Category Archives: Renting Properties

Renting in London

Renting out your property

The difficult economic outlook has hit London, and Londoners, hard. With this in mind it makes sense to make the most out of your home – even when you are not there. People who own houses in London are increasingly renting their homes out whenever they go on holiday – a clever way of boosting your income. All you need is a nice home – if you have, then why not rent it out to people who are visiting your area? Before doing so, remember to organise your house in order to ensure your time away is as profitable as possible.

Whenever you are expecting guests it is important to give your house a thorough clean prior to their arrival. Take all your more personal items and place them in a safe place – for example a locked-off room (or look into a hiring a specialist storage unit). Do not forget that your guests will need full access to all kitchen-surfaces and table-tops, keep these areas clear in order to make your guests lives easier.

Guests will want to feel like they are free to feel at home in your house. In order to encourage this feeling and make your guests feel as comfortable as possible it is important to provide them with some essential kitchen items (such as bread and tea). You can go even further in ensuring your visitors feel at home by writing them a friendly little note which explains that the items in your kitchen cupboard are for their use.

To enhance the goodwill of your guest, consider leaving behind a few small presents for their use. A box of chocolates or a bottle of wine is a great way to show you care. Any guest will consider this a lovely gesture, it is sure to make them want to recommend you to their friends. In fact, guests will often replace their gifts before they leave – they may even leave you a little thank-you gift of their own…

Remember your house is your showroom. Make sure it looks its best. Simple things like replacing any old furniture and tidying up exterior paintwork can make a significant difference. The better your house looks the more your guest will feel taken care of and will want to return!

Do bear in mind that accidents happen, keep this in check by leaving spare light bulbs and batteries. Remember to regularly maintain your electrical equipment – to prevent problems while your guests are nearby. It may be wise to leave a local contact number of a friend who is willing to call round in event of a major problem.

Consider providing your guests with some helpful tips for enjoying the local area. Keep your tips local – to help your guests get the most from their stay – recommend cafes, clubs and cinemas. They may value this information so much that they will recommend you to other people.

Your guests may find it useful to have a map of the local area. You could leave directions to well known tourist spots in your part of London. Help your guests by sharing some expert knowledge.

central london

Renting in Central London

Rental property in London is easy to find but there are several points you need to consider before taking one on. Rental contracts usually start at 6 months and they can offer an awful lot depending on your budget and criteria. Before considering your rental property, take a look at the below points to consider.

Short term let

Short term lets in London are often used by businesses as an alternative to hotels as they offer home comforts and privacy that can be lacking in large chains. Areas such as Victoria and Pimlico are popular. They are kept to a high standard, just as a hotel, but allow visitors to the city their own front door and a more relaxed atmosphere.

Vacations

For leisure many people choose short term accommodation for the same reasons as a business. Their home-from-home qualities give tenants access to facilities such as a kitchen complete with crockery and a fridge meaning that the occupier just needs to buy perishables. It is also not unheard of short term accommodation costing up to 30% less than hotel rooms of equivalent standard so it can be a cheaper alternative for those staying for longer periods of time. The immense flexibility is also attractive as you will often have the option to extend your tenancy at your landlord’s discretion.

What you need

Before considering renting a property it is important to work out exactly what you need from it. If you are staying there for a number of months you will want there to be space to relax, eat, cook and possibly even study or work. Think about how many rooms you need in order to fulfil your purpose in the apartment – are you there to relax, work or do you simply need somewhere to sleep?

Choose a budget and stick to it

Prices for rental accommodation, especially in the centre of London, can fluctuate massively. Before even looking for a property it is advisable to work out how much you have to spend, and stick to it. It is easy to get swayed into spending more when you see attractive accommodation or perks to living in certain areas but ensure you have worked out a maximum you can afford.

Central London

Different areas

London is a big place with many different suburbs and areas offering different things and opportunities. If you’re unfamiliar with the city spending some time reading forums and blogs online about what each place offers.

Work or play

Business trips tend to focus around the EC postcode where as holiday makers may wish to reside in a more W1 or SW area. Take a look around and get your bearings before settling on a location.

Facilities

Each property will differ but some will be furnished and may include white goods and internet access. Others may not – some may also have additional building maintenance charges.

If you are searching for estate agents in Mayfair come to the site. At Best Gapp estate agents in Belgravia we have a range of high-quaulity homes to buy or let.

student accomodation

More investors than ever before are now putting money into the student property sector

The latest Spotlight UK Student Housing 2015 from Savills has shown that more investors than ever before are putting money into the student property sector.

With investment exceeding the £2 billion mark over the last two years, the student property sector has now moved into the mainstream. Last year investment in the market increased by an impressive 23%.

This notable increase has been surpassed in the first 6 months of 2015, with investment levels already reaching £4.2 billion.

This marks a 70% increase of the £2.45 billion that was invested in 2014.

With the attention of investors shifting towards the student property market, the experts at Savills forecast that investment will continue to soar throughout 2015.

Rising student numbers

Despite the increase in tuition fees in 2011, the short-term damage seems to have subsided as the number of applicants continues to increase.

According to HESA, the applications from domicile students dropped slightly in the 2013/2014 academic year by 1.7%. Although this figure may seem negative, the fall is significantly smaller than the 6% drop recorded in the previous year.

An interesting point to note from HESA is that the number of numbers of full time and non-EU students (both of whom are more likely to require accommodation) – were up by 0.8% and 3.4% respectively.

High demand for purpose-built accommodation

Today’s astute student no longer wants to live in old bedsits or HMOS.

Modern accommodation with high-speed Wi-Fi and mod cons are now the new norm for students, who want a clean and safe room to live in while living away from home.

Typically students prefer staying in this form of accommodation as all bills are included in the price and many developments offer free access on on-site gyms, study rooms and even cinema rooms.

Investors alike have been drawn to this form of student property as this asset class is typically available off plan (which means a lower entry level of investment). Also, appealing to those who are after a fully managed asset, specialist management companies are appointed to take charge of maintaining and managing each student room.

In addition, investors are usually able to secure an assured return over a pre-determined time frame. This is an assurance which is not available if an investor enters the HMO market.

London-based property company, Experience Invest, is one of the UK’s leading providers of UK student accommodation investment. With student property priced from £50,000, investors can secure assured NET returns between 8.5% and 10% NET (depending on the development).

Jerald Solis, Business Development Manager at Experience Invest commented: “Over the past 5 years we have seen investor demand for student accommodation in the UK soar. Investors are looking for modern, fully managed student properties in some of the UK’s top universities towns and cities. As a leader in this market, we are able to provide investors with some of the best performing assets in the UK.”

And according to Savills, 2015 will continue to be a strong year from student property market with investment levels expected to reach £5.5 billion.