Posts Tagged ‘Lettings’

A quick look at the latest RICS UK Residential Market Survey (October 2023)

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Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, shedding light on the current state of the housing market across the UK.

This blog post is brought to you by our Chairman & Managing Director, John King, FRICS, who offers valuable insights from his experience here at andrew scott robertson in Wimbledon Village. He actively contributes his comments to the monthly survey for the London region.

KEY OUTTAKES FROM THE FULL RICS RESIDENTIAL MARKET SURVEY FOR OCTOBER; 

Residential Sales Market Insights

Buyer Demand
Despite challenging market conditions, there’s an improvement in new buyer inquiries, This indicates a more optimistic outlook compared to previous months.

Agreed Sales
While the net balance for agreed sales in October still reflects a challenging market (-25%) compared to this time last year, there’s a positive shift from figures recorded in August and September. What is evident is the timeline from agreed sales to legal completion, this has moved out from an average of 13 weeks to over 20 weeks.  A cautious outlook for the remainder of 2023 and early 2024 remains on the cards as the cost of living continues to rise.

New Instructions
The flow of new instructions has begun to slow, as new year aspirations by vendors for a better market takes hold. However, with buyer demand still evident new stock coming to the market now will result in a flow of viewings if valued correctly.

House Prices
In October, the headline indicator on house price trends posted a net balance of -63%, when viewed across the country. Locally a much better picture emerges showing an improvement from previous months indicating between -5 to -10% is the achievement rate when set against current asking prices.

Lettings Market Insights

In the lettings market, tenant demand remains positive, although there’s a slight easing in demand compared to previous quarters. Landlord instructions have declined as rental levels have peaked contributing to a further reduction in listings, due to in part of landlords placing their properties on the market for sale instead.

In conclusion the lettings market has become a positive and safe investment over the years and this will remain to be the case for years to come providing interest rates remain no higher than their current level, this is underpinned by the build to rent market having stalled.

For more from the RICS UK Monthly Residential Market survey, you can download and read more 2023 reports here: https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

Please feel free to reach out to us for personalised advice and assistance in this ever-evolving real estate market. Find the right team for your needs here.

Regards,

John King, FRICS

Discover the latest edition of our Life Magazine – Now available Online and in Print!

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Our exclusive autumn edition of our Life Magazine is here, filled with tips to create a cosy home with inspiring home design trends, creating the perfect child’s bedroom, expert tips for buying and selling properties, travel inspiration, local homes, and much much more.
You can view it online here or pick up a fresh copy in our Wimbledon Village office.
Stay informed and get inspired by our latest edition today!
Looking to sell a property? We are a proud member of The Guild of Property Professionals, a unique network of 800+ Independent Estate Agents across the UK – We can promote your property far and wide thanks to our nationwide connections.
If you’d like to speak to a property expert, give us a call on 020 8971 6780 for a quick chat or click here for a complementary Property Valuation.

A quick look at the latest RICS UK Residential Market Survey (August 2023)

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Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, shedding light on the current state of the housing market across the UK.

This blog post is brought to you by our Chairman & Managing Director, John King, FRICS, who offers valuable insights from his experience here at andrew scott robertson in Wimbledon Village. He actively contributes his comments to the monthly survey for the London region.

Key outtakes from the full RICS Residential Market survey for August; 

Mortgage rates putting pressure on house prices
House prices are facing downward pressure, and it’s evident that high mortgage rates play a significant role in this situation. For potential buyers, the cost of borrowing is becoming a significant factor in their purchasing decisions. The relatively high mortgage rates are creating challenges in affordability, especially in areas where prices had surged during the pandemic.

Tenant demand outweighs supply
In the lettings market, the RICS survey paints a more positive picture, with tenant demand surpassing the available rental properties. This shortage of rental properties is a significant challenge for tenants seeking affordable housing options.

Rental prices on the rise
Given the imbalance between tenant demand and landlord instructions, rental prices are expected to rise further in the coming months. This can pose challenges for tenants looking for affordable rental options.

The RICS Residential Market survey for August 2023 highlights a market under various pressures, including high mortgage rates affecting house prices and strong tenant demand in the lettings market. As one of the leading residential sales and letting agents in Wimbledon and Wimbledon Village, we are committed to assisting both buyers and renters in navigating these challenges. Our team of experienced property professionals is here to provide expert guidance and tailored solutions to meet the unique needs of our clients, we have dedicated departments within the business that can assist you.

