New to investing in South London? Here's some key questions you need to ask yourself

Investing in buy-to-let (BTL) properties has a storied history of delivering substantial, inflation-beating returns for investors. Over the years, average house prices have witnessed remarkable growth, with the potential for attractive rental incomes and robust yields on well-selected properties. While the market has seen some landlords exit due to increased taxes and regulatory changes, it remains a promising avenue for those willing to address its evolving challenges. If you're a new or early property investor in South London, it's crucial to start by asking the right questions to maximize your returns.

Is BTL a Good Investment?

Property, with thorough research and planning, has the potential to outperform many other asset classes over extended periods. Despite recent market adjustments, the fundamentals supporting property investment remain robust. Demand for housing remains high, while supply remains constrained. Additionally, forecasts suggest a potential reduction in inflation and interest rates, promising a brighter outlook for borrowing costs. Rental growth continues to exhibit strength.

Nonetheless, navigating the BTL landscape requires diligent consideration of factors such as tax implications, financing options, cash flow management, and legal obligations. Seeking expert advice in these areas is paramount for making informed decisions and ensuring the long-term viability of your investments.

Identifying the UK's Best Investment Markets

There's no one-size-fits-all answer to the question of the ideal location for property investment. It hinges on local market conditions, your investment goals, timeframes, and risk tolerance. However, when capital growth is a priority, historically, the UK's more affordable markets have shown strong performance, often coupled with higher yields.

Intriguingly, lesser-known markets in the outskirts of major cities are now gaining attention. These regions often benefit from significant investment, urban revitalization, and job creation, contributing to higher average earnings and heightened demand for housing. Indices report robust capital gains in the Midlands and the North of the UK. While established investment markets like Nottingham and Manchester shine, some smaller towns and communities in their vicinity exhibit even stronger growth potential. Thus, localized research is essential for making informed choices.

Choosing Property Types Wisely

The preference for newer, energy-efficient homes is on the rise among tenants. These properties tend to attract more demand, resulting in reduced void periods. Additionally, they often boast better Energy Performance Certificate (EPC) ratings, alleviating the need for costly energy-efficiency retrofits. While property type selection depends on your goals and the local market dynamics, considering new and energy-efficient homes can be advantageous.

Avoiding Common Investor Mistakes

Several pitfalls can hinder property investors, particularly newcomers. These include inadequate research, emotionally driven purchases without sound financial analysis, and underestimating the responsibilities that come with property ownership. To mitigate these risks, consulting with a specialist advisor before making investment decisions is crucial. Proper planning and strategy development can help avoid costly mistakes.

Property investment is not a path to quick riches; it thrives as a long-term endeavor. Its track record of success becomes apparent over extended periods, making patience and prudent decision-making essential attributes for investors.

In conclusion, the buy-to-let market remains a promising avenue for new and early property investors, provided they approach it with a well-informed and strategic mindset. If you have questions or need further guidance on property investment, don't hesitate to reach out. Your property investment journey can be a rewarding one with the right knowledge and support.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Buying with friends or family? Consider this when buying your new home

The dynamics of property buying are shifting, with more than half of prospective buyers acknowledging the impact of the current economic situation on their home-buying plans, including who they plan to buy with. If you're contemplating the exciting venture of purchasing a property with a sibling or friend in South London, Ben Thompson, Deputy CEO at Mortgage Advice Bureau, offers invaluable insights to consider before taking the leap.

1. Check Affordability Together: Before embarking on your property search, have an open and honest discussion about your financial commitments. This includes the deposit, monthly mortgage repayments, and general living expenses. Pooling resources can often mean affording a larger property in a preferred location, splitting both the mortgage costs and regular bills, creating a win-win situation where your money contributes to your mortgage, not your landlord's pocket.
2. Honesty About Financial History: Money matters can be sensitive, but it's crucial to discuss your financial history and any potential issues that might affect your mortgage eligibility. Being aware of each other's financial backgrounds can prevent unpleasant surprises when applying for a mortgage.
3. Understanding Joint Mortgages: If your borrowing requirements exceed your individual income, a joint mortgage might be the solution. Some lenders permit up to four individuals on a mortgage agreement, although they typically consider the two highest incomes to determine the loan amount. It's important to note that everyone on the mortgage is jointly responsible for payments, and if one party can't pay, the lender can demand full payment from the others. Meeting individual lender requirements and credit criteria is essential for all named borrowers.
4. Tenants in Common: Consider owning your respective shares independently, proportionate to your contributions, by becoming tenants in common rather than joint tenants. This allows you to sell your share to receive a proportionate return on your investment. For example, if you contribute 40% of the house deposit and mortgage payments, your share will be 40% of the house's value, whether it appreciates or depreciates.
5. Draft Legal Agreements: Regardless of your relationship—whether siblings or friends—it's crucial to create legal documents, prepared by a professional solicitor, to protect both parties in case of a share sale, relocation, or financial difficulties. These documents may include a declaration of trust or a cohabitation agreement. While it may feel uncomfortable now, having these details in writing can prevent misunderstandings or disputes down the road.
6. Consult a Mortgage Adviser: Before selecting a property or exploring mortgage options, schedule a meeting with a mortgage adviser. They can not only address your queries but also help you calculate your potential borrowing capacity on a joint mortgage before applying. Moreover, they have access to rates and lending offers that might not be available on the high street, assisting you in finding a mortgage tailored to your unique circumstances.

