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Welcome to Day 17 of our "3 things" month of themed content featuring exclusive content to help landlords navigate the year ahead. We are asking industry commentators and experts to share the 3 things they think landlords should focus on/pay attention to in 2018.For today's instalment, we hear from Property Tribes' very own Nick Tadd, who founded this site in 2009.Nick has written about the 3 things landlords have to be grateful about in 2018:With all the doom, gloom, and negativity around, I thought I would share some thoughts on what landlords have to be grateful for in 2018. Developing an attitude of gratitude makes life a lot easier in general anyway, and helps you feel more positive about any challenging situation.We have always found that, in property, whenever there is a dark cloud, if you choose to look hard enough, you will find a silver lining.Remember, when it is raining you can find a rainbow, and when it is dark you can see the stars. 1. Local Government is feeling the pain of Central Government policiesLocal Government is already feeling the impact of Government policies against private sector landlords and are starting to face the consequences.A friend of ours told us this week that he was evicting some private tenants for non-payment of rent. Out of the blue, the local authority housing team rang him and begged him not to evict the tenants. They said that they had nowhere to house them. They offered him an immediate payment of all the rent arrears, a goodwill payment for him to cancel the eviction, and direct payment to landlord of rent, going forwards.This is just a small snapshot of the housing crisis biting.In our interviews last year with local councils, Croydon Council had 