Hoddesdon & Ware Region Rentals Rise 9%

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I was talking to landlord from Hoddesdon the other day about what is happening to the level of rents that are being achieved in the local property market and in particular the increases over the last year.

With regard to Hoddesdon, it appears that rents being achieved for new rentals (i.e when the tenant moves out and new tenant moves in) have risen on average over 9% in the last 12 months on one and two bedroom apartments and two/three bedroom Houses, yet have increased at a slightly lower rate of 6% on larger properties. However, landlords with existing sitting tenants, irrespective of property type are not increasing their rents, as most landlords prefer to keep their existing tenant paying the same rate and have the peace of mind that their tenant remains in occupation and therefore reducing the risk of void periods. 

Bear in mind that rents only rose by 0.2% over 2008/9 due to a slight oversupply in the rental market in this period.  A lot of the people who couldn't sell their property in Hoddesdon, Ware and surrounding areas when the Credit Crunch hit in 2008, decided to let their house out instead of selling. In fact, the number of houses on the market dropped by over 50% between October 2007 and April 2010, a lot of which came on to the rental market locally. 

I told the landlord that there is a lack of new rental properties in Hertford, Hoddesdon and Ware coming on the market, in fact according to the Office of National Statistics, there are only 29 new rental properties are coming to the market each month but the population of  this region is rising by 130 people a month. This is compounded by the fact a number of landlords are looking to sell their rental properties in the coming months, as the property market improves. This fact is further further compounded as tenants in existing rental properties appear to be staying in properties for longer periods of time.

Looking at the rents charged in Hoddesdon, Ware, Hertford and surrounding areas historic evidence in the UK suggests private market rents have moved in line with inflation. Government figures only go back as far as the year 2000, but looking at other countries with similar housing markets (America, Australia, Ireland and Holland) the fact is rents paid by tenants tend to rise in line or just ahead of inflation.

As short term wage growth locally has eased off recently, rising by only 1.3% in the last 12 months, taking average salaries in Hertfordshire to £37,696pa, with the tax breaks announced by The Chancellor in the Budget, I believe, even though rents have kept pace with inflation in the past, renting as an option has become more affordable, and is increasingly seen as a lifestyle choice. With returning economic growth and expected increases in the rate of growth of wages, above inflation rental growth could rise.


If you are looking to invest locally and want to discuss the local rental market please feel free to come into our High Street offices in Stanstead Abbotts and we will be happy to give you some free unbiased advice or just give us a call we would be happy to hear from you.

"Your local property experts, our advice is free but our knowledge is priceless" 

                                            

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country” 

Deal Of The Day, Hoddesdon, 5.5% Yield

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Here's a nice property for Buy To Let purposes. On the market at £184,000 this is a well presented two bedroom apartment with an En-Suite shower room as well as a family bathroom located in the popular area of Boundary Park. This is always sought after by tenants as it is within easy reach of both the Town centre of Hoddesdon and Rye Park train station. 

We have recently let a very similar property to this one at £850 pcm and so with this purchase price you would achieve a 5.5% Yield easily and maybe more plus with the desirability of the area thrown in the all important "Void" periods should be low. Doesn't need much money spent on it as they were only built around 10 years ago and so is ready to rent.

If you are looking to invest locally, are interested in this or any other properties, please feel free to come into our High Street offices in Stanstead Abbotts and we will be happy to give you some free unbiased advice or just give us a call we would be happy to hear from you.

Two Bedroom Apartment, Hoddesdon, £184,000 

Your local property experts, our advice is free but our knowledge is priceless" 

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country” 

Deal Of The Day, Ware. 6% Yield

www.propertyfile.co

Here's a bargain Buy To Let that's on the market with Ensum Brown Estate Agents in Ware. Priced at £119,995 this Studio is located in the sought after development of Lygean Avenue and is currently let at £595 pcm. We rent several of these type of properties in this location and they all achieve between £575 to £600 pcm, the "Void" periods are low due to the good demand and the communal areas are always well maintained. 

This one is well presented so no need to spend much money on refurbishments and as there is already a tenant you could start seeing a return the day you complete on the purchase. You may want to consider a new Kitchen at some point in the future and it is important to check the length of the lease.     

If you are looking to invest locally, are interested in this or any other properties, please feel free to come into our High Street offices in Stanstead Abbotts and we will be happy to give you some free unbiased advice or just give us a call we would be happy to hear from you.

Studio Apartment, Ware, £119,995 

Your local property experts, our advice is free but our knowledge is priceless" 

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country” 

Ware & Hoddesdon Landlords Living Overseas Beware of Capital Gains Tax changes.

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Here is some advice for the many Landlords with properties in the Ware, Hoddesdon and Hertford regions who are living abroad as, according to one accountant, you should get these properties valued now, even if you have no intention of selling.

She warns that failing to get a property valuation as soon as possible could mean you end up paying more tax when you do eventually sell. Her advice relates both to ex-pats and to foreign nationals with rental properties locally.

