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Another big finance institution enters Build To Rent sector

Another big finance institution enters Build To Rent sector

Royal London Asset Management Property has acquired 500 flats in Bracknell and Slough, marking its first investment into the Build To Rent sector.

They will be managed by the business’ newly launched residential property management platform, ProperTies Living.

The creation of ProperTies Living will enable Royal London Asset Management Property – part of the UK’s largest mutual life, pensions and investment company, – to maintain control of all aspects of the operation.

Royal London Asset Management Property is targeting a portfolio of 8,000 BTR units, prioritising suburban and commuter markets in what it calls “the UK’s largest cities, mid-sized regional cities and district centres.”

Whilst initial investments have focussed on blocks of flats, the strategy will also seek to deploy into family housing. The firs acquisitions are of a 349-flat site in Bracknell and a 151-flat building in Slough.

Aspire, a nine-storey apartment block on Herschel Street, Slough, was completed in spring 2024. Close to the high street and railway station, it features EPC ratings of B and above, with sustainable design elements including electric heating, air source heat pump hot water, LED lighting, and EV charging points.

Located close to the centre of Bracknell, The Beeches is scheduled for completion in the second quarter of 2027. The property will consist of 349 units across seven blocks, ranging from four to 16 storeys. Residents will pay for a 24/7 concierge, gym, amenity spaces, work-from-home areas, and a lounge, all set within a landscaped estate. To enhance construction efficiency, an offsite-manufactured panel wall system will be used. The development is targeting EPC ratings of A and B, along with BREEAM Excellent certification.

A spokesperson for Royal London Asset Management Property says: “We aim to generate long-term income for our pension customers by investing in future-proof, resilient assets across sectors. As the Build-to-Rent market strengthens and demand for high-quality homes in UK cities grows, now is the right time for us to enter the sector.

“The launch of our vertically integrated residential management business, ProperTies Living, is crucial to our movement into the residential sector. In keeping with our commitment to being a responsible investor, it will allow us to be closer to our occupiers, understanding their needs and ensuring that our product provides a high standard of living for generations to come.”

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10 Tips for a Successful Rental Home Search in London

How Much Can I Borrow for a Home Loan 2

Finding a rental property in London can feel like a daunting task, especially if you’re new to the city or unfamiliar with the process. London’s vibrant rental market offers a variety of homes, ranging from modern apartments to traditional houses, all set against the backdrop of one of the world’s most dynamic cities. However, to secure the ideal rental property that suits both your budget and lifestyle, it’s essential to have a strategy in place.

In this guide, we’ll share essential tips to help you streamline your rental home search in London. Whether you’re a first-time renter or a seasoned tenant, these tips will help you navigate London’s rental market with confidence.

1. Start Your Search Early

The London rental market moves quickly, with desirable properties often being snapped up in a matter of days. Starting your rental home search early gives you more time to explore different neighbourhoods, compare prices, and arrange viewings. Aim to begin your search at least 6-8 weeks before your intended move-in date. This allows you to get a good sense of what’s available within your budget and avoid the pressure of making hasty decisions.

Ready to start your home search? Browse through Homesearch Properties today to explore current listings in London and book a viewing.

2. Determine Your Budget

Before diving into your search, it’s crucial to have a clear understanding of your budget. London is known for its high living costs, and rental prices vary significantly depending on the neighbourhood and type of property. Take into account not just the rent itself, but also other monthly expenses such as utility bills, council tax, internet, and transportation costs.

When setting your budget, consider setting aside at least 10% of your income for unexpected costs, like repairs or increases in rent. In general, it’s advised not to spend more than 30-40% of your monthly income on rent to ensure you have enough for other living expenses.

Need help finding a property within your budget? Use our advanced search filters on the Homesearch Properties  website to customise your search.

3. Choose the Right Neighbourhood

London is a vast city with a variety of neighbourhoods, each offering its own unique character, amenities, and pricing. Choosing the right area is just as important as choosing the right property. Consider factors like proximity to work, public transport links, schools (if you have children), and local amenities such as supermarkets, parks, and cafes.

Some popular areas for renting in London include:

  • East London: Trendy and increasingly popular with young professionals, areas like Shoreditch and Hackney offer a mix of vibrant nightlife, markets, and art galleries.
  • South London: Areas like Clapham and Brixton offer a diverse and lively atmosphere with great transport links into the city.
  • West London: Known for its more affluent vibe, neighbourhoods like Notting Hill and Kensington are ideal if you’re looking for picturesque streets and high-end boutiques.
  • North London: Camden and Islington offer a mixture of culture, nightlife, and excellent schools, making them popular with both young professionals and families.

Not sure which neighbourhood suits you best? Explore our detailed area guides on the Homesearch Properties London website to find the perfect location for your next rental home.

