Invest in the future of Manchester

admin    Uncategorized     agents

Manchester is probably the UK’s outstanding city if you are looking at future growth. The North West as a whole has reinvented itself as a major global investment destination, and the city of Manchester is the driving force behind this. The city is on the verge of becoming a true ‘world city’, and this is the perfect time to invest and make the most of the opportunity.

Manchester already has the infrastructure to succeed; the city is home to the only twin-runway airport in the UK outside of London Heathrow, and passengers can go to more than 220 destinations as far apart as Beijing and California. Likewise, Manchester has outstanding rail connections in place which can take people to any of the UK’s major business destinations – London, Birmingham, Liverpool, Leeds and Sheffield amongst others – quickly and easily. This is all without considering the impact of the upcoming HS2 high speed rail which will cut journey times to London to just over an hour once complete.

Internally, Manchester also has fantastic transport connections, with the Metrolink tram service in particular linking the city centre to the out boroughs efficiently and relatively cheaply when compared to other systems such as the London Underground. This tram network is constantly being upgraded, with the latest extensions connecting the intu Trafford Centre and Trafford Park to Manchester, one of Europe’s biggest shopping centres and one of Europe’s biggest business parks respectively.

With such impressive foundations, it is no surprise that Manchester’s economy has been able to flourish. The city is correctly seen as a business friendly destination, and it is no surprise that most projections have Manchester’s economy growing faster than almost anywhere else in the UK over the coming years, including London. The regional economy is already worth approximately £60bn annually and that is only going to increase.

As always, economic growth causes population growth to follow in its wake. Manchester already experienced this once during the Industrial Revolution it kickstarted, seeing many thousands of people flood into the city to take up the jobs on offer. Something similar is now happening again, with the burgeoning creative, digital, and advanced manufacturing sectors – among many others – attracting the sort of skilled, young workers which are the lifeblood of a modern city. The population of the city is predicted to swell to more than 625,000 by 2025, and the majority of these are young people migrating to the city from elsewhere, in particular London. Manchester already has a bigger proportion of 25-29 year olds as a percentage of the population than any other city in the UK, and this situation is only becoming more pronounced.

In turn, the city’s housing market is growing prodigiously. The sort of young professional who is moving to Manchester is likely to require rental accommodation, but there is only a very limited supply near the city centre. Consequently, the competition for the best apartments is fierce and rents are being pushed up. JLL has predicted that rents in the city will rise by 4.2% a year over the next four years in response to this.

House prices are also rising dramatically in Manchester thanks to the influx of people who are looking to buy their own home. Entry prices are affordable – especially when compared to London – which makes getting on the property ladder a lot more feasible than in many other large UK business cities. When the above is taken into consideration, it is really no surprise that Rightmove has recorded an increase in sold prices of 12% over the last year, and 23% above the pre-financial crash levels. In addition, JLL has predicted that values will increase by more than another 28% by 2021.

This is the optimum time to invest in a luxury apartment in Manchester. Developments like X1 Manchester Waters which offer tranquil living only five minutes from the city centre are in extremely high demand thanks to the obvious potential for capital appreciation and rental yields. These apartments are being built by a renowned, award-winning developer as part of one of the last large-scale regeneration opportunities in the city. As well as being by the beautiful Manchester waterfront, residents of X1 Manchester Waters

As a city, Manchester cannot be beaten, and more and more people are making note of its potential. Apartments at X1 Manchester Waters start at £109,995 and are available today – don’t miss out on your chance to invest in this booming city!

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Invest in the future of Manchester | LandlordZONE.

View Full Article: Invest in the future of Manchester

Income Tax when you rent out a property: case studies

admin    Uncategorized     agents

The examples below are designed by HMRC to support their main Income Tax guidance for landlords.

They deal with a range of tax issues that you may need to think about if you rent out a property.

The post Income Tax when you rent out a property: case studies appeared first on Property118.

View Full Article: Income Tax when you rent out a property: case studies

What is a Partnership?

admin    Uncategorized     agents

I have been looking at Property 118 for several months now and have found it a great help in the current climate. I have been wondering if your optimal tax planning strategies would be applicable to my wife and I.

The post What is a Partnership? appeared first on Property118.

View Full Article: What is a Partnership?

