What To do When Faced Having a Property Void.

A voided home is 1 that is presently not occupied. In most cases, these periods of time don’t exceed a few weeks or a month, but there are cases of really unfortunate landlords, who’ve noticed their apartments and homes remain empty for a few months in a row. This could be a horrible scenario for many landlords along with a near catastrophe for others. Most buy-to-let landlords possess the rental income of their property closely linked towards the payments on the mortgage. If the income isn’t there then there’s a gap which has to become filled by other indicates of earnings. Similarly, if a landlord is utilizing the cash to fund a company, the consequences can be equally unfavorable.

Considering these facts, landlords usually try to keep the home void as uncommon and as short as possible. They do this by following a couple of simple rules that they can adhere to without the require for an initial monetary outlay. Probably the most apparent 1 isn’t pricing the property out from the marketplace. With most tenants having less disposable earnings than they are utilized to; they are usually looking for methods to totally free much more up; an inexpensive home being an apparent choice. With people still feeling the effects from the recession landlords need to be mindful from the financial position that tenants are now in, this could be married with current prices within the rental marketplace dipping slightly in current occasions.Sometimes the choice from the tenants to not extend or re-new their contract may be swayed by the simplest of items.If they have had a dispute using the landlord that has not been resolved then this could result in a feeling of dissatisfaction and neglect which may contribute significantly when considering whether or not to stay within the property. To avoid this from happening, a landlord should be sure to take each and every request or problem their tenant presents them with extremely seriously and do whatever they can to cope with it as quickly as possible By keeping an open thoughts with their tenants a landlord can construct a long lasting connection with them and it is this rapport that can make all the difference within the lengthy run. By offering to spread the cost of the missed rent over a two month period, the landlord is reassuring their tenant that they comprehend mistakes are made and that they nonetheless trust them. Doing small favours might cost a little initially, but they can prevent any losses within the future.

Every cloud has a silver lining; if a landlord is faced with a long term property void they are able to use the time to improve the value of their property so they increase their chances of discovering great tenants Not to say that the entire property needs to re-furbished but there are a great deal of modifications that can be made now that the tenants aren’t there.

Property In Spain: Real Estate In A Beautiful Country

Spain, among many other countries persistently enjoys high popularity among people who are interested in property in another country. People may like to move to pleasant climates and Spain is certainly the perfect destination if you would like escape the stress and bad weather elsewhere. If you are still reluctant to move to Spain you can also rent or buy an affordable holiday home for your Spain vacation under the sun.

Living in Spain

Escape The Stress With Property In Beautiful Spain

On the other hand, trying to find and purchasing property in Spain can provide another benefit.

Spanish real estate is likewise very well liked as an investment. Let me talk about a number of points in the following paragraphs of what you need to know if you want to rent or purchase real estate in Spain.

While it may sound difficult at first, purchasing or renting on the Spanish real estate market isn’t really much more difficult when compared to elsewhere. Pretty much in no time you’ll be able to go to Spain from all big cities within the UK. Likewise, air flights to Spain are often very low-priced. Since it will only take a few hours getting to Spain for looking at your prospective future place this may not be any more difficult as this process at home.

How do you obtain Spanish real estate property quickly and easily?

Considering that Spain is extremely popular these days with regards to real estate you can find a sizable number of sites which provide all sorts of Spanish property. No matter whether you need to invest in a luxurious Spanish villa or whether you are looking for a Spanish condo for rent, it’s likely that you’ll find it over the internet.

Rest assured, most Spanish travel destinations will have at least one real-estate agency to help you picking the right place. A lot of these agents generally cater to all sorts of property searchers, whether they are looking for a holiday home on the fantastic Costas or want investment property. In addition, don’t be concerned in regards to the language barrier since a large number of agencies are owned by people from the UK. What’s your price range? Are you looking for a holiday home or a home to live in Spain? All this shouldn’t be a difficulty if you stop by any of those letting agencies that offer Holiday Homes in Spain on the net.

When you wish to rent or buy a holiday home or perhaps a high-class Spanish villa, you should not be surprised if your property includes virtually all furniture and further luxuries for instance a large garden or a pool area. In comparison to other countries, prices for property in Spain can be really low and you will get a lot more for your investment no matter whether you rent or buy. You will not only get a place for a small amount of money, you’ll additionally be ready to experience the terrific Spanish climate with unlimited sunshine.