Ben Thompson emphasizes the importance of informed decision-making in these challenging times, where high inflation levels are impacting finances. Buying with someone else can offer benefits like reduced living costs and shared deposits, but thorough preparation and communication are key to a successful joint property purchase. If you need further advice or have questions about buying a property with a sibling or friend, please feel free to comment below or send us a message. Your homeownership dreams are within reach with the right guidance and knowledge.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Tenants faced high rents in South London during August

The temperature isn't the only thing soaring this summer; the South London rental market is experiencing a sizzling surge in prices. According to the latest Rental Index from Goodlord, the cost of rent across England has risen by a staggering 10% year-on-year. Even though average rents dipped slightly in August, following a record-breaking July, tenants are still grappling with high prices during the market's busiest season.

The Numbers Behind the Heat

The average rent in England experienced a marginal drop between July and August, slipping by 1.5% to an average of £1,347 per property. While it didn't surpass July's record-breaking index of £1,367, August 2023 still boasts a formidable 10% increase compared to the previous year. In fact, the average rental costs are a substantial 15% higher than the year-to-date average for 2023.

Summer typically witnesses a surge in student lets, but this year, that influx has coincided with other pressures on the rental market. The result? Prices have skyrocketed to unprecedented heights. Greater London and the South East witnessed the most significant increases in average rents, with the capital experiencing an 8% surge and the South East recording a remarkable 14% rise.

However, in the North West, a different pattern emerged, with average prices dropping by 20%. This trend mirrors last year's pattern in the region, marked by a considerable spike in rents during July, followed by a more subdued August. The North East and the South West also saw decreases in rents, with drops of 6% and 10%, respectively, after witnessing substantial increases in July.

Understanding Void Periods

Void periods, which indicate the time a property remains unoccupied between tenancies, experienced a slight uptick in August compared to the intensity of July. The average void periods rose from 9 days to 13 days. However, it's important to note that August still marked the second-lowest month for voids since July 2022.

The South West saw the most significant shift, with voids increasing from 6 days to 13. The North West followed suit, with averages jumping from 7 days to 14. Interestingly, both regions also recorded the most substantial declines in average rent costs. Conversely, Greater London and the South East, both witnessing a rise in rental costs, reported no change in average void periods.

The Bigger Picture

William Reeve, CEO of Goodlord, sheds light on the situation, stating, "There were so many records broken in July, it's not altogether surprising to see a slight dip in average rents and slightly longer void periods during August. However, when you look at the bigger picture, the market is clearly still running extremely hot."

Year-on-year averages for rental costs have seen significant increases, with the £1,300 per month barrier shattered for the second consecutive month. As September ushers in the annual peak in prices, it's likely we'll witness another month of elevated rents and brief void periods before any seasonal shift in pace occurs.

For South London homeowners contemplating renting out their properties, understanding these market dynamics is crucial. Whether you're navigating high rents or planning to enter the rental market, staying informed and adapting to market trends is the key to success in this 'red hot' environment.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Do HMOs still work as a good investment in South London?

In recent years, the House in Multiple Occupation (HMO) market has undergone a remarkable transformation. Gone are the days when HMOs were primarily associated with student housing or budget-friendly accommodation. Today, many landlords offer upscale shared living spaces tailored to working professionals, reflecting a surge in their popularity. But what drives this trend, and is investing in HMOs still a lucrative venture for South London homeowners?

The Evolution of HMOs

Over the past 15 years, HMOs have evolved from modest student digs to boutique-style, shared accommodations. What sparked this transformation? Quite simply, HMOs proved to be highly profitable, outstripping the returns of traditional single-home lets. Despite the additional administrative burdens and maintenance demands, landlords found HMOs to be a lucrative investment. These properties commanded room rents that could be two to three times higher than those for family homes, resulting in substantial profits.