Too early to rent?

admin    Uncategorized     agents

My daughter is in her first year at university, but already she is being badgered about looking for a rental property for her second year which starts in September next year! Is this normal or is it sales pressure?

It’s a good question because in the most popular parts of the UK this is the time of year that students do in fact get reminded that they need to start looking for rental accommodation.

The post Too early to rent? appeared first on Property118.

View Full Article: Too early to rent?

Fire – a Landlord’s Webinar – Friday 3rd November

admin    Uncategorized     agents

Don’t miss this important Fire Safety Webinar – Friday 3rd November at 12:30pm – register below.

At the time of the Grenfell Tower fire, most responsible landlords would have been questioning their own properties’ infrastructure and safety provisions.

A few months on, however, the horror and tragedy have slipped from the headlines, and the minds of many landlords, and we suspect few landlords have made significant changes.

With everything else you’ve got to consider when you’re a landlord, it’s easy to put repairs and improvements onto a to-do list, particularly when you’re not sure what modifications are required.

But fire hazards can be a matter of life and death and we’ve got to take them seriously. The last thing you want is an incident in one of your properties, the legal consequences for you, and all the bad publicity that would entail, not to mention the possibility of a tragedy for occupants and their families.

We’re asking you to make a firm commitment to join us for our webinar.

We’ll be focusing on fire, looking at the things you have to do as a landlord – and the things you can do to protect your tenants and your property.

Fire – a Landlord’s Guide

A webinar hosted by Sim Sekhon of LegalforLandlords® and Tom Entwistle, Editor of LandlordZONE®

Register here http://bit.ly/2z6PjWl

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Fire – a Landlord’s Webinar – Friday 3rd November | LandlordZONE.

View Full Article: Fire – a Landlord’s Webinar – Friday 3rd November

Incorporating WITHOUT Refinancing

admin    Uncategorized     agents

I am helping Cotswold Barristers to promote their BICT structure to accountants and would really appreciate some help.

Many accountants advise their clients on the various forms of incorporation relief but are blissfully unaware of this structure.

In many cases

The post Incorporating WITHOUT Refinancing appeared first on Property118.

View Full Article: Incorporating WITHOUT Refinancing

Recovering debt using High court enforcement

admin    Uncategorized     agents

Hi guys, does anyone know what further recourse, (if any) one can resort to, to pursue a tenant debtor after high court enforcement agents (HCEA) have unsuccessfully tried to recover debts from him following a CCJ and how best to pursue such path?

The post Recovering debt using High court enforcement appeared first on Property118.

View Full Article: Recovering debt using High court enforcement

Am I getting the right Section 21 advice – Father provided deposit?

admin    Uncategorized     agents

I am in need of some advice to either backup or dismiss the current advice received from a tenant eviction specialist.

I have a tenant that we would like to evict from our property. They have rolled onto a periodic

The post Am I getting the right Section 21 advice – Father provided deposit? appeared first on Property118.

View Full Article: Am I getting the right Section 21 advice – Father provided deposit?

Credit Checks and Rent Payments

admin    Uncategorized     agents

Rent Payment History:

Most landlords and letting agents are now doing credit checks and referencing on prospective tenants as a matter of course.

Taking on a new tenant without doing these is risky because not only do you not know their financial background, the way they are handling their finances month to month, you don’t know for sure if they are earning enough to comfortably pay the rent, and you’ve only got their word that they’ve been a good tenant before.

By running a credit check on their credit file, you receive a credit score, which usually ranges from 0 (very poor) to 999 (very good). This algorithmic score or ‘rating’ gives lenders and landlords a number that they can work with and they can use this as one aspect of the whole criteria when deciding whether to take on a tenant or not.

By running a credit check the agencies you use will, by checking someone’s credit file, uncover the following information:

• full name and date of birth
• Electoral roll information to confirm current and previous addresses
• Whether any previous addresses have not be been declared on the tenancy application form
• Information about all loans, credit card and mortgage accounts that are open, their start date and loan amounts. All accounts closed in the last six years will be listed.
• Any financial commitments not declared on the application form
• Current account overdrafts
• Amount of previous credit application searches and footprints
• Joint accounts with other people e.g. spouses
• Any missed repayments and number of times it has happened
• History of debt including bankruptcy and CCJs
• Information on whether the person’s identity has been used for fraud

One thing that’s missing from all of these checks is whether the person’s rent payments have been made on time and in full every month?

