Wednesday, 17 January 2018

JUST HOW DO YOU RATE YOUR MILTON KEYNES TENANTS?


A cautionary tale that all Milton Keynes landlords should read…..
How well do you REALLY know who you are letting out your property to? How do you know that the people you meet are the people they say they are, and not illegal sub-letters? Would you knowingly want to be involved with shady tenants, or would you rather be protected from them?

What if your tenants trash the place, rip off doors and radiators, kick holes in the walls or run a cannabis factory from home? Where do you stand – not in a great place, that’s for sure. We have reports of these horror stories (and worse!) even from some of our seasoned landlords, who all had enough experience to cope with such matters – or so they thought. Can you imagine the stress and financial burden this would put on a novice landlord or new investor?


The common denominator here is people – well, specifically tenants. Property investors often forget this is a PEOPLE business, it’s all about how you deal with tenants and how they interact with you, how you pick the good from the bad in the first place, and how do you know who to trust? Well if you don’t do thorough due diligence on your new tenants then the truth is you don’t. Would you honestly spend, for example, a quarter of a million pounds on a typical 3 bed semi and then effectively hand it over to strangers? Some landlords, and even agents, stress that they want (and will get) a tenant living in an empty property before the week is out. Now let’s think about this – I don’t know you, you want to potentially be entrusted with what is in effect a LOT OF MY MONEY tied up in the value of my property, not to mention that I will effectively be offering you credit to the value of 6 months’ rent – well I certainly want to know all I can about you my friend! First I want to take up references from your current and previous addresses, I also want to contact your employer to confirm not just your salary but also that you DO HAVE a permanent position there for a period covering your initial tenancy. Got any CCJs or financial defaults? If so then I want to know, because as I don’t know you, it tells me you are a financial risk that I could do without.


Obviously, anyone’s situation can change, so I’d like to pop around every 3 months just to keep an eye on my property. Sorry, what’s that - you don’t think that’s fair? Well there are currently 97 other agents listed locally on Rightmove, perhaps they could accommodate you. You see, our landlords get the protection from all of the above in the detailed level of service and tenant referencing we offer. What we want our landlords to understand is that we DO know our applicants even before they become our tenants, and that’s one of the things you pay your monthly fee towards. Think about this properly for a moment, would you really gamble your £250k asset for a saving of around £16 per month on your fee? If so, there are 97 phone calls you could be making. If not, just the one call to us is all you need to make.

If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.

Friday, 5 January 2018

January 2018 Milton Keynes Monthly Market Update



2018: A year of opportunity for the Milton Keynes market



As one year ends and another begins, we thought we’d take a look at what’s happened in the Milton Keynes market over the last 12 months, and what a year it has been. It’s true that something of a ‘cold front’ has been moving across most of the country, but the strong fundamentals which underpin the Milton Keynes market mean that we’re well placed to weather any storm.

Using simple unweighted averages, the price of a home in Milton Keynes is now £291,500, which is 21.5 per cent more affordable than the regional average.

Over the last 12 months this has risen by 4.3 per cent compared with a rise of 5.8 per cent in the region as a whole, so the area has underperformed the market in that sense. Since 2000, the average level of house

There were 2,956 sales in our area in the last year, compared with 5,068 in the 12 months which preceded it. Comparisons with 2016 need to be handled with care because of the big spike in sales before the stamp duty rise in April. The most common type of property to change hands were terraces which accounted for 27.1 per cent of all sales.

Given the natural advantages the Milton Keynes property market has, we’re expecting 2018 to be a tremendous year for everyone involved in the housing market - buyers, sellers, landlords and renters alike. If you’re in any of those categories and want some advice on how best to make the property market work for you, please give us a call and we can give you a more complete lowdown on what we expect in 2018.

Since 2000, the average level of house price growth has been


10.7 per cent per year.


Annual sales levels split by property type

In this analysis we've looked at how sales of property types have stacked up over time (literally!). For each of the last eight years we show what number of sales are accounted for by flats, terraces, semi- detached and detached homes. This analysis is very useful because it shows not only the total number of sales, but the types of properties it comprises.



Average property prices by type
Quarterly analyses of house price movements are a great way of seeing year-on-year changes. This chart is a particularly useful way to look at the market because it strips out seasonality, which can distort things and lead us to show things that might be inaccurate.


Wealth categories

The profile of wealth is a fairly good gauge of the day-to-day reality of residents in the local housing market. The government has drawn attention to the large numbers of people in the country who are 'JAM's or 'just about managing', and have pledged to help their property aspirations in the 2017 Budget. This chart shows the profile of our area based on their socio-demographic profile.




If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.