Tag: #propertladder
Property Market Update for Manchester Buyers and Sellers: January 2025
Let's look at what's happening in the property market at the end of January 2025. And ask, is now a good time to buy or sell? In 2024 the property market ended on a positive note. The Bank of England interest rate reductions in August and November helped invigorate the market. Prices held up well. The Halifax HPI says house prices rose 3.3% in 2024. (There was a small 0.2% monthly fall in December.) And the Boxing Day Bounce was significant. Rightmove says Boxing Day 2024 was the busiest ever for new property listings and traffic to their site. The [...]
How Manchester Landlords Can Find the Best Letting Yields
Letting yields are the lifeblood of successful property investing. Here we’ll look at why it’s so important to understand yields. What is meant by letting yield? Yield is a simple way of calculating the financial return you can make on a buy-to-let. Knowing what yield a property offers can help you decide if it’s a good investment (or not). It allows you to compare different properties and weigh up the best one to buy. Yields can also help you compare different types of investment. For example, is it better to invest in property or keep your cash in the bank? [...]
What Manchester Landlords Should Do in the Event of a Burst Pipe
If a pipe bursts at your rental, quick action will save you time and money. Here’s what landlords need to know. To steal a quote from Game of Thrones ‘Winter is Coming’. (Well, ok it’s here already.) And the colder weather can bring different challenges for landlords, including burst pipes. Here is some advice for landlords on dealing with (and avoiding) burst pipes at a rental property. What causes a burst pipe? In cold weather water in a pipe can freeze. As it freezes, it expands and can split the pipe. Often a burst isn’t apparent until the ice melts and the water pours out. Where is most at risk? Pipes in habitable rooms that are heated are at less risk of freezing. Pipes in cold places, like attics and cellars, are at greater risk. Outdoor piping, such as in a garage, shed or an outside water tap, is at high risk of freezing. Tips to prevent a burst pipe It’s still not too late to do some preventative work. Protect vulnerable pipework with foam insulation or spiral wrap. Outside taps should be protected with an outdoor tap cover. Dealing with a burst pipe – action plan If you get a call from your tenant reporting a burst, consider doing this: (If you’re a tenant and reading this then check whether you should call your landlord directly or their letting agent. Make sure that you have their number handy.) Refer your tenant to your letting agent – if you have one and if they handle maintenance for you. (At times this, a good agent is worth their weight in gold.) Ask your tenant to turn off the water at the stop tap (also known as a stopcock). It’s a good idea to leave instructions in your property showing where this is and how to use it. Then, ask your tenant to drain the affected pipe by turning on the tap it supplies. This could reduce the damage caused considerably. Call in a plumber or home emergency service. (Although this is likely to be easier said than done, especially at Christmas and New Year.) Make a shortlist of who you can call if you don’t already have a plumber. Try a temporary fix if you can’t get a plumber immediately. If you have DIY skills, try a temporary repair using pipe repair tape, epoxy resin or a burst pipe clamping kit. These are available from DIY stores. Of course, a good way for landlords to avoid the problems caused by burst pipes and other emergencies is to hire a good letting agent who can do this for you. Would someone you know find this article helpful? Why not share it with them?
Selling Your Rental: What Manchester Landlords Must Know
The last few years have been challenging for some landlords. But don’t rush into a decision about the future of your buy-to-let until you’ve read this. Reasons to sell your rental property It’s fair to say that developments in recent years have made things more complicated for some landlords. The restriction on mortgage interest tax relief (or Section 24 as it is often known) has raised many landlords’ tax bills. And many local authorities have introduced selective licensing and additional HMO licensing regimes. Furthermore, the new government is currently working on the Renters’ Rights Bill, which could become law in [...]
Making Tax Digital: A Timeline for Manchester Landlords on the Upcoming Changes
Making Tax Digital: A Timeline for Manchester Landlords on the Upcoming Changes Did you know that HMRC plans to introduce new rules on how landlords file their tax returns? Here’s an update on what these changes involve and a timeline for when they’ll come into force. Making Tax Digital (MTD) is an initiative designed to streamline the tax system by fully digitising it. As MTD has been mooted for quite some time and its implementation delayed twice already, you may have already heard about it. But if you’re hazy on the details or have buried your [...]
Declaring Details: How Correct Information Can Save Manchester Landlords Thousands
For Manchester landlords, having the right insurance coverage is not just a box to tick. It’s an essential safeguard for your investments. But simply having insurance is not enough; understanding the policy’s specific requirements and declaring everything accurately is crucial. In the following cautionary tale, we’ll explore a real-life incident involving a landlord who learned this lesson the hard way. The names and details have been changed, but the lessons remain valuable for all landlords. The story A diligent landlord, let’s call him Martin, was confident he had secured the right landlord’s policy with a reputable insurance company. He was [...]
Why It Could Be Better to Rent Out Your Property Rather Than Sell
If you’re fortunate enough to be in a financial position where you can rent out your home instead of selling it, should you take the leap? After all, if you don’t need to sell to fund your next move, renting your property is an option worth exploring. Here, we explore the dilemma of renting out a property instead of selling it. Timing As we all know, property sales can take time. There are lots of hoops to jump through and boxes to tick before you get that money into your bank account. If you’re moving away [...]