Clearly, everyone needs to take their own professional advice suited to their own circumstances, but according to Carol Cheesman of Cheesmans Accountants, changes to Capital Gains Tax have important implications.

Until April 5, non-UK residents could potentially dispose of UK assets without incurring a charge to Capital Gains Tax liability. However, from April 6, a charge to CGT will arise on non-UK residents (including trustees, certain companies and personal representatives as well as individuals) who dispose of UK residential property. Importantly, she says, the charge will only be applicable to gains accruing after April 6.

To help clarify this, Cheesman gives the following example: a UK residential property purchased in 2005 by a non-UK resident for £150,000 is valued at April 6, 2015, at £300,000 and it is sold in June 2015 for £310,000.

For a UK resident selling a buy-to-let property the gain arising would be calculated as the difference between the sale proceeds of £310,000 and the original cost of £150,000.However, under this new rule introduced for non-UK residents, the gain will be the difference between the sale proceeds and the value of the property as at April 6, 2015.

If non-UK resident property owners do not get a valuation now, then an alternative would be to apportion the total gain over the whole period of ownership which could result in a hefty tax bill. A non-UK resident could also attempt to obtain a retrospective valuation, but this will be complex, time-consuming and costly.

Cheesman also advises that on selling the property, a Non-Resident Capital Gains Tax (NRCGT) return will need to be filed with HMRC within 30 days of completion.

If the non-UK resident does not have an “established relationship” with HMRC, that is, they do not need to complete and file a UK tax return, then the NRCGT return will also need to contain an assessment of the tax due and this tax will also need to be paid within 30 days of completion.

Where there is an “established relationship”, the assessment of tax will be contained in the tax return that is to be submitted to HMRC for the year in which the disposal was made. The tax due would then be payable by the usual due date. It is likely that HMRC will penalise those who do not make a disclosure, even when there is no tax due.

Cheesman says: “It is important therefore for those non-UK residents with relatively straightforward tax affairs who do not usually correspond with HMRC (e.g. a retired pensioner) to be aware of the requirements for notifying them of a disposal of a UK residential property. “In conclusion, it is highly advisable to obtain a valuation of the property as soon as possible in order to avoid guesswork in the future, or costly valuation fees.”

So if you are a Landlord living overseas and have rental properties in the Hertford, Ware, Hoddesdon regions, or the surrounding areas, please feel free to get in touch with us and we will be happy to provide a current valuation for you, in writing with no charge.   

Source - property industry eye 

"Your local property experts, our advice is free but our knowledge is priceless" 

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country” 

Deal of The Day, 5% Yield, Ware..............

www.propertyfile.co

A Lovely property just come to the market in Churchfields, with an agent in Ware. A first floor maisonette which is very well presented and ready to rent. On the market at just under £170,000 and expect to achieve a rental of around £750 per calendar month providing a "Yield" of over 5% . This is a sought after area by tenants so "Void" periods should be low.  

If you are looking to invest locally please feel free to come into our High Street offices in Stanstead Abbotts and we will be happy to give you some free advice or just give us a call.

One Bedroom Maisonette, Ware £169,995 

Your local property experts, our advice is free but our knowledge is priceless" 

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country” 

Deal Of The Day, Hoddesdon, £139,995

www.propertyfile.co

Just on the market with Shepherds Estate Agents comes this very well presented, One double bedroom first floor apartment in an ideal rental location. Amwell Court in Hoddesdon is a great place for a "Buy To Let" as it is within very close proximity to the Town Centre and walking distance to the train station so always in demand by local Tenants.

Expect the apartment to rent at £650 per calendar month and so the "Yield" will be over 5.5% and taking into consideration the location the "Void" periods are bound to be low. 

Well presented so no need to spend money on refurbishments this investment is ready to go and start giving you a return very quickly.

If you are looking to invest locally please feel free to come into our High Street offices in Stanstead Abbotts and we will be happy to give you some free advice or just give us a call.


   

One Bedroom First Floor Apartment, £139,995

Your local property experts, our advice is free but our knowledge is priceless" 

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country” 

Deal Of The Day, Ware Buy To Let £159,995

www.propertyfile.co

On The Market with Keith Ian Estate Agents, this one bedroom apartment in the town centre of Ware is an ideal Buy To Let. 

Well presented with "Open Plan" living accommodation you can purchase without spending money on refurbishments and start to market to rent straight away. Expect to receive a rental of over £700 per calendar month and so would "Yield" around 5.5%. Due to the location this property will be in demand by tenants so the crucial "Void" periods will be low. 

You may need to check the lease as costs to extend can be pricey but for long term investment purposes you can leave that to a later date.

If you would like any further advice on this or any other properties you may be considering for Buy To Let purpose's please feel free to call into our High Street offices in Stanstead Abbotts or give us a call.   

    

One Bedroom Apartment, Ware, £159,995

Your local property experts, our advice is free but our knowledge is priceless" 

           

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”