6% Potential Return for £90k investment in Melton Mowbray

We love a smart 1 bed quarter house - this would let for £450 pcm straight away! This is listed for offers over £90,000 with Mike Ford and could give a 6% potential rental return...

http://www.rightmove.co.uk/property-for-sale/property-71963228.html

    

Energy Efficiency Regulations for Landlords Effective 1st April 2018

From the 1^st of April 2018 all properties rented out in the private rented sector must have an EPC rating of E or above. This applies to all tenancy renewals and new tenancies after the 1^st April.

It will become unlawful to let out a property with an F or a G rating unless there is an applicable exemption.

Landlords doing so can face a civil penalty of up to £4000. Demonstrating that a tenancy has been correctly set up is required when looking to carry out an eviction so it is crucial that landlords are aware of the regulations.

The government have also announced that from the 1^st April 2020 every let property with an EPC rating of F or G will be required to improve the energy efficiency of the property. It really is time to plan improvements if your property falls into the F and G bands.

There are exemptions that can be applied for, if the property is listed or in a conservation area for example, where the work would not meet planning guidelines. The local planning office will advise on this and I am sure there will be a cost to applying for the exemptions.

It is a good idea for landlords to be prepared and plan for any improvements prior to their property coming up for re let. Many properties have EPC’s dating back to when they were first required and are due to be re done as they have now reached to 10 year mark.

The first thing to do is to get an upto date EPC done as the way in which these are assessed has changed over the years and it may be that the rating on the property has changed. Before this is done it is advisable to take some cost effective measures to improve the properties chance to get above the F. Sometimes simple things like energy efficient light bulbs can make all the difference.

Some local authorities also offer grants to help landlords improve the properties and there are schemes out there to help with insulation.

We are talking to all our landlords that this may affect and should you wish to discuss anything related to your rental property please feel free to give me a call.

Charlotte Baker Belvoir Melton Mowbray 01664 569700

3 Bed Potential Investment property in Melton Mowbray

This 3 bed on Edendale Road is listed with House Simple for £170,000. These 3 beds easily let for £650 pcm, they have large bedrooms and a dining kitchen so suit the family renters. 

This property looks like it could be a quick turn around for the rental market - an easy 4.5% return if purchased for the asking price...

http://www.rightmove.co.uk/property-for-sale/property-72059060.html

  

What will the Property Market look like for Landlords and Tenants in Melton Mowbray in 2018

With the news still being full of discussion about Brexit you would be forgiven for thinking it was the only thing the UK population were interested in! Talking to people in Melton Mowbray there is a lot of concern about the local housing market.

The summer of 2018 should see the Melton Local Plan adopted. This is Melton Borough Council’s housing and infrastructure plan for the town and local villages over the next 20 years.

In the pipeline are housing developments on Nottingham Road, Ankle Hill, Leicester Road and Spinney Road along with smaller sites in many of the villages.

After a lengthy period of few major housing developments in the area local people can now breathe a sigh of relief. Anyone looking to move house will be aware of the shortage of property on the market for sale and this has pushed many people to rent to accommodate their growing family.

The numbers of properties to rent are low too, as anyone searching for a good quality rental property will be well aware. To secure a property they need to make a decision within minutes of viewing before it is snapped up by the next potential tenants looking. If tenancies are lasting longer then surely tenants should be able to be more selective.

The additional properties coming onto the market should hopefully balance things out a little. More properties for sale and to let will inevitably give people more choice and encourage more activity in the housing market. We need more first time buyers to help those further up the chains move on but also investors so those looking to rent have choice and can find suitable property.

We need some balance in the housing market and I think the new developments will help to provide this. We are looking forward to 2018 being the start of the growth of the town that will allow more people to find their home and enjoy living in and around Melton Mowbray.  Melton Mowbray offers good employment opportunities and schools and it will be great for those coming into or back to the area to have more housing options.

If you are considering investing in a buy to let property follow this blog or give me a call on 01664 569700 to discuss potential investment properties and rental returns.