Similarly as is the case should you be trying to find a home in the United Kingdom, it is best to look for a respected real estate agency. Knowledgeable real estate agents that offer Spanish homes for rent can make it quite simple that you will find your ideal place before you know it and without the hassles.

Let me let you in on a special tip: If you are still unsure with regards to relocating to Spain, why don’t you rent a place first prior to buying? That way you can consider a number of Spanish properties without having to commit to buy immediately. Just call your Spanish real estate agent should you still have some questions.

More Claims for Unpaid Rent In England and Wales

Increasingly more landlords in the United Kingdom are reporting more numbers of claims for possession. According to a new study, the numbers of those landlords who attempt to claim unpaid rent has risen by another 12% on average this year.

Twenty per cent of courts in the United Kingdom see an increase of possession claims by landlords more than 20% as compared to the preceding twelve months. The total number of claims is in excess of 42,000.

Analysts, on the other hand, caution to see the numbers on the background of an overall increased number of rented properties in the nation, however state there is a clear trend upwards in regards to unpaid rents.

Among those areas in the United Kingdom which saw the biggest increase in claims is Wales where the change observed is as high as 98% depending on the surveyed cities.

The British capital has seen claims for unpaid rent increasing by 36%, with the central London Greater London area greatly outnumbering other areas.

Michael Portman, the managing director of a major British letting agency: “We have a situation here where rents are steadily increasing with more and more tenants in an overall bad financial shape due to the significantly slower rise in wages. As a result, many are struggling today and find themselves unable to pay their rent”.

“The numbers are worrying seeing that average rent levels in April were almost 4% higher as compared to last year. Rents in Wales saw a 5% hike and are now at an average of £566 while rents in the capital saw the worst increase with 7.6% and are now at £1,110”, he told the press.

“So as to not have the situation get out of hand and have it ead to problems for many landlords, we urge them to take legal actions quickly as opposed to allow rental arrears to pile up. In addition to that, landlords need to make sure they are adequately protected and insured”, he added.

“Once you encounter problems with delayed or missed rent, take action right away before it’s too late. Send notices right away and try to contact the tenants as early as possible to notify them about the outstanding rent and possible legal action”, he said.

An industry analyst pointed out that a large majority of notices are invalid and tend to be thrown out in court. Many landlords are not current with the UK’s rental laws and tend to make formal mistakes that render their notice worthless. This makes possession claims a lot more difficult. Formal errors and not knowing about applicable law can furthermore result in steep fines for landlords. He urges landlords to get legal help to avoid such problems.

Letting Consultancy Fires Agent for ‘Not Wanting To Rip Off People Anymore’

It might not apply to all letting agencies in the United Kingdom if one believes that the majority of the agencies are working ethically and with a conscience. However, fact is that a startling number of letting agencies in the nation are not exactly examples for ethical behaviour.

One letting agent from London now had to face the consequences when he finally developed a conscience in the course of his work. His employer simply fired him on the spot for not ‘wanting to rip-off people anymore’.

The now ex-agent told the reporters that he felt like a ‘smug piece of sh*t’ whose job merely was to rip-off landlords and renters by imposing outrageous fees for poorly rendered service. The former agent told us that one day he simply broke down and couldn’t take it anymore.

“I asked the manager whether I can reduce the £800 fee we asked from a young couple that was struggling financially. Little did I know that the manager did not just not like that idea at all, he fired me on the spot for bringing this up”, he added.

“This line of work is the worst I ever did. What the agencies do is basically making huge profits from the misery and already bad situation of those people who are looking for a place to rent. For me this is nothing but robbery and I am disgusted at myself that I took part in this”, he told us.

While industry analysts agree that many letting agencies are asking outrageous fees and charges, the overall consensus is however that not all of them are black sheep as in the above example. Tenants, however, see it differently. For incrasingly more tenants in the United Kingdom, letting agencies are considered parasites or scum.

“It becomes increasingly difficult to find a letting agency that has reasonable fees and offers good service. The situation on the UK’s letting market now is that letting agencies can do whatever they want and often don’t leave tenants who look for accommodation another option”, one industry insider informed us.

Mid Devon Property Market ‘Busy’ With Sales Going Up

The property market in Mid Devon continues with the upwards trend. Property companies in the area are reporting good sales and an increased demand from buyers who intent to move to the area. Among the favorites for buyers are still Crediton and the surrounding villages.

