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There has been good news this month from the Office of National Statistics, average house prices have returned to 2008 levels which is about the time the property crunch happened. Even better news for Londoners, of the 6 regions that are above 2008 levels, London of course leads the way at a 19.1% increase since 2008. The full breakdown is as follows: UK: £272,000, annual rise of 11.7 per cent England: £284,000, up 12 per cent Wales: £171,000, up 7.4 per cent Scotland: £198,000, up 7.6 per cent Northern Ireland: £139,000, up 4.5 per cent North east England: £156,000, up 9.5 per cent ...
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You find a good tenant, receive the rent on time and hear nothing from them for a year until contract renewal which you happily do to as a paying and non-complaining tenant is worth their weight in gold. Do this two or three times in a row and you’re quite possibly losing out on a significant amount of income. It’s easily done. Some landlords are friendly with their tenants and feel uncomfortable in raising rents, but renting out a property is a business. You may be friendly with your local supermarket cashier but it does not mean she takes a pay cut because of that relationship and the same...
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I have blogged before about foreign investment into London but earlier this month I watched a BBC programme called Inside Out London, The Great Property Race. This programme put a human face to the Buy to Leave investment trend. A staggering £3.5 billion has flowed from China into the London property market in 2013. This has led to many developers setting up offices in China and new build apartments often being sold off plan at “expos” to Chinese investors before they are even released to the UK market. As an investor said on the programme about reasons for buying in London “It’s cheap. It’s...
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After last month’s blog about landlords being held responsible for immigration checks on their tenants, it would appear the Home Office would also like landlords to be drug enforcement agents! With over a million cannabis farms discovered in the past 2 years, the government has in no uncertain terms made clear landlords are responsible for how their properties are used and under section 8 of the Misuse of Drugs Act, anyone connected to a property who knowingly allows it to be used for the growing of drugs faces up to 14 years in prison. Under the Proceeds of Crime Act, landlords could also...
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In May this year, Royal Assent was given to the Immigration Act 2014. The government is getting tougher on illegal immigration and part of this legislation uses landlords to do so. From October, if you rent a property or room in your house, you must ensure that the tenants have the right to reside in the UK, failure to do so could result in a penalty of £1,000 per adult residing in your property. If you are a letting agent, the price is bumped up to £3,000 per adult. The good news as far as I can see is that children are free! The legislation takes effect from October so you need not worry...