However, as the HMO market expanded, regulations tightened their grip. Alongside the general obligations, costs, and tax changes affecting all landlords, HMOs faced additional health and safety regulations, potential planning permission requirements, and mandatory licensing. In October 2018, HMO landlords encountered a 'double-whammy': the introduction of minimum bedroom sizes and the removal of the 'three storeys or more' criterion for licensing, encompassing any HMO housing five or more unrelated individuals.

Navigating the HMO Landscape Today

The HMO landscape has grown more complex, demanding more effort, time, and financial commitment from landlords. Rising interest rates, an obstacle faced by all landlords, further squeeze HMO profits. Adding to this, skyrocketing energy costs over recent years have left few landlords able to pass these expenses on to tenants.

So, are HMOs still a viable investment in South London? The answer lies in understanding the benefits and challenges they present.

Upsides of HMOs

1. Higher Profit Potential: HMOs generally yield greater profits than single-let properties. Tenants are willing to pay premium rates for well-maintained, high-standard private bedrooms in shared homes.
2. Reduced Void Periods: Unlike single-let homes, HMOs can help mitigate the impact of void periods. Even with one room unoccupied, income from other rooms may cover expenses until the vacant room is rented.
3. Value Addition: Larger HMO properties offer opportunities for value addition through extensions and refurbishments, potentially boosting capital value.

Considerations for Prospective HMO Investors

If you're contemplating HMO investments, here are five crucial factors to weigh:

1. Sufficient Capital: HMOs necessitate specialized mortgages with lower loan-to-value percentages, demanding a substantial deposit.
2. Market Demand: Research the local market to ensure robust demand for HMOs among your target tenant demographic.
3. Council Regulations: Local councils wield authority over licensing and planning rules, so consult with them to understand requirements and restrictions.
4. Quality Furnishing: Attract working professionals with upscale amenities, including fast and reliable WiFi, modern appliances, efficient laundry facilities, and ample storage.

Maintenance Planning: Establish a robust maintenance schedule and budget to preserve the property's value and attract high-quality tenants.

Investing in HMOs requires a long-term perspective and prudent planning. While challenges exist, a well-managed HMO can still offer attractive returns, making it a viable investment option for South London homeowners. Remember, the key lies in informed decision-making and diligent management to ensure success in this evolving property landscape.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Bank of Bro and Sis helping fund South London Property Purchases

Research by Hamptons shows that siblings are increasingly chipping in to help brothers and sisters onto the property ladder. In 2023, siblings made up a record 11% of family members contributing to first-time buyer deposits, more than double the share recorded five years ago (5%).

There are a number of ways that South London homeowners can help their siblings get onto the property ladder. Here are a few ideas:

• Offer to gift money towards their deposit. This is the most straightforward way to help your sibling buy a home. However, it is important to make sure that you can afford to gift money without impacting your own financial situation.
• Co-sign a mortgage. This can help your sibling to qualify for a mortgage or to get a better interest rate. However, it is important to be aware of the risks involved in co-signing a mortgage, such as being liable for the debt if your sibling defaults on the loan.
• Help your sibling to save for a deposit. You could offer to help your sibling with their monthly budget or to set up a savings account for them. You could also offer to match their savings contributions up to a certain amount.
• Provide practical support. This could include helping your sibling to find a property, negotiate on price, or move house.

If you are considering helping your sibling to buy a home, it is important to talk to them about their needs and expectations. You should also discuss the financial implications of your support with them.

Here are some additional tips for South London homeowners who are helping their siblings to buy a home:

• Make sure that you are clear about the terms of your support. This includes things like whether the money you are giving your sibling is a gift or a loan, and whether there are any conditions attached to your support.
• Get legal advice. It is a good idea to get legal advice before you offer to gift money or co-sign a mortgage for your sibling. This will help you to understand the risks involved and to protect your own interests.
• Be realistic about your expectations. It is important to be realistic about your ability to help your sibling financially and to set realistic expectations for them.

By following these tips, South London homeowners can help their siblings to get onto the property ladder and achieve their dream of homeownership.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Soaring UK Rent Prices: Why Now is the Time for South London Homeowners to Consider Selling

The UK rental market is experiencing unprecedented growth, with the Office for National Statistics (ONS) revealing a 5.5% year-on-year increase in rent prices as of August 2023. This uptick follows a previous increase of 5.3% in July 2023, highlighting the relentless demand for rental properties amid a nationwide housing crisis.

What's Happening Across the UK?

England: A 5.4% annual increase in rent prices.

Wales: A surge of 6.5%.

Scotland: An increase of 6%.