This could be important both for landlords and tenants as (1) at tenant that’s always paid her rent on time and in full would be at an advantage in securing a tenancy or mortgage, and this information could be valuable in overcoming other negative factors in a report, and (2) the information would be of value to landlords if it is accurate.

The last point is important because, for the reference agencies, obtaining accurate rent payment information would be much more difficult than that obtained from banks and credit card providers.

However, there’s currently a debate going on about whether this information should be included in standard credit checks, many thousands of which are carried out on prospective tenants every day.

MPs in Parliament Monday debated the issue as to whether previous rent payment records should be included in the calculation of credit scores for tenants applying for finance to buy a home of their own.

The Residential Landlords’ Association (RLA) is in favour of such a move and is calling for the proposals to be introduced. This comes after an RLA survey of almost 3,000 landlords found that 61 per cent would be in support.

The debate was held Monday at Westminster Hall after an online petition demanding that a history of punctual rent payments should be recognised as evidence that mortgage repayments can be met, attracted almost 150,000 signatures

The RLA says it thinks that including rent payment histories in the credit checks would also support landlords, providing them with a more accurate assessment of a prospective tenant’s credit history – and has written to the government proposing this.

RLA Chairman, Alan Ward, says:

“With many tenants wanting to buy a house of their own, it is absurd rent payment is not routinely included when undertaking credit checks for mortgage applications.

“Moving to such a scheme would help not just tenants, but also landlords by giving them a clearer sense of whether a prospective tenant has historically paid their rent in full and on time.”

Rent Payments and Mortgage Acceptability

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Credit Checks and Rent Payments | LandlordZONE.

View Full Article: Credit Checks and Rent Payments

Bank Interest Rate Rise Predicted

admin    Uncategorized     agents

Breaking News – Bank Rate Rise:

Accelerating GDP growth in the economy demonstrated by the last quarter’s figures suggests a rate rise coming.

The UK economy is doing better than expected post Brexit, with the latest quarterly growth figure accelerating to 0.4%. This is well above the forecast 0.3%, which adds weight to arguments that interest rates will rise for the first time in around 8 years at next week’s Bank of England MPC meeting.

This is likely to be accompanied by a withdrawal of monetary stimulus over the coming months, if the economy and price pressures keep growing, Bank of England Governor Mark Carney said in a recent speech.

This does not mean there is not still considerable risk in the UK economy, given how households, businesses and financial markets might respond to the process and outcomes of our EU withdrawal.

Economists had predicted that the mini slow-down over recent months would leave GDP growth stuck at 0.3pc for a third consecutive quarter, but figures coming through now show strong manufacturing growth and a steady expansion in the services industries, pushing the UK economy steadily upwards.

Supporting the case for a rate rise John Hawksworth, PwC’s chief economist, has said:

“There is nothing in this or other recent data to suggest that the slowdown is in danger of turning into a recession.”

The pound has climbed 0.6pc against the dollar on these stronger figures, regaining some of the losses incurred in recent days.

Darren Morgan, head of national accounts at the Office for National Statistics has said:

“Growth in the third quarter continued at a similar rate as seen in the first half of the year…Services, led by increases in IT, motor trades and retail, continued to drive GDP growth.”

“Manufacturing also boosted the economy with an improved performance after a weak second quarter. However, construction output fell for the second consecutive quarter.”

UK interest rates

Five years ago the Bank of England cut interest rates to 0.5%, a record low. Since the Bank’s inception at the end of the 17th century, interest rates have varied considerably – from 0.5% in 2009 to an all-time high of 17% in 1981 under the then Labour government of Harold Wilson. However, Mark Carney has been reminding people that this time rises in base rates will be small, and the pace will be gradual.

How would a rise affect mortgage repayments?

According to the Nationwide Building Society, a 0.25% rise in base rates would have a fairly modest impact on anyone on a standard variable rate (svr) mortgage. On the average mortgage of £125,000 (assuming 20 years still to pay) an increase of 0.25% would increase monthly payments by around £180 per year.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Bank Interest Rate Rise Predicted | LandlordZONE.

View Full Article: Bank Interest Rate Rise Predicted