For more from the RICS UK Monthly Residential Market survey, you can download and read the full August 2023 report here: https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

Please feel free to reach out to us for personalised advice and assistance in this ever-evolving real estate market. Contact the right department for your needs here.

Regards,

John King, FRICS

Double Award Winners !! – Andrew Scott Robertson Wins The British Property Letting Awards

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Our Lettings Department at Andrew Scott Robertson are double award winners of

The British Property Letting Awards for both SW19 and South London

Our team performed outstandingly throughout the extensive judging period, which focused on customer service levels.

Andrew Scott Robertson have now been shortlisted for a number of national awards which will be announced later in the year.

The British Property Awards provide agents throughout the UK with an invaluable opportunity to compare the service that they provide against the service provided by their local, regional and national competition.

Agents who go that extra mile and provide outstanding levels of customer service are rewarded with this accolade, which acts as a beacon to highlight these attributes to their local marketplace.

THE BRITISH PROPERTY AWARDS are one of the most inclusive estate agency awards providers as they do not charge to enter. This has enabled their award to be structured in a manner that ensures maximum participation, on average judging over 90% of agents that meet their minimum criteria on a local level.

The Awards team personally mystery shops every estate agent against a set of 25 criteria to obtain a balanced overview of their customer service levels. The judging criteria is periods to ensure that agents have been rigorously and fairly judged.

Robert McLean from The British Property Awards said ?Our awards has been specifically designed to be attainable to all agents, removing common barriers to entry, such as cost, to ensure that we have the most inclusive awards. Our award has also been designed to remove any opportunity for bias or manipulation. If an agent has been attributed with one of our awards, it is simply down to the fantastic customer service levels that they have demonstrated across a prolonged period of time. Winning agents should be proud that their customer service levels provide a benchmark for their local, regional and national competition?.

What are the Minimum Energy Efficiency Standards?

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Making homes more energy efficient is vital if the UK is to meet its commitment to cutting carbon emissions and helping to halt climate change. For landlords, ensuring properties are well insulated and installed with energy saving measures is important too ? to give tenants a warm and comfortable home with reasonable energy bills.

This year, however, energy efficiency is about more than good practice ? it is a legal necessity. The government?s domestic Minimum Energy Efficiency Standard (MEES) regulations enforce energy efficiency in the rental sector. The regulations apply to all domestic privately rented properties with assured shorthold tenancies.

 

What do the MEES regulations say?

Under the regulations, since April 2018 all new tenancies must achieve an Energy Performance Certificate (EPC) rating of at least E. An EPC rates how energy efficient a property is on a scale of A to G, with A being highest. Any property, which has been sold, let or modified since 2008 is legally required to have an EPC.

As well as giving the property an energy efficiency rating, the EPC also sets out measures you can take to improve your score. You need to have an EPC inspection carried out every 10 years.

Under the law, landlords are not allowed to grant a new tenancy for any property rated F or G ? they must take steps to improve its energy efficiency first. From April this year, all existing tenancies must also achieve an energy rating of E or greater.

In other words,

  • If the tenancy started before 1 April 2018, you have until 1 April 2020 to improve the rating of your property to an E, if you plan to keep letting it.
  • If you plan to enter into a new tenancy before 1 April 2020, you must ensure you meet the standard before the new tenancy is signed.
  • If the tenancy started after 1 April 2018, you must take action immediately to make sure the property reaches an E rating.

If your property is currently rated F or G, and you have made energy efficient improvements since your last EPC assessment was carried out ? if you have had a new boiler or double glazing fitted for example – it is advisable to get a new EPC certificate, as you may not be affected by the MEES regulations.

 

How do I pay for improvements?

The government has introduced a cost cap on energy efficient improvements, meaning you should never need to spend more than ?3,500 (including VAT). There are three funding options open to you:

  1. Third party funding ? grants and payments may be available to landlords to help them make energy efficient improvements. These include grants from local authorities and the Energy Company Obligation, funded by energy companies. Find out more on the government website. The cap doesn?t apply to improvements which are funded by third parties.
  2. A combination of third-party funding and self-funding – if you receive some funding but it is not enough to bring your property up to standard, you may need to top it up with your own money.
  3. Self-funding ? if you aren?t eligible for any external grants you will need to pay for the improvements yourself. If it costs less than the ?3,500 cap to improve your property, you will only need to spend as much as it takes to achieve an E rating.

 

What if the improvements cost more than ?3,500?

If you cannot improve your property to EPC E for ?3,500, you should make all the improvements you can up to that amount, then register for an ?all improvements made? exemption. Find out more about this on the government website.

