26 October 2015

How much have Andover property values increased?

Last week, a landlord came in to our office to discuss the rising property values in Andover. He owns a varied portfolio of rental properties, primarily in Andover, so it is interesting to compare the increase in property values around the area.
Over the last 5 years the average property value in Andover has risen by nearly £26,767, from £201,889 to £237,669. This is a very reasonable 12.69% increase. When we looked at the values for semi detached houses, this average increase is even greater at £31,971. This is a considerable average increase of £122.96 per week.
When I looked at some of the surrounding towns, Ludgershall has a lower average increase in property value, at around £117.84 per week. It is, nonetheless, a rise in average property values to suggest the market is doing well in our area.
When considering this landlord’s buy to let portfolio, the rental values increased somewhat during the 12 months. Therefore it could be a good time to invest in the property market in Andover and Ludgershall.

If you would like some advice about buying to let, please come and see us at our offices.

14 October 2015

Demand still on the increase but price rise slows

The latest Halifax House Price Index has shown that the price increases seen in recent times are beginning to slow.

In the 3 months up to September prices showed an 8.6% increase compared to the same period last year and are showing and are showing a 9.9% increase in the 3 months to August.
However, prices fell a little between August and September with the average house price now standing at £202,859.

Martin Ellis, Halifax housing economist, saw no reason for pessimism though as demand is on the increase and he expects prices to carry on increasing.  He recently stated “Housing demand has been strengthening recently, underpinned by economic growth, rising real earnings and very low mortgage rates.

“Increasing demand is combining with very low growth. There is little reason to expect any fundamental shift in the key market drivers over the coming months.”

Separate research showed that detached houses and bungalows had shown the slowest growth in value over the past decade at 21% and 28% respectively while flats have shown the greatest increase at an impressive 60%.

1 October 2015

Oh joy, yet more changes in legislation! This time it’s Section 21 Notices

It seems to us that the law changes virtually every day regarding the lettings business so here is the latest little update you need to be aware of regarding Section 21 notices

The salient points are as follows:

The How To Rent leaflet must be served at the commencement of the tenancy and upon any renewals. The best advice is that all 3 documents (EPC, gas safety certificate and How to Rent leaflet) should be served again when a Section 21 is served. 

The above documents can be provided in hard copy format or via email.
The 'How to Rent: the Checklist for Renting in England' does not need to be supplied every time a new version is updated. 

You will also need to provide the above documentation when you renew the tenancy.
Section 21s can now only be served after 4 months of the tenancy has passed and also must be used within 6 months of being served.

An 'adequate response' must be provided to tenants within 14 days of any maintenance request being made - this is to stop the serving of a Section 21 invalid.  We therefore suggest that all communications with tenants regarding repairs should now only be made in writing, producing an evidence paper trail if required.