Top Rules for a Happy Manchester House Share
Renting a property with a friend or acquaintance? Never lived with anyone before? We’ve got you covered with some top tips to help manage your new living situation. These days, renting isn’t cheap and whether you’re a student or professional, those monthly payments can feel like a stretch. So, if you’re about to move in with a flatmate, it’s worth sticking to some basic rules to make sure your tenancy works out for the both of you. In this quick read, we look at ways to make your flat share feel like a happy home. Understand Your [...]
Renting a Property in Manchester? Find Out How to Get Your Repairs Sorted
Problems in the home are a nuisance. Like when you’ve got a leaky tap and the drip drip drip drives you to distraction, or when your fridge packs up and food goes to waste. When things go wrong, it’s understandable you want them fixed ASAP. But what if you’re a tenant? What’s the best way to get an issue resolved? Repairs and maintenance in a rental property are usually a landlord’s responsibility. As a tenant, you’ve got to wait until they sort it out, so what’s the best way to communicate with your landlord? How can you get them [...]
A Guide to Adapting Your Manchester Rental for Older Tenants
Older tenants are a growing force in the private rental sector, so is it time for savvy landlords to proactively target this demographic? It’s one of the most striking trends in the housing sector over the past decade. Between 2011 and 2021, the number of tenants aged between 45 and 64 skyrocketed by 70%, while those over 65 jumped by 38%.* A third of renters are now over 45. And due to high property prices and the challenges of getting a mortgage later in life, many in this group will stay renters their whole lives. What [...]
Why Landlords Should Conduct a Property MOT
It pays to sit down once a year and review how your buy-to-let is performing and flag up any potential issues looming on the horizon. A two-minute read. We’re all familiar with an MOT, an annual check-up to ensure your car is safe and good to go for the year ahead. Well, let’s apply the same concept to a buy-to-let investment. Even if your current tenancy is ticking along nicely, a property MOT can be a helpful exercise to ensure that you: Are up to date with government regulations and maintenance Have the right rental strategy Are [...]
WFH and Landlords: What You Need to Know
In our post-pandemic world, working from home (WFH) has become the new norm for many people. But as a landlord, you need to make sure your tenants are working in a way that doesn’t impact you negatively. Most of us think of WFH as sitting in front of a laptop or doing Zoom meetings wearing a shirt and tie with pyjama bottoms. However, there’s been a boom of small businesses cropping up, many of them based in flats and houses all over the country. In this two-minute read, we look at some questions to consider if you’re a [...]
Don’t Try This at Home: Three of the Dumbest TikTok DIY Hacks
The DIY hacks you see on TikTok may be entertaining to watch, but they can also be dumb and even downright dangerous. A three-minute read. TikTok is awash with amateur handymen and women dishing out tips, but just how practical and accurate is this advice? When confused.com asked an expert handyman to rate the quality of DIY videos on TikTok, he deemed 39% of the content to be ‘rubbish’ or ‘poor’. Meanwhile, Toolstation surveyed 100 experts – professional plumbers, carpenters, painters and the like – who also raised eyebrows about the standard of the advice on offer. [...]
What Landlords Need to Know about Their Legal Responsibilities
This two-minute read explains how landlords can navigate their way through an ever-growing list of rules and regulations. There’s one rookie mistake that many first-time landlords make when they invest in property – and it can cost them dearly further down the track. While most newbie landlords mull over the obvious financial stuff – like rental income, repairs, mortgage costs and tax – they overlook one other crucial factor in the buy-to-let (BTL) equation: legal responsibilities. As landlords today must comply with more than 175 rules and regulations (many of which are constantly being tinkered with), it’s [...]
Guaranteed Rent or Guaranteed Stress?
As a busy landlord juggling a portfolio of multiple properties, you might be thinking about ways to reduce your workload or secure a regular income. Have you been enticed by promises of guaranteed rent? Guaranteed rental schemes or rent-to-rent (R2R, not R2D2) schemes are growing in popularity. But hold on for a minute, what do they actually mean? In a nutshell, it’s where you rent your property to a rent guarantee specialist who promises to pay you a certain amount every month and takes on the burden of managing your property. Sounds great, doesn’t it? But is [...]
Five Stress Management Tips
Whichever way you look at it, modern life is stressful. And the 2020s? Well so far, this new decade has caused unparalleled levels of stress. Whether it’s the pressure of daily life, the juggling of responsibilities, or the state of the world right now, stress can have physical, mental, and emotional repercussions for people of all ages. And it needs to be taken seriously. April is Stress Awareness Month, an initiative that has been running since 1992, designed to highlight the causes and cures for stress. This year, the Stress Management Society is focusing on community, reducing isolation [...]
First-Time Buyers in Manchester Bank on Mum and Dad
This two-minute read looks at parents’ integral role in helping young people get on the property ladder. There’s one financial institution that never seems to go out of fashion, and that’s the dear old Bank of Mum and Dad (or BOMAD for people who like acronyms). About half of all first-time buyers (FTBs) last year relied on BOMAD, with parents dishing out a record £9.8 billion to help their offspring get on the property ladder.1 The average contribution was £58,000. And in the past ten years, BOMAD has coughed up £54 billion, assisting 1.4 million buyers.2 [...]