What makes the area so appealing for many buyers are good means for public transportation, attractive shopping centers as well as the beautiful landscape.

One letting agents spokesperson (Tumblr) in the area told us that this year is a very busy one with soaring sales all across the spectrum. “We see many property sales that range from cozy flats to luxury villas. There is really no specific clientele, they come from all walks of life. We have first-time home buyers such as families with children that wantlarge land houses or others who buy vacation homes in the area”.

The real estate firm just closed a deal on a large country house in Winkleigh, a gorgeous five bedroom home surrounded by gardens and several lakes that went for £800,000. The company likewise sees an increased demand for rentals and wants to expand into this market as well.

In the Mid Devon and Crediton area, the rental market is very busy and more landlords are showing up now who have a keen interest in buy-to-let property in the area. Some of the tenants looking to settle in the area are so eager they offered to pay six months rents in advance. The outlook for the area is very positive and there is no reason to believe that this will change any time soon.

Turning Spare Bedrooms into a Money-Making Opportunity

A new study (source – http://myonlinelettingagents.co.uk) found that many UK residents could get a nice, second income by taking advantage of the fact they have spare bedrooms sitting unused. The study revealed that this could collectively generate £69 billion a year if all those rooms would be let to tenants.

As of this date, an estimated 14 million bedrooms in homes all across the United Kingdom tend to be vacant, siding idle and not being used revealed one major British flat sharing web portal.

According to this new study, and looking at the current average flat-share rents in the nation, these rooms could generate as much as £5.8 billion a month of income: A huge potential for alleviating the current pressure and demand on the British rental market.

It seems as if many homeowners in the British capital are missing out on the biggest pool of potential renters. The number of empty bedroom in London is staggering with an estimated 4 million vacant bedrooms today. Rents of more than £28billion a year could be generated easily looking at the current average costs of rental accommodation in the British capital.

The website collected its figures using earlier English Housing Survey statistics, along with own research as well as surveys conducted by various letting agencies in the United Kingdom.

In terms of costs for rent today, those types of flat-share rents have increased by more than four per cent over the last year and are now at £390 per month on average.

This revelation is certainly mind-boggling seeing how the private rental market in Great Britain is suffering greatly from high demand from tenants and an ongoing shortage of suitable rental accommodations. As a result of that, rental costs likewise increased tremendously.

In the British capital, home prices shot up in recent years – deposits are much more difficult to save for, and there is no end in sight if one looks at the increasing costs for rent.

One survey recently also revealed the startling fact that today, the private rental market in the UK has surpassed the social housing numbers. This is unprecedented and is the first time that this happened in fifty years. What this means is that today 17.4 per cent of households, 3.84 million, are now renting privately, compared with 17.3 per cent or 3.8million people who are in rentals from housing associations.

Along with the new numbers, the housing website is calling on the British government to increase the threshold on the ‘rent-a-room’ relief scheme. Today, this scheme allows people in the UK to receive up to £4,250 a year tax-free from letting out accommodation in their home. If, however, the sum exceeds this figure they must file for taxes. The problem now is that the average rents in London easily exceed this threshold. The majority of rental cost in the capital is well beyond that limit that would allow benefiting from the ‘rent-a-room’ scheme.

Experts state that is has been 16 years since the current rent-a-room relief threshold was implemented, clearly the old regulation is not up-to-date anymore and must be changed to reflect the new situation on the rental market. Increasing the threshold would be urgently needed, as one first step.

Jonathan Moore, director of a leading housing agency: “This would certainly ease the burden being placed on rental property and motivate a lot more people to rent out their spare rooms. Tenants could at the same time save more money to help them get on the property ladder at a later time.”

Another study conducted by BM Solutions has shown that private landlords are increasingly relying on the private rental sector to supplement their monthly income amid the cuts on household budgets. Over 40% of those asked in the study said they were using their rental income to support their immediate living costs. This is quite different as compared to several years ago where many landlords saw renting out to lodgers as a way to save up for their retirement. In addition to those findings, the study also revealed that the market is suffering the problem of overcrowded accommodation that is often too small for the number of people living in them.

Rental yields in UK’s private rental sector down by 0.1%

While rental yields in some parts in the UK’s East and Scotland increased, the average rental yields in the nation dropped by 0.1% this last May as compared to the same time one year previously, a new study has shown.

