Finn's Newsletter: Autumn 2020, Issue No.14

Finn's Newsletter: Autumn 2020, Issue No.14




<span style="font-family: Arial, Helvetica;">Tenant demand for rural properties is predicted to continue </span>

 
Living through lockdown left many people around the UK rethinking their living situations, and now – as we enter the next phase with the country's second national lockdown – we're finding that homeowners and tenants are more motivated than ever to find somewhere that's more suited to their needs and lifestyles.
 
Rather than providing us with a sanctuary from workday stresses, our homes have been transformed into temporary office spaces and school rooms, leaving little room for us to unwind and detach from the day's events.
 
Recent data suggests that one in five landlords believe that demand for more space will drive tenants from urban areas to the countryside over the next few weeks and months; particularly if remote working becomes a permanent norm for businesses.*

This shift in attitudes is already apparent when you look at migration patterns across the UK.
 
According to the latest rental market report from Zoopla, there is a supply-demand imbalance supporting positive rental growth across all regions and major cities outside of London.
 
Have you been thinking about letting your property?
 
With the UK workforce experiencing its second national lockdown, it's thought that businesses will become even more reliant on remote working practices, having a knock-on effect for the property market and reducing our need to live close to the office.
 
If you've been considering expanding your portfolio as a landlord, now is the perfect time, with increased demand and value for rural homes.
 
To find out more, contact our team of property professionals today.



*The mortgage lender 



<span style="font-family: Arial, Helvetica;">Tips to create a home office without losing an entire room</span>

 
The verdict is in, working from home is here to stay!
 
Government guidelines state that employees need to work from home, where able, over the course of the second national lockdown.
 
However, when asked, over half of respondents claimed that they would continue to work from home on a permanent basis. Out of those who did not wish to work from home permanently, the majority blame the lack of a home office to operate from.

So, how can you create a working space if you don’t have a whole room available?
 

Share space – Look at areas around your home where you can make a room multi-purpose, with the addition of a desk and chair in your spare room, kitchen, living room or dining room.
 
This will not only use up wasted floor space but offers a practical solution. It is also a great way to prioritise your home décor pieces.
 
For example, if you are lucky enough to have a spare room, a large double bed that is rarely used can be replaced with a sofa bed.


Re-purpose furniture – If you have an unused piece of furniture, such as a dressing table, you can re-purpose them into a sizeable desk space.
 
This option is not only eco-friendly and cost effective, but super easy, as you can simply transform the current location of the furniture into your office zone.
 
Our top tips for creating a cosy yet productive home office space is to position yourself away from any distractions like windows, and use plants and candles for a more homely feel.


Staircase solutions – The area under the stairs is often overlooked, so this can be a great solution to needing a home office.
 
Ideally, an open staircase without risers is best for this hack, but this can be adapted depending on the space you have to work with. The area under the stairs is notoriously dark, so good lighting is key here – this can be yellow or white light, depending on the vibe you wish to create.
 
If you want to go all out, bespoke built-in office spaces are a great way to utilise the entire area.
 
 
Cupboard office – This revolutionary workspace solution, nicknamed a ‘cloffice’, is a great alternative to a clunky desk in the middle of a room.
 
To create this, use a spare wardrobe or large cupboard – this works even better with built-in furniture.
 
Use shelving to create an area to hold your computer and files, and decorate to your taste. The best part about this hack, is that you can close the doors on your home office after your work is done for the day. Perfect to help maintain a healthy work-life balance.
 

Utilise outdoor space – If you’re lucky enough to have a summer house or garage, these can be transformed into a dedicated home office.
 
Summer house solutions are great for the winter. Just add a heater and invest in a secure locking system to keep your items safe, and you’re good to go!
 
For a garage, this may be slightly more expensive, but will work all year round. To start, cover the concrete floor with rugs or a fitted carpet to warm up the space and pay attention to the walls, as these may need insulation.
  
 
To find out what properties have recently come onto the market in your area, contact us today.




<span style="font-family: Arial, Helvetica;">Top tips for landlords on protecting your investment</span>

 
Right now, interest from tenants is rapidly growing across the country, with many deciding to delay buying or coming to the realisation that they need to find a rental with more space.
 
At the same time, we're also seeing a lot of uncertainty around the UK's COVID-19 response, with the implementation of the second country-wide lockdown just weeks after the three-tier system was introduced.
 
This has led to an understandably confusing period for landlords and tenants alike.
 
However, as your leading lettings agent, we wanted to provide you with some relevant tips on protecting your property investments for the foreseeable future.
 
 
 
Communicate with your existing tenants 

Faced with some key changes on eviction notice periods and the likelihood that evictions altogether will be off-limits for months, it's important to maintain a healthy relationship with your tenants.
 
Since September, void periods have risen from 19 days to 23 days, with all regions reporting an increase over this period.*
 
Now more than ever, it's crucial to avoid conflicts, where possible, with rent arrear and possession cases likely to see further delays.
 
During this time, we want to extend our support to landlords in need of guidance or looking for someone to act as a mediator when establishing rent repayment schemes with tenants, visit our website to learn more.
 
 
Have the right cover

If your tenants are unable to cover the rent, obtaining a rent insurance policy will provide you with peace of mind and protect your rental income.
 
Due to the increased risk everyone is facing now, you will need to demonstrate your referencing is vigorous when applying, and you may even experience difficulty finding the right cover.
 
 
Point your tenants towards available financial support

If you have renters that are struggling to pay their bills, make them aware of the financial help that is available to them.
 
Guide them towards organisations and experts who can help them budget, access aid and benefits.
 

Adapt your offering for the new normal

Having an outdoor area has now shot to the top of tenants' priority lists. Any property with a garden, balcony, roof terrace or proximity to a park should manage to do well after this year.
 
In the course of the last few months, there's also been a surge in pet ownership, especially for households where tenants are living alone.
 
If you're willing to be flexible, you should consider promoting this fact, as supply for pet-friendly accommodation is relatively low and you'll stand out in the market.
 
 
 
For more guidance or information on our lettings packages, please go to our website.
 
*Source: Goodlord
 



<span style="font-family: Arial, Helvetica;">From ‘generation rent’ to ‘generation buy’</span>

 
In a recent conservative conference, Boris Johnson promised to create two million more homeowners by changing ‘generation rent’ into ‘generation buy’, in the hope that the UK can return to normal post-COVID.

Mr Johnson continued by suggesting that the current levels of home ownership among the under 40s was ‘disgraceful’.
 
These levels have been plummeting dramatically over recent years, which has made people “pay through the nose to rent a home which they can’t truly love or make their own”.

To do this, changes to the regulations introduced in 2008 are required.
 
Previous strict minimum capital requirements, which were imposed on UK banks, are being blamed for initially making owning a house unattainable for various individuals.
 
These individuals may have been able to afford the monthly mortgage fees associated with homeownership, but the initial upfront deposit being between 15 and 20 per cent, it’s clear to see why renting was the only option for most.
 
Due to this, private rent increased from 2.8 million in 2007 and to 4.5 million in 2017.

So, what’s the solution?

The Prime Minister’s ambitious plans to ‘fix our broken housing market’ begins by slashing the current deposit rates to only 5% for first-time buyers.
 
As a result, this will be the biggest expansion of the sales market since the 1980s.
 
This will be welcome news for potential first-time buyers nationwide, and a great boost for the property market post-lockdown.

To view our properties, visit our website today.