Data from Ainsworth Lord Estates, in association with Move with Us and home.co.uk, shows that average advertised rents in the North West in Q1 were £639; a decrease of £7 or 1.16% from the end of last year.
Other significant findings include:
- The North West was one of the highest contributors of new listings in Britain – only surpassed by the two strongest markets; Greater London and the South East.
- The number of new listings in the North West rose each month in Q1 2015.
- The average asking price reduced noticeably in Q4 2014, however (despite reductions) the average asking price rose in March to £177,051.
This is definitely a positive sign for our area, as although it shows that the rental market fell over recent months compared to last year, new listings have increased month on month. This makes the North West one of the highest contributors of new rental listings in Britain, which is a very positive sign.
Not only does this present ideal opportunities for first-time buyers looking to get onto the property ladder in Darwen and Blackburn, but it also provides a good time to enter the buy-to-let market too.
Help! I’m an accidental landlord!
Did you know that a recent survey by the National Landlords Association (NLA) found that some 24% of UK landlords (around 36,000) came into the PRS market accidentally or unintentionally? So you’re not alone!
Inherited your property or had to relocate? Whatever your situation, you are now an ‘Accidental Landlord.’ We want you to be safe, not sorry, by following these helpful tips:
Firstly make sure you have the correct insurance in place to let your property out legally. Because if it isn’t it could be a very costly mistake, as the policy will (more than likely) be invalid.
After you have sorted your insurance out, it’s time to contact your mortgage provider. Let them know that you intend to rent your property out and depending on the type of mortgage you currently have in place will determine whether you have to switch or alter your mortgage contract.
Regulations & Obligations
Did you know there are now over 100 regulations and obligations that landlords in the UK must adhere to?
These include having a legal tenancy agreement in place, being sure that the property is safe for your tenants to live in (e.g. Gas Safety Certificate), protecting your tenants deposit in one of the three government backed schemes, preparing for new legislation (e.g. Smoke and Carbon monoxide detectors, October 2015) and being sure that utility bills are in the name of the existing tenants.
Instruct an experienced and knowledgeable Letting Agent.
Please get in touch with us today and we can further advise you; as landlords ourselves, we thoroughly understand the private rented sector and the many pitfalls involved. So let us help you avoid these and protect your investment for you and your families’ well-being and future..