Amongst those rentals that saw the biggest increase in rent are two and three bedroom rental properties with Wales being on top where the percentage of average rental increases is at 4.9%. The study also showed that average rental arrears dropped across the nation with the exception of Scotland and the East of the country.

As per the recent index which was published by one major British letting agency, yields declined in all regions apart from the East of England where they have saw a rise of 0.2% to 6.2%. The numbers in Scotland have been found at 0.1% to 5.8% respective. Rental yields in the United Kingdom’s South West and the Midlands remained the same as compared to last year 5.7% and 6.5% . Leading areas this year, according to the index are Wales, the Midlands and the North of the United Kingdom.

In terms of average rental increases, mid-sized property such as two and three bedroom units saw the greatest increase in average monthly rent, with a 0.5% and 0.3% month on month increase to £770 to £884 per month. Rental prices for smaller one bedroom units have somewhat decreased and are now at an average of £674 per calendar month, large units with four or more bedrooms on average saw rental costs decreases by 2.1%.

Tenant’s arrears remained on about the same level as compared to one year ago. Rent arrears kept at approximately the same numbers in the nation with the exception of Scotland where they increased by 4.6% on average.

Nick Dunnin, the letting agency’s director at Countrywide: ‘We see property prices for home purchases climbing faster when compared to monthly rental in some areas which equals a slight drop when seen over the last few months. Even with those drops we saw in May, rentals are still providing attractive returns especially in the buy-to-let sector which is in particular attractive.’

‘There is clearly a trend today where tenants chose more affordable, often smaller units in order to keep their monthly costs down. This explains the higher demand for smaller units, such as one-bedroom rentals compared to larger ones. Many are also opting for smaller units as one way to save money for a home purchase later on, this is another reason why there is a bigger demand for more affordable rentals today’, he said.

‘Then again, even in those segments where rental prices dropped somewhat, we are expecting prices and demand to go up again later this year. Normally, there is always a slight drop early in the year but the market will pick up during the summer months. Reason being is that many people want to rent in Summer to be all settled and ready in Fall when school begins again’, he told the press.

House Market and Prices Improving According To Land Agents

Recent fires, droughts and periods of extreme hot weather – how are those affecting the real estate market? Earlier this year, sales started out slow but the market quickly improved in the months thereafter. Local real estate agents surveyed state they see an improvement in the housing and land market; this is in particular true for the major cities. Some smaller towns such as Westcliffe might still not benefit from the recent upwards trend although more agents in general agree that the sector seems to be improving.

One major land agent from Watson said that this year’s spring was phenomenal in sales compared to the last several years although there was a slight drop two months ago. The development is remarkable, despite the recent number of wild fires in the area. According to the agency owner, Lucy Wilcox, seasons of heavy fires are usually times where sales are dropping significantly. However, this was not the case this year. She said: “I think that land buyers in general are becoming smarter with their decisions. A market such as in smaller towns like Westcliffe is quite different as compared to large communities. However, prices are getting more realistic and sellers as well as buyers seem to know this today”.

The seasoned land agent said that they acquired many new listings in recent times. “It is actually astonishing seeing the number of interested buyers, despite the number of wild fires we had not long ago. One could assume it would scare them off, but it seems that people simply start to accept it. It’s not a major factor anymore for a purchase decision”. “People start to see the positive things of owning land here in Westcliffe, they want to retire here or build a nice summer home”.

Other agents in the area are agreeing with the Watsons and chime in with the overall positive outlook on the land market right now. “We have clients calling in every day who want to sell their homes”. Jean Cantebury also thinks that the real estate market in the area is getting better, although it has not completely liquefied.” “We think this is only a matter of time. We see good sales and home prices at the moment are very attractively priced.” She adds: “Yes, sure the fires might have put a temporary damper on the market but we also see a big interest in premium property”.

According to the real estate agency, they already sold 70 properties since beginning of this year, about 60% of that homes and the rest suitable land. One home sold for almost one million US dollars. Her land went for as much as $500,000 for a single lot.

One real estate agent in the area, Diane Rose, confirms that the market in the valley is at an upwards trend although she does not see the same movements in regards to land. Her property sales, then again, went up almost 40% as compared to last year. Most of the homes she sells are reasonably priced, below $300,000. Diane said that this is an excellent market for those who want to invest in premium property. “Prices are very low right now, it’s a goldmine for any investor”, she said.