Surprisingly, London leads the pack in England with a staggering 5.9% growth in rent prices—marking the highest annual percentage increase since ONS records began in 2006.

The View From The Ground

Jeremy Leaf, a seasoned estate agent in North London, affirms that the current data echoes the market conditions, notably the scarcity of rental properties. The increased cost of mortgage rates and heightened tax and regulatory burdens are encouraging landlords to exit the rental market, consequently driving up rents.

The Expert Take

Anna Clare Harper, CEO of GreenResi, highlights that public policy has focused more on homeowners, leading to a set of challenges that have accelerated a landlord exodus. This is backed by auction data showing a five-fold increase in traditional landlord properties available compared to last year.

The State of Affairs in Richmond

Harriet Scanlan, a lettings manager at a Richmond estate agency, concurs with this sentiment, citing multiple offers and above-asking price deals as evidence of high demand and low supply.

What This Means for South London Homeowners

Given the rate at which rental prices are rising, especially in London, now could be an excellent time for South London homeowners to consider selling their properties. With a shortage in rental supply, potential buyers, including investors, are likely to be more willing to pay a premium for available homes.

If you're contemplating a move or interested in exploring the lucrative South London property market, look no further. With 20 years of experience specialising in South London properties, I can provide unparalleled expertise and insight to guide you through a successful sale.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Cash buyers swoop in on South London Property

The latest data from specialist property lending platform Octane Capital shows that cash buyers are paying on average £27,600 less than mortgage buyers for properties in Great Britain, with the exception of London.

This gap in price has widened over the past 20 months, as rising interest rates have made it more difficult for people to qualify for a mortgage and the cost of living crisis has made it harder to save for a deposit.

In the South West, cash buyers accounted for 38% of transactions between December 2021 and April 2023, suggesting that competition from cash buyers is particularly strong in this region.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest data on cash buyers.

• Be prepared to negotiate on price. Cash buyers are often in a stronger position to negotiate on price, as they can move quickly and don't have to worry about getting a mortgage approved.
• Present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.
• Consider using a reputable letting agent. A good letting agent can help you to market your property effectively and find the right buyer, whether they are a cash buyer or a mortgage buyer.
• If you are selling your property in South London, it is important to be aware of the latest trends in the market and to be prepared to negotiate on price, especially if you are facing competition from cash buyers.

Additional tips for South London homeowners selling their property:

• Target the right buyers. Consider the type of buyers who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
• Be responsive to enquiries. Buyers expect a quick response from sellers when they enquire about a property. If you are not responsive, you may miss out on the best buyers.
• Be flexible on closing dates. Cash buyers are often able to close more quickly than mortgage buyers, so be prepared to be flexible on your closing date if you are facing competition from a cash buyer.

Rental Supply in South London is up in July

The latest rental market data from Chestertons shows that there were 39% more rental properties on the market in London in July 2023 compared to July 2022, while the number of new tenants entering the market decreased by 5%. This suggests that market conditions continue to improve for tenants in the capital.

With more properties to choose from and slightly less competition, tenants often now have the upper hand during price negotiations. As a result of this shift in power, 88% more landlords than this time last year were willing to reduce their asking rent in order to secure the right tenant for their property.

Areas of London that have been in particularly high demand with tenants in July include St. John’s Wood, South Kensington, Islington, Canary Wharf, Hampstead, Clapham and Fulham.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest rental market data.

You may need to be more flexible on price. With more rental properties on the market and tenants having more choice, you may need to be willing to reduce your asking rent in order to attract tenants.

You should present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.

You should be responsive to enquiries. Tenants expect a quick response from landlords when they enquire about a property. If you are not responsive, you may miss out on the best tenants.

Overall, the latest rental market data suggests that South London homeowners may need to be more flexible on price and presentation in order to attract tenants. However, the market is still relatively balanced, so there are still opportunities for homeowners to achieve good rental yields.

Here are some additional tips for South London homeowners who are looking to rent out their property:

• Target the right tenants. Consider the type of tenants who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
• Use a reputable letting agent. A good letting agent can help you to market your property effectively and find the right tenants.
• Be prepared to offer incentives. In a competitive market, you may want to offer incentives to tenants, such as a rent-free period or a contribution towards moving costs.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Only 14% of South London Landlords Optimistic about Renters Reform Bill

The Renters (Reform) Bill, which was introduced in May 2022, is still dividing opinion in the lettings industry, according to a new survey by RentTech platforms Goodlord and Vouch.

The survey, which polled more than 2,000 letting agents, landlords and tenants, found that the majority of landlords (62%) felt pessimistic about the bill, while only 14% were optimistic. Letting agents were more divided, with 43% feeling pessimistic and 29% optimistic.

