Late again? Here are our top tips for dealing with rent arrears!
At the very least, rent arrears can be understood in certain circumstances, if not forgiven. But it’s hard to sympathise with habitual offenders. Moreover, late rent payments can severely impact your financial planning. For instance, it can negatively impact your ability to pay your mortgage and can have devastating effects on business returns. Thus, it is important to forestall this risk early on in your lettings journey and ensure stress free tenancies for everyone involved. The following are some good practices that can be used to prevent and mitigate the impact of rental arrears on both, your pocket as well as your peace of mind....
Over 50% of the disposable income of Britain’s tenants ends up in rental payments
It is a surprising fact that Britain’s tenants paid a record of over £51.6bn in rents, last year; that is an £1.8bn increase compared to last year’s and more than double compared to 2007.
UK rents are expected to rise faster than house prices over the next five years. The Royal Institution of Chartered Surveyors has predicted. The increase should reach 25% for rents and only 20% or even less, for property values....
UK home owners favour renovating over moving
The decision to remodel instead of relocate is fast proving to be a new normal for proud home owners in the UK. A recent report from Hiscox revealed that a growing number of homeowners in the UK were choosing to reinvest in their property, instead of moving homes. Compared to 2013 when only 3% of home owners decided to improve instead of move, in 2018, this number has increased to 15%, rising to 26% amongst millennials....
Buy to let mortgage figures dampen UK housing market
Signs of the UK housing market slowing down seem to have found added impetus with the Bank of England issuing less than optimistic figures on buy to let lending.
The figures suggest that just 12.7 per cent of mortgages in the final three months of 2017 went to buy to let investors - the lowest level since 2013. This spells a drop to the tune of 14.4 per cent compared to the same period in 2016....
Making a Bed and Breakfast your bread and butter: Starting and running a B&B
There was a time, when running a Bed and Breakfast was considered the perfect post retirement plan of action to support straitened means. Or even a means to satisfy romantic notions of meeting interesting travelers along their way, exchanging fascinating tales while breaking bread, and then sending them happily along their way. But that time is past. With the B&B sector turning over £2bn per year according to Smarta, and trumping the low-cost hotel sector by a whopping 28%, it is now by no means something to be sneezed at. And with the UK tourism industry being one of the largest in the world, you should want, and have, a piece of the £19bn it generates in foreign revenue per year. ...