period of cold, grey days, more tenants have delayed looking for their next home. As the weather is improving, with lighter and brighter evenings, people will start to get moving, and now really is the time to put your property on the rental market.
Tenant Fees Bill: a fairer playing field for all is needed
MPs are currently debating the proposed Tenant Fees Bill, that’s due to be made law next year. The Bill recommends tighter regulations on tenancy deposits, holding deposits and default fees, proposing that all payments, apart from rent, default fees, security deposits of up to six weeks and holding deposits of up to one week, are prohibited.
As a member of ARLA, we are fully in favour of regulation – and behind the aim to safeguard tenants by ensuring renting costs and fees are affordable – however, we do feel that a complete ban on fees is unfair and counterproductive. For example, not allowing agents to retain the holding deposit when a tenant fails the referencing check will only serve, in the long term, to negatively impact tenants, not protect them, as these costs will have to be picked up somewhere else down the line and most likely by tenants, through rental increases, for example.
MPs are also debating how much security deposit a tenant should legally be required to provide. The current draft Bill states six weeks, but the Housing, Communities and Local Government Committee believes this should be reduced to five. We generally charge four weeks’ rent as a damage deposit but there are definitely circumstances where we feel a higher deposit is warranted. For instance, where there are pets in a property, and we are concerned that the legislation will prevent a landlord from doing this, which puts them at greater risk of financial loss from damage, as in some circumstances, even six weeks rent would not be considered enough to safeguard the landlord in case anything goes wrong.