The bill, which is still going through Parliament, would ban "no-fault" evictions and introduce a number of other measures to protect tenants. However, landlords have argued that it would make it more difficult for them to rent out their properties and could lead to a decline in the rental market.

The survey also found that landlords were more negative about the introduction of a property ombudsman than letting agents or industry suppliers. Only 22% of landlords felt that the ombudsman would have a positive impact, while 42% of letting agents and 41% of industry suppliers were optimistic.

The ombudsman would be responsible for resolving disputes between landlords and tenants. It is seen as a way of providing more protection for tenants and ensuring that they are treated fairly.

The survey findings suggest that the Renters (Reform) Bill is still a controversial issue in the lettings industry. It remains to be seen how the bill will be implemented and what impact it will have on the market.

Here are some additional thoughts on the findings of the survey:

The fact that the majority of landlords are pessimistic about the Renters (Reform) Bill is not surprising. The bill would make it more difficult for them to evict tenants and could lead to a decline in the rental market.

The fact that letting agents are more divided in their views is interesting. This suggests that some agents believe that the bill could be beneficial to tenants and could help to improve the rental market.

The fact that landlords are more negative about the introduction of a property ombudsman is also not surprising. Landlords are concerned that the ombudsman would be biased towards tenants and would make it more difficult for them to evict tenants.

Overall, the survey findings suggest that the Renters (Reform) Bill is a complex issue with no easy answers. It will be interesting to see how the bill is implemented and what impact it has on the lettings industry.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Bank of Mum and Dad still Funding Purchases in South London

The Bank of Family is a term used to describe the financial support that families provide to help their loved ones buy a home. In South London, the Bank of Family is playing an increasingly important role in helping people get onto the property ladder.

According to research by Legal & General, 47% of all homes purchased in South London this year will be partially funded by the Bank of Family. This is up from 42% in 2022 and 35% in 2021.

The average amount of money being gifted by families in South London is £30,200. This is higher than the national average of £25,600.

The Bank of Family is playing such a big role in South London because house prices in the area are so high. The average house price in South London is now £500,000. This is out of reach for many people, even those who have a good job and a steady income.

The Bank of Family is helping to bridge the gap between what people can afford and the cost of buying a home in South London. It is also helping to level the playing field for people who do not have wealthy parents or grandparents.

Of course, not everyone has access to the Bank of Family. This can create inequality in the housing market, with those who have family support being able to buy a home sooner and easier than those who don't.

The government is aware of the problem and is looking at ways to make it easier for people to get onto the property ladder without relying on the Bank of Family. One of the proposals is to introduce a "shared equity scheme" where the government would provide part of the deposit for a home.

This is a positive development, but it is important to remember that the Bank of Family is not going away anytime soon. It is likely to continue to play an important role in helping people get onto the property ladder in South London and other parts of the country.

Here are some tips for homeowners who are considering using the Bank of Family to help them buy a home:

• Be clear about what you need from your family. Do you need a loan or a gift? How much money do you need?
• Be honest with your family about your financial situation. They need to know what they are getting into.
• Make a plan for repaying the loan or gift. This will help avoid any problems down the road.
• Be grateful for the help your family is providing. This is a big gesture and it is important to show your appreciation.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Zoopla Predicts Lowest transaction levels in a decade for South London Homesellers

The housing market in South London is slowing down, as rising mortgage rates and affordability challenges are making it more difficult for buyers to move.

According to Zoopla, the number of home sales in South London is down by 28% in the first half of 2023 compared to the same period last year. This is the biggest slowdown in sales in the region since 2008.

The slowdown is being driven by a number of factors, including:

• Rising mortgage rates: Mortgage rates have been rising steadily in recent months, making it more expensive for buyers to borrow money.
• Affordability challenges: The cost of living is also rising, making it more difficult for buyers to save for a deposit and afford monthly mortgage payments.
• Weaker demand: Some buyers are also holding off on making a move, waiting to see if house prices fall further.

The slowdown is having a mixed impact on different types of properties. Sales of smaller, more affordable homes have fallen less than sales of larger, more expensive homes. This is because smaller homes are more affordable for buyers who are on a tight budget.

The slowdown is also having a different impact on different areas of South London. Sales have fallen more in areas where house prices are highest, such as Richmond and Wimbledon. This is because buyers in these areas are more sensitive to changes in mortgage rates.

The housing market in South London is expected to remain subdued for the rest of 2023. However, there are some signs that the market may be starting to bottom out. Mortgage rates have started to fall in recent weeks, and there is some evidence that demand is starting to pick up.