4. Know What to Look for During Viewings

When viewing properties, it’s important to keep an eye out for key details that could affect your living experience. While it’s easy to get caught up in the excitement of a new home, make sure to thoroughly inspect the following:

  • General Condition: Look for any signs of damp, mould, or structural issues. Check windows for drafts and make sure all appliances (such as ovens, fridges, and washing machines) are in working order.
  • Security: Check that all doors and windows have secure locks. If you’re viewing a flat, ask about the building’s security measures, such as a secure entry system or CCTV.
  • Heating and Water Systems: Make sure the heating system is in good condition and that there’s adequate insulation to keep the property warm during colder months. Additionally, check that the water pressure and heating work well, especially in older properties.
  • Noise Levels: London can be a busy city, so pay attention to noise levels both inside and outside the property. Ask the landlord or agent about any known noise issues, such as construction work or noisy neighbours.

Call to Action: Find your ideal rental home in London with peace of mind. Browse verified listings on Homesearch Properties  to schedule a viewing today.

5. Understand Your Legal Rights as a Tenant

Renting in London comes with certain legal protections. As a tenant, you have rights under the law, and it’s important to be aware of these when signing a tenancy agreement. Here are a few key points to keep in mind:

  • Tenancy Agreement: This contract outlines the terms of your rental, including rent amount, deposit, and length of tenancy. Make sure you read it carefully and understand all clauses before signing.
  • Deposit Protection: Your landlord is legally required to place your deposit in a government-backed tenancy deposit protection scheme. This ensures that your deposit is returned at the end of your tenancy, provided no damages or unpaid rent are due.
  • Repairs and Maintenance: Your landlord is responsible for maintaining the property in a habitable condition. If any essential repairs are needed (such as plumbing or electrical issues), it’s their responsibility to fix them.
  • Eviction Notice: Your landlord must give you proper notice if they wish to terminate your tenancy, typically two months for most assured shorthold tenancies.

Need more advice on renting? Visit our Homesearch Properties  blog for tenant resources and expert guidance.

6. Be Ready to Act Fast

As mentioned earlier, London’s rental market moves quickly. Once you find a property you like, it’s crucial to act fast. Have all necessary documents ready to submit to the landlord or letting agent, such as proof of income, references from previous landlords, and a copy of your passport or visa.

Some landlords or letting agencies may request a holding deposit to take the property off the market while your application is processed. This is typically equivalent to one week’s rent, and it’s refundable or deducted from your first month’s rent if your tenancy is finalised.

Get ahead of the competition! Register on Homesearch Properties London to receive instant alerts on new listings that match your preferences.

7. Use a Reputable Letting Agent

Navigating the London rental market can be overwhelming, especially if you’re unsure where to start. A reputable letting agent can simplify the process and provide you with access to properties that might not be listed on the open market. Agents also have experience dealing with landlords and can help you negotiate terms, making the rental process smoother for you.

When choosing a letting agent, ensure they are registered with a recognised professional body, such as ARLA Propertymark or the National Approved Letting Scheme (NALS). This provides peace of mind that the agent is adhering to high standards of professionalism.

Looking for trusted letting agents in London? Contact the team at Homesearch Properties today to get expert help with your rental home search.

8. Understand the Costs Involved

In addition to monthly rent, there are several upfront costs associated with renting a home in London that you need to budget for:

  • Holding Deposit: As mentioned earlier, this is usually equivalent to one week’s rent and is held while your tenancy agreement is being processed.
  • Security Deposit: This is usually capped at five weeks’ rent for most properties.
  • First Month’s Rent: Many landlords require the first month’s rent to be paid upfront.
  • Moving Costs: Factor in the costs of moving services, transportation, and any new furniture or appliances you might need.

Be sure to factor in these costs so you’re financially prepared to secure your new home.

Ready to take the next step? Explore available properties at Homesearch Properties and find your new rental home today.

9. Consider Short-Term vs Long-Term Tenancies

London’s rental market offers a range of tenancy options, and it’s worth considering what’s best for your situation. Short-term tenancies are great if you’re only staying in the city for a few months, whereas long-term tenancies offer more stability. Make sure the tenancy length works for you, and don’t be afraid to negotiate if you prefer a longer or shorter contract.

Whether you’re looking for a short-term or long-term rental, Homesearch Properties  has a range of flexible options to suit your needs.

10. Stay Organised

Finally, staying organised throughout the home search process is key. Keep track of properties you’ve viewed, the pros and cons of each, and any important deadlines for securing your new home. This will help you stay on top of your rental home search and ensure that you don’t miss out on your ideal property.

Simplify your rental home search in London with Homesearch Properties. Save your favourite listings, set up alerts, and get expert advice to make your next move stress-free.

Renting in London doesn’t have to be overwhelming. By following these tips and working with a trusted letting agent, you can make your rental home search as smooth as possible. Whether you’re looking for a modern flat in the heart of the city or a cosy home in a quiet suburb, your ideal property is out there waiting for you. Start your journey with Homesearch Properties and find the perfect home today.