There are various other exemptions, which you may be eligible for too ? for example a wall insulation exemption can be used if fitting this type of energy efficiency measure would have a detrimental effect on your property.

Most exemptions last for five years, after which you will need to try again to bring your property up to standard or register for another exemption.

 

Should I invest in energy efficiency?

If the improvements will cost you more than ?3,500, and you can afford to make them, it may be advisable to go ahead regardless of whether you could have obtained an exemption. Regulations are likely to become increasingly stringent over time and it may cost you more to complete the improvements later.

The government has committed to improving energy performance standards of privately rented homes in England and Wales, with the aim of seeing as many as possible being upgraded to a B or C rating by 2030.

Energy efficiency improvements could have numerous other benefits for your property, from avoiding problems with damp, to attracting tenants and making it easier to sell if you wish to.

 

What can I do to improve my property?s energy efficiency?

Examples of energy efficient measures that will improve your property?s rating include installing floor insulation, switching to low energy lighting, adding double glazing, increasing loft insulation and changing to a modern heating system. Adding renewable energy sources such as solar panels or ground source heating can really boost an EPC score too.

If you are a landlord with property in Wimbledon, we would be happy to advise you about the many aspects of letting homes. Please contact us today to find out more.

Why location is the key to successful buy-to-let investing

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We all know location counts when you are looking to buy a family home, but the same is true if you are buying to let. If you are looking in South West London, Wimbledon is a good choice as it will undoubtedly always be popular with tenants.

Wimbledon?s appeal lies in its versatility. Living in Wimbledon gives you all the amenities of the town centre with the rural feel of the village close by. Plus, there are amazing transport links to central London and beyond, as well as plenty of outstanding schools in the state and independent sectors.

Wherever you decide to invest in a buy-to-let property, location is key. As a landlord you?ll be looking for high rental yields, minimal void periods and for your property to gain in value over time. Choosing the best location for your budget can help you achieve this, so before you commit to a property think carefully about how attractive it will be to tenants.

It makes sense to have your ideal tenant in mind when deciding on a location. If your budget will only stretch to smaller apartments, your target market probably isn?t families, where more space is a priority.

If you are looking at young professionals, you?ll probably want a flat that?s close to amenities and night life as well as handy for good transport links. You might also want to consider whether it?s close to a local employer ? Wimbledon is close to St George?s Hospital and medical school, for example.

You should do plenty of research about who lives in the area and the average rents they pay. This will help you get a good idea of whether you?ll achieve the return on investment you?re looking for.

To help you decide if a location is right for your buy-to-let project, look at our local area guides. Then use our checklist of what to look out for when choosing your investment.

 

1. Avoid traffic hotspots

Go back a street from the main road – quieter streets with less traffic may hold their value better and are more attractive to tenants.

 

2. Look to the future

Do your research on any planned regeneration schemes in the area and think about the impact on the property you?re considering, good and bad. Will the plans bring better transport links and upgraded facilities, or mean noisy works for years to come that will deter renters?

 

3. How are the schools?

Families are drawn to areas like Wimbledon because of their proximity to good schools. Houses close to outstanding state schools will be popular with renters and retain their value ? as long as the schools remain high-performing and popular. If you?re targeting families, do your research into popular schools and where people need to live to secure a place.

 

4. What are the main attractions?

Look at properties with good amenities close by. Attractive parks, bars, restaurants and shops can all make a place appealing to tenants. Wimbledon is well served in this respect, with the common and Wimbledon Park, plus numerous other open spaces. The area also has plenty to do, including New Wimbledon Theatre and a range of amazing places to eat in both the town and village.

Factors like a corner shop or mini supermarket, neighbourhood pub and coffee shop can also give a particular street the edge.

 

5. How is the transport?

This is a crucial one, especially for city professionals looking for an easy commute. Wimbledon may have been planned with commuters in mind, so well is it served for transport, with frequent trains into London Waterloo, Vauxhall and Clapham Junction as well as access to the District Line, Tram, Thameslink and Northern Line services.

 

If you are considering purchasing a buy-to-let property in the Wimbledon area, we?d be happy to discuss the merits different parts of the area and show you some great properties. Contact us today to find out more.

Ten steps to becoming the tenant that landlords love

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If you are new to renting, there are a few things you need to know about your responsibilities as a tenant ? ten, in fact!

While a difficult landlord is every renter?s worst fear, the relationship works both ways and tenants can be big trouble too. More often than not, problems occur because of a lack of communication, which lets minor issues escalate, creating a difficult situation.