If you are thinking of buying a home in South London, it is important to be aware of the current market conditions. You should also get pre-approved for a mortgage before you start looking at properties. This will give you an idea of how much you can afford to borrow and will make the buying process smoother.

Here are some tips for buying a home in a slow market:

• Be prepared to act quickly. When homes do come on the market, they tend to sell quickly.
• Be flexible with your criteria. If you are willing to compromise on things like location or size, you may be more likely to find a home that you can afford.
• Be prepared to negotiate. Sellers may be more willing to negotiate on price in a slow market.
• Don't give up. The housing market is cyclical, and conditions will eventually improve.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Most Important Feature in your South London Rental Property

The rental market in South London is a competitive one, with landlords vying for the attention of potential tenants. In order to stand out from the crowd, it is important to offer properties that meet the needs of renters in the area.

A recent study by Redmayne Smith has revealed the top five property features that are most desired by renters in South London in 2023. These are:

1. Parking: With many people in South London relying on cars for their commute, parking is a major concern for renters. Properties with allocated parking spaces are in high demand.
2. Furnished: Many renters are looking for properties that are move-in ready, so furnished properties are also popular. This is especially true for professionals who are relocating to the area and don't have time to furnish a property themselves.
3. Balcony or patio: A balcony or patio is a great way to enjoy the outdoors, and it is especially popular with renters who want to entertain guests or relax in the fresh air.
4. Proximity to schools: Families with children are looking for properties that are close to good schools. This is especially important in South London, where there are a number of highly regarded schools.
5. Bills included: Many renters are looking for properties where the bills are included in the rent. This can save them money and hassle.

In addition to these top five features, there are a number of other things that renters in South London are looking for in a property. These include:

• Good transport links
• A safe and secure neighborhood
• A modern and well-maintained property
• A spacious and bright layout
• A pet-friendly property

If you are a landlord in South London, it is important to consider these factors when marketing your property to renters. By offering a property that meets the needs of renters, you can increase your chances of renting it out quickly and for a good price.

Here are some additional tips for landlords in South London:

• Keep your property well-maintained and clean.
• Be responsive to tenant inquiries and requests.
• Offer competitive rent prices.
• Provide good tenant screening.
• Be a fair and reasonable landlord.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

AirBnB Clampdown in South London

A body largely consisting of councils in Devon wants more controls over Airbnbs and other short lets. The Devon Housing Commission has written to Housing Secretary Michael Gove demanding two key legislative changes:

1. The requirement for registration of short-term lettings, in order to establish the facts.
2. The requirement for a change of use planning consent for any new short-term letting: this would enable each local authority to determine how many more holiday lettings of this kind should be acreated in their area.

The commission is a partnership between 11 local authorities and supported by the University of Exeter. It claims there’s been an increase of over 10 per cent in second homes across Devon since 2021.

It says it wants to limit growth of short-term lets by private landlords and companies, while still enabling people to supplement their income by letting rooms in their own homes.

It says there is widespread concern in Devon at the number of properties being switched from longer-term to short-term lettings, which is severely impacting local people in need of a rented home. The Commission believes this switching is a key reason for the fall of 50 per cent in private lettings across the county and by as much as 67 per cent in North Devon.

The commission's proposals have been welcomed by some local residents and businesses, but have been criticized by others who say they will stifle tourism and economic growth.

The government is currently considering the commission's proposals.

What do you think? Should there be more controls over short lets?

Here are some of the pros and cons of more controls over short lets:

Pros:

• Could help to reduce the number of properties being switched from longer-term to short-term lettings, which would make more homes available for local people.
• Could help to bring down rents, as there would be less competition for rental properties.
• Could help to improve the quality of accommodation available for short-term lets, as landlords would need to comply with stricter regulations.

Cons:

• Could stifle tourism and economic growth, as people would be less likely to visit places where there are strict controls on short lets.
• Could be difficult to enforce, as it can be hard to track down illegal short lets.
• Could lead to a loss of jobs in the tourism industry.

Ultimately, the decision of whether or not to introduce more controls over short lets is a complex one with no easy answers. It is important to weigh up the pros and cons carefully before making a decision.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

South London Tenants Protected even AFTER tenancy!

With the cost of living rising and the number of landlords selling up on their properties increasing, tenants in South London are facing increasing financial uncertainty. However, there are a number of laws that protect tenants from landlord disputes.