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Record number of former rentals up for sale

New figures out today show the rental housing crisis is worsening – with the number of former rental homes up for sale hitting record highs

New figures out today show the rental housing crisis is worsening – with the number of former rental homes up for sale hitting record highs

The NRLA said the data, from property portal Rightmove, is bad news for all tenants looking for a home, with a bold new approach needed if the Government is to tackle the massive imbalance between supply and demand.

It says pro-growth taxation measures are vital to stem the tide, with NRLA Policy Director Chris Norris saying October’s Budget offers the perfect opportunity to introduce changes.

He said: “Today’s data will be a serious concern for all those renters struggling to find somewhere to call home.  With demand already massively outstripping supply, Rightmove suggests the situation is set to get worse.

“Every rental home that is sold simply exacerbates the imbalance between supply and demand. Whilst some of these properties will inevitably end up on the owner-occupied market, that will be of little comfort to those households struggling to access quality housing.

“What we need is a housing strategy that recognises the need for more of every type of property, including high quality homes for private rent. That’s why the Budget needs to announce pro-growth tax plans to meet the needs of renters across the country.”

Rightmove says the proportion of former rental properties moving into the sales market is at its highest on record, which indicates; “more landlords are selling up, some potentially driven by the mooted increase in Capital Gains Tax in the Autumn Statement on 30th October.”

What does the data say?

The findings show that:

  • 18% of properties now for sale were previously on the rental market, compared with 8% in 2010.
  • The hotspot is London, where nearly a third (29%) of homes for sale were previously for rent, followed by Scotland (19%) and the North East (19%)
  • The previous five-year average for homes moving from the rental to sales market in Great Britain is 14%, suggesting that this isn’t a sudden mass exodus of landlords
  • The number of new properties coming to the market for sale is now 14% ahead of last year.

More information

Original Post from https://www.nrla.org.uk

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Airbnb boss reveals plans to go into longer-term property rentals

CEO of Airbnb Brian Chesky

Landlords may soon be able to rent their homes out via Airbnb to more than just holiday makers, its co-founder has revealed.

The CEO of Airbnb Brian Chesky (main image) yesterday told a conference in the US that he considers ‘longer term rentals’ of more than 28-days duration to be the next big growth area for his renting platform.

He said that longer-term rental now account for up to a fifth of all bookings on Airbnb, a trend spurred on by the pandemic, and that he wants to focus the business on rentals of up to three months.

Offering significant more things is the future of this company,” he said, going on to say that he was “100%” looking at residential lettings of more than 30-days as a new market. “This is going to be a huge opportunity,” he added.

This would put him in direct competition with the many letting agencies all over the world who offer ‘corporate lets’ and is clearly a landlord market that he wants to dive into, namely rentals of between 30 and 90 days.

Crackdowns

But Chesky’s comments are also an attempt to dodge the crackdowns many city and holiday hotspot councils have introduced as many landlords have switched to the much-more profitable holiday lets market, which offers revenues of up to five times normal ‘long-term’ lettings, albeit with more work and costs attached too.

Labour recently announced that it intends to bring in a national registration scheme for holiday lets as well as the requirement for all new holiday lets to gain planning permission before they can be marketed via platforms such as Airbnb and Booking.com.

Watch the interview in full.

Original Post from landlordzone.co.uk

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AI firm launches that pairs up tenants with ideal rental properties

AI firm launches that pairs up tenants with ideal rental properties

A new tech start-up using AI to pair tenants with the most suitable rented homes has been launched.

Rentsmart claims to save hours of searching for listings on rental platforms by coming up with the most relevant properties and making house-hunters immediately aware when a property matching their requirements becomes available.

The website – which is currently crowdfunding – organises viewings around users’ schedules, tells them the time and location for each viewing, and the contact details of the agent or landlord.

Founder Callum Hook (main image) says the matching algorithms help most people find a new home in an average of 12 days. He credits the increasing sophistication of AI in being able to understand the nuance of customers’ preferences and trade-offs.

Transformational

“A company like Rentsmart wasn’t possible even 12 months ago,” Hook tells The Standard. “The last 12-18 months have been transformational for the tech industry and generative AI is starting to enable us to automate tasks that previously were considered too complex to.

By using AI, we can let users explain what they want with language, allowing us to more deeply understand their preferences, what’s really important to them, and what’s less of a deal-breaker.”

Requests so far have included everything from ‘yes we want a garden, but if the park is two minutes away and the kitchen is bigger than we expected, we’d take it’ to ‘my boyfriend prefers clean, modern properties, whereas I’m more into old, eccentric buildings — can you help us find something in the middle?’.

The company has a standard package, costing £45 and offering unlimited property matches, a dedicated relocation specialist and seven-day-a-week customer support, along with a premium package, costing £69 and offering the added benefit of no more agent calls, with viewings being scheduled and booked.

Original Post from landlordzone.co.uk