Wild West Property’s owner Mattie Burtt is astonished by the huge interest in property she sees at the moment. “Our sales are as good as never before, it is as if those fires don’t bother anyone. We see a big surge in home sales ranging anywhere from $400k to $600k. People slowly realize that each area might have issues of some sort, there is always something that could come about like bad weather, earthquakes or storms. People get used to it, there is no ‘perfect’ area in the entire nation. Here it’s occasional wild fires, in Florida it’s Hurricanes, somewhere else it’s tornadoes or blizzards. Something can always happen”.

“We do sell lots of premium homes at the moment. But people should not make the mistake and think that people want to sell them off due to wild fires or other issues. In fact, most of the high value homes we sell because people relocate for various reasons such as their jobs or to be closer with family. The market is still going strong.”

The International Property Market in June

Thailand

This past month saw Onyx Hospitality Group of Bangkok expanding. The firm is planning for a new managed services residence project in Beijing, China. Onyx Hospitality Group has recently just gotten new contracts that will bring their management services to more areas in the Chinese mainland such as Chengdu and Guangzhou. With this move, the firm is growing its Chinese portfolio that already includes existing property in Asian prime locations such as Hong Kong and Shanghai.

The new project in Beijing is expected to be finished in two years. It will comprise of 123 flats while the project in Chengdu will create 101 new apartments. The 112-apartment unit in Guangzhou that features a fitness center and restaurants is expected to be ready in 2016.
“With more secured contracts in China we are reinforcing our strong position in Asia as the leader in this sector. We are likewise aiming for an expansion away from the major cities towards second tier locations in China like Chengdu or Suzhou. Those are important markets as well”, said Tommy Lai, the VP of the firm’s North Asian division. “China has an enormous potential for growth and we’re amongst the forerunners in the management segment”, he said.

Singapore

The Kwee Family property firm is currently talking with US real estate firm Hines and aims to develop a major luxury high-rise project in Central Manhattan in New York City. The Singapore firm has already contacted several Asian banks to invest in this project. The building will be right next to New York City’s Modern Museum of Art. While this project was put on ice five years ago, recent upwards trends on the property market have revived the plans. Planned costs for the project’s construction are between $300 million and $800 million dollars.
Philippines

Rick Santos, CEO of CB Richard Ellis’s branch in the Philippines said that about 25 per cent of Makati’s high-end apartments are being bought by investors from overseas. The Philippines are attractive to investors due to comparatively low prices compared to other Asian prime locations such as Hong Kong. Investors from Asian countries but also several other countries like Australia are showing increased interest due to international marketing activities by several firms.

“There is a lot of potential in those locations in our country due to the low initial costs. In addition to this, the Philippines experiences good economic growth. Those are perfect investment opportunities for investors from overseas”, said the firm’s CEO Tim Murphy.

There is one dampening factor however, this is the possibility of liquidity tightening after the US Federal Reserve said its quantitative easing programme may be reduced in the future. Analysts say that this could negatively affect demand in the short term. Then again, since the majority of demand comes from their own country, Metro Manila’s outlook in regards to the long-term is not seen as bleak.

How Vacant Homes Are Affecting UK’s Property Market

Leamington real estate agents voiced their concern about the effect that empty properties can have in regards to the desirability of specific locations. One leading British agency warned that while Leamington had been coping well with the current trend of decreased housing prices, more empty and unused properties in town could mean even more falling house prices along with a general loss of interest to purchase

A spokesperson of agency Tara & Co explained how more vacant private and commercial homes in particular once they start to get into disrepair affect market prospects of property and can be one major criterion why potential builders would be turned off.

The manager of the firm, David French, said: “Unused and vacant property can be a huge problem for any specific area in the UK. As a rule, purchase prices will fall while more bu
Leamington as of today has 1,350 empty properties according to new figures just released. The worst affected area is the town’s Warwick district where a large number of properties are on the market for several years already. He added: “Such rather negative situations could be avoided if owners and landlords who let properties would not make use 12-month contracts. This is a very small timeframe that usually means that modernizations and renovations will be a lot more difficult to conduct”.yers will look towards other locations instead. It not only affects the appearance of streets but also leads to an increase in crime such as burglaries. This is not exactly a selling point for property in such areas”.

 

“As one possible solution to this problem we think that more realistic prices for property could help to get them off the market much faster. There is no point if purchase prices or rents are so high that they will end up staying vacant for many years”, he said.