Here are some of the most important tenants' rights in South London:

• The Tenant Fees Act 2019 prohibits landlords from charging tenants for a range of fees, including for referencing, inventory, and cleaning.
• The Landlord and Tenant Act 1985 states that landlords are responsible for repairs to the property, including fixing faulty appliances and making sure that the property is safe and in a habitable condition.
• Section 21 of the Housing Act 1988 allows landlords to evict tenants with just 8 weeks' notice, but this law is being abolished later this year.
• Section 48 of the Landlord and Tenant Act gives tenants the right to know the name and address of their landlord.
• The Tenancy Deposit Protection Act requires landlords to protect tenants' deposits in a government-approved scheme.
• If you are a tenant in South London, it is important to know your rights. If you have any questions or concerns, you should contact a housing advice agency.

Here are some additional tips for tenants:

• Keep a record of all communications with your landlord, including emails, letters, and text messages.
• Take photos of the property when you move in and when you move out to document the condition of the property.
• Be prepared to stand up for your rights. If your landlord is not complying with the law, you should contact a housing advice agency for help.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Bailiff Crisis Puts South London Landlords at Risk

A severe bailiff crisis is brewing in the UK, and South London landlords are particularly at risk.

The number of County Court bailiff evictions being put on hold or cancelled is increasing, due to a lack of Personal Protection Equipment (PPE) for bailiffs. This is compounded by the historic lack of investment in the courts, and rising interest rates, which are sparking landlord panic to exit the rental market.

In Q1 2023, landlord repossessions in the county courts rose by 69% in comparison to the same quarter in 2022. This is before Section 21 is abolished and more eviction cases end up in the courts.

Landlord Action, an eviction and housing law specialist, is calling on Judges at County Courts to start granting leave to transfer more eviction cases with serious arrears to the High Court to share the burden of rising workload.

Some landlords have already waited more than six months to reach the point of eviction and are being financially crippled by the delays. In one case, a landlord waited 16 weeks from the date the possession order was granted to the date the bailiff appointment was confirmed. However, the bailiff then called to say that the eviction could be delayed due to the PPE issue.

Paul Sowerbutts, Head of Legal at Landlord Action, says: "We've offered our client the opportunity to re-apply to have his case transferred up to the High Court, but naturally there is a reluctance as this is yet another cost for the landlord. Whilst the High Court could help alleviate the delays, it won't solve the crisis we are facing."

Daren Simcox, CEO of High Court Writ Recovery, a private bailiff firm, says that the number of County Court bailiffs employed by courts to attend evictions has been waning as government policy has affected team sizes. This means that some bailiffs now cover multiple courts, resulting in unmanageable workloads.

He adds: "The bailiffs simply don't have the time to wait, so if there is a problem on the eviction day, they are moving on after 10-15 minutes leaving cases unresolved.

"The current wait time for possession in some cases is 37 weeks from claim to possession – that's nine months and simply isn't acceptable. Judges should be granting permission to transfer up to the High Court as a matter of course, given the current circumstances."

If you are a landlord in South London, you need to be aware of the bailiff crisis and take steps to protect yourself. Here are a few things you can do:

• Start the eviction process early. The sooner you start, the sooner you will be able to get the eviction completed.
• Be prepared to pay for a High Court eviction. This is usually more expensive than a County Court eviction, but it is often quicker.
• Work with a qualified eviction lawyer. They can help you navigate the legal process and protect your rights.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Cash Buyers Are Paying Less Than Mortgage Holders in South London

 A new study has found that cash buyers are paying an average of £27,600 less than mortgage holders for properties in South London.

The study, by specialist property lending platform Octane Capital, compared transactions and prices in the mortgage and cash buyer markets between December 2021 and April 2023.

It found that the gap between cash and mortgage prices has widened in recent months, as the cost of living crisis has made it more difficult for people to get a mortgage.

In the South West, cash buyers accounted for 38% of transactions during the study period, compared to 22% in London.

This suggests that there is more competition from cash buyers in the South West, which is driving down prices.

Octane chief executive Jonathan Samuels said: "It's always been easier to buy with cash than spend time arranging a mortgage, but in the current environment it seems that advantage is bigger than ever, with cash buyers saving £27,600 compared to their mortgage counterparts.

"Mortgaged buyers are subject to more processes and delays, making it hard to compete with those who can swoop in with an immediate lump sum of cash.

"It's also far tougher to qualify for a loan than in late 2021, as surging interest rates make it harder from an affordability perspective, so buying with a mortgage is not an easy task.

"If you are able to qualify for a mortgage, our data suggests you should get your finance arranged as quickly as possible to ensure you can seal the deal, even if you have competition from a cash buyer.

"In some regions, like the South West, that competition is particularly fierce, so you have to be ready to hand over the money."

The study also found that the gap between cash and mortgage prices is widening in every region of Great Britain, with the exception of London.

