Good news for tenants, disaster for buy-to-let landlords.
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This comes as a new report states that 250,000 people are homeless because the council has run out of temporary accommodation.
Another report by the BBC, as many, as 2 million people are falling behind with their utility bills.
Which bills do you prioritise?
Rightmove report that asking prices of houses are falling again.
The financial Times reports that UK construction companies are becoming insolvent at the fastest rate in over 10 years. 4000 building companies have gone bust in a year as material prices, soar, and construction slows.
Serviced Accommodation vs Buy-to-Let
Higher interest rates and increase in legislation has forced many landlords to switch to Serviced Accommodation from traditional buy to let standard AST tenants.
Serviced accommodation offers landlords the opportunity to increase their after-tax net returns, whilst avoiding many of the pitfalls linked to traditional buy to let, such as dealing with difficult tenants and the coming abolition of section 21 ‘no fault’ evictions.
In the past, landlords have been deterred from Serviced Accommodation due to the additional work involved. Traditional, letting agencies have been reluctant, or are just not equipped, to manage a Serviced Accommodation property involving guest turnover, bookings, cleaning, linen and so on.
But now there is a solution.
A new breed of specialist agencies has sprung up to satisfy this growing market by managing Serviced Accommodation properties at scale.
Open House South Herts has teamed up with one such agency that is actively seeking properties in the following areas:
Hertfordshire, Essex, Cambridge, as well as major metropolitan business areas in England.
They offer landlords a complete hand free full management service, taking care of bookings, changeover, cleaning and linen. Bookings come from a number of sources including corporate temporary lets and booking.com to ensure the 80% occupancy the company aims to achieve.
Landlords benefit from higher net rents and hassle-free management.
The management company offers agents a generous introduction fee without having to manage the property.
Serviced Accommodation properties should be furnished and decorated to a high standard. The company will advise on the recommended specifications. Landlords will need to inform their mortgage lender and insurer and some boroughs may require planning consent.
Whilst this may not work for every landlord, the is growing demand for this service.
If you are a property owner or landlord looking to increase your rental returns whilst reducing the headache of section 21, and the looming renters reform act, contact me at SouthHerts@localagent.co.uk
Unlock Financial Freedom: Master the Art of Money Management in 3 Simple Steps
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About Charles Kelly:
Speaker, Podcaster, Author, Property Investor, Digital Marketing, Former Immigration Adviser and International Recruiter and Business Consultant.
Charles has been featured as an expert guest on prestigious platforms such as BBC News, Radio 5, and more. He is committed to helping individuals achieve financial freedom through education, effective money management, and the acquisition of valuable money-making skills.
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