There is one thing that can be guaranteed to impact on the property market in the U.K. and that is uncertainty.
Earlier this week, the Prime Minister Teresa May, delivered her landmark speech setting out how the U.K. would be preparing to leave the European Union.
During the transition there will be a lot of uncertainty which will undoubtedly follow through into the property market. Whilst difficult to predict, this may manifest itself as falling transaction levels, stagnating rents, and subdued tenant demand and affordability.
As a landlord, you are taking on the risk of the tenant not paying the rent and/or damaging your property. If you have a mortgage, and the tenant goes into rent arrears, this leaves you having to cover the monthly mortgage payment out of your own funds. This is always the case, but in times of uncertainty, this can become an even greater risk and worry.
It is interesting to note that mortgage arrears among landlords increased by 6%, from 4,700 to 5,000, between July and September last year, which was the first increase since records began two years ago, according to the Council of Mortgage Lenders.
The reason for this upward trend is unclear, but it should be a reminder to all landlords that things do not always run smoothly when investing in property, and there are many curveballs that can come out of the blue.
In 2017, landlords have a number of challenges to face and these combined with uncertainty, make it even more important that they receive the best possible advice and support.
At Northwood, we have over 85 offices around the U.K. dedicated to providing a frictionless service for landlords. As a company there are few letting-related problems that we haven’t heard of or encountered in over two decades of business. In fact, it was the evergreen problem of rental arrears that inspired our market-leading guaranteed rent service.
This service is the perfect anecdote to uncertainty and gives landlords complete peace of mind that their rent will be paid on time, every time – even if the tenant doesn’t pay!
It may sound too good to be true, but our Guaranteed Rent is a proven and robust service that has served landlords well since its inception. We have some landlords who have been on the service for 15 years and never missed a rental payment. The many testimonials we receive speak for themselves:
So if you never want to receive the dreaded phone call telling you that the rent has not been paid, no longer have to scan your bank account for the rental payment, or chase a tenant for unpaid rent, then find out more about our Guaranteed Rent service.
It is our aim to support our landlords throughout 2017 and ensure they survive and prosper, no matter what challenges arise!
You can find your nearest office >>> here.
Northwood is one of the largest and most recognised estate agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.
Find us on Twitter @northwoodUK or visit our YouTube Channel.