This suggests that the trend of cash buyers paying less than mortgage holders is likely to continue in the coming months.

If you are a homebuyer in South London, it is important to be aware of the competitive landscape and to make sure you are prepared to act quickly if you find a property you want to buy.

Here are some tips for homebuyers in South London:

• Get your finances in order as early as possible. This will make it easier to get a mortgage and to compete with cash buyers.
• Be prepared to act quickly. If you find a property you want to buy, be prepared to put in an offer as soon as possible.
• Be realistic about your budget. The competition from cash buyers is likely to drive up prices, so you need to be realistic about what you can afford.
• Don't be afraid to negotiate. If you find a property you love but it is out of your price range, don't be afraid to negotiate with the seller.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

South London Buy-to-Let Investors: Secure a New Mortgage Rate Now

 The Bank of England is expected to raise the base rate again in September, which could mean higher mortgage payments for buy to let investors in South London.

Gavin Richardson, the managing director of Mortgages for Business, is urging investors to secure a new mortgage rate as early as possible, even six months in advance.

"I think inflation will fall as low as five per cent in the final quarter of this year," he says. "But the Bank of England is still going to increase the Base Rate in September — probably by a further 0.25 per cent.

"So if you're approaching remortgage, while I expect inflation to ease, I recommend securing a new rate as early as possible.

"For some lenders, this can be up to six months before the end of your Early Repayment Charge period. If mortgage interest rates decrease, many lenders allow you to switch to a more competitive product should one become available before you complete.

"If you are on a tracker or variable mortgage that follows the Base Rate, you have time to secure a fixed-rate deal before the next [Bank of England] meeting.

"If you wait, you will see your mortgage repayments increase once again following the Base Rate rise. It's worth exploring your fixed-rate options with a broker to see how much you could save on your monthly payments."

The government announced the Consumer Price Index inflation rate was 6.8 per cent in July, down from 7.9 per cent in June. Inflation peaked last October, around the time of the failed Truss-Kwarteng mini-budget, at 11.1 per cent.

The Bank of England next meets on September 21 to discuss base rate. Richardson concludes: "As long as inflation continues the same downward trajectory though, we forecast the next rise will be the final increase this year."

If you are a buy to let investor in South London, it is important to act now to secure a new mortgage rate. The sooner you act, the more likely you are to get a good deal. A mortgage broker can help you compare rates and find the best deal for your needs.

Here are some tips for securing a new mortgage rate:

• Start the process early. The sooner you start, the more time you will have to shop around and compare rates.
• Get quotes from multiple lenders. Don't just rely on one lender's offer. Get quotes from at least three different lenders to see who can offer you the best deal.
• Be prepared to switch lenders. If you are not happy with your current lender's offer, be prepared to switch to a new lender.
• Consider a fixed-rate mortgage. A fixed-rate mortgage will protect you from interest rate increases for a set period of time.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

South London Property Market Update: Asking Prices Drop as Sellers Seize the Initiative

The average asking price of newly marketed properties in South London has fallen by 1.9% this month to £364,895, according to the latest Rightmove figures.

This is the biggest drop in asking prices at this time of year since 2018, outpacing the average drop of 0.9% in August’s traditional summer slowdown.

Rightmove says the much larger than usual price drop this month indicates that some sellers are "seizing the initiative" and heeding their agents’ advice to price competitively for their current local market conditions, in order to attract a buyer against the backdrop of holidays, cost of living pressures, and the highest Bank of England Base Rate since 2008.

What does this mean for buyers and sellers?

For buyers, this is good news. It means that there are more properties on the market at more affordable prices. If you are looking to buy a home in South London, now is a good time to start your search.

For sellers, it is important to price your property competitively. If you price your property too high, it is likely to sit on the market for longer and you may have to make a price reduction.

What are the key factors affecting the South London property market?

The main factors affecting the South London property market are:

• The rising cost of living, which is making it more difficult for people to afford to buy a home.
• The increase in interest rates, which is making mortgage payments more expensive.
• The ongoing uncertainty caused by the war in Ukraine.
• What is the outlook for the South London property market?

It is difficult to say with certainty what the future holds for the South London property market. However, it is likely to remain challenging for buyers and sellers.

If you are considering buying or selling a home in South London, it is important to speak to an experienced property advisor who can help you understand the market conditions and make the best decision for your circumstances.

Here are some tips for buyers and sellers in the South London property market:

Buyers:

• Be prepared to act quickly when you find a property that you like.
• Be prepared to negotiate on price.
• Consider getting a mortgage pre-approval before you start your search.

Sellers:

• Price your property competitively.
• Get your property professionally staged.
• Market your property widely.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!