A good landlord/tenant relationship is great for everyone. As a tenant you may find your landlord eager to respond when there?s an issue and happy to keep you in the property for as long as you wish. The landlord will also benefit from a longer-term tenant, who will look after the place.

If you?re new to renting, there are a few responsibilities in your tenancy agreement that you really need to know about, from being on time with your rent to getting on with the neighbour. Read on for our ultimate guide to becoming the tenant that landlords love.

 

1. Always pay your rent on time

Your number one duty as a tenant is to pay your rent on time. If you pay by standing order, make sure you have funds to cover your rent on the due date. If you fail to pay, your landlord can take steps to evict you and reclaim the money that?s owed. You need to make sure you pay any other charges, as agreed with your landlord too ? council tax or utility bills, for example.

 

2. Look after your home

It?s generally a condition of your shorthold tenancy agreement that you keep the property in good order.

While your landlord is responsible for carrying out repairs to the structure, plumbing, electrics and heating, you?ll be expected to complete small tasks to keep your home running smoothly ? checking smoke alarms, changing lightbulbs and keeping the place well-ventilated, to prevent damp.

While not everyone is a Mrs Hinch, you?ll need to keep your home clean and tidy, and take reasonable steps to prevent problems occurring ? not flushing wipes down the loo and turning off the water at the mains if you?re away in cold weather.

Always report repairs to your landlord promptly ? small damp patches could become a big deal if not treated. If further damage is caused because a problem wasn?t fixed, you could be liable.

 

landlord

 

3. Allow your landlord access

Unless living in the property, landlords don?t have the right to come and go as they please. Your landlord must give you at least 24-hours? notice before visiting and should visit at a reasonable time, apart from in an emergency.

You do need to allow them access, however, to carry out repairs and maintenance and to make fire and gas safety checks. It?s in your interest to be as accommodating as possible ? being flexible, by offering a choice of dates and times, will help you to a good relationship and make sure repairs are completed in a timely fashion.

 

4. Don?t make alterations without permission.

Rental properties tend to be decorated in neutral tones, which suit most tastes. Avoid the temptation to personalise your space with something more radical. Unauthorised redecorating, or drilling holes to hang pictures, is likely to result in the landlord withholding your security deposit, so they can make good after you?ve gone.

 

5. Don?t sublet

Subletting happens when an existing tenant lets part or all of a property they rent to another person. There are genuine reasons why it might suit you to sublet. You may be struggling to pay the rent alone or need to be away from home for a short period but want to make sure the rent is covered. If you have a good reason, your landlord is likely to be sympathetic, but will want it all made official so you must get their permission first.

 

neighbours

 

6. Be a good neighbour

Your behaviour in the property reflects on your landlord, so don?t create a nuisance. Keep your music to a reasonable volume and avoid noisy parties. Make sure you put your rubbish and recycling out on time and keep the outside of the property tidy ? check your responsibilities around gardening in your tenancy agreement. Landlords can start eviction proceedings against tenants for antisocial behaviour caused to neighbours. As a tenant you will be held responsible for the actions of anyone visiting you too.

 

7. Communicate with your landlord

Try to respond to texts, calls and emails as soon as possible and be helpful. Keeping the lines of communication open will help your relationship long-term.

 

8. Ask before getting a pet

Some landlords allow cats and dogs, others don?t. While some people are relaxed about animals, others are concerned about damage to furnishings, annoyance to neighbours and smells. If the property is a flat, there may be a clause in the Landlord?s own lease that prevents anyone from keeping animals. If you have a pet, or are thinking of getting one, always check your tenancy agreement and get permission in writing before bringing home a furry friend.

 

9. Let your landlord know if you?re going away

If you ?re going to be away from your home for a substantial period ? because you?re in hospital, travelling abroad or caring for a relative ? let your landlord know. You?ll still need to pay rent while you?re away unless you come to some arrangement with your landlord or sublet with permission.

When going on holiday, or away from the property for a short time, it?s also good practice to let you landlord know and to give their details to a neighbour in case there?s an emergency while you?re away.

 

10. Saying goodbye

You should end your tenancy properly by giving the correct notice. If you don?t you will still be liable to pay rent. You can?t give notice if you are still in the fixed term of a tenancy, unless your tenancy agreement says otherwise.

 

If you are looking for somewhere to rent in Wimbledon area contact us today to find out more about our selection of rental properties.

24 High Street,
Wimbledon Village,
London SW19 5DX

Tel: +44 (0)20 8971 6780
Fax: +44 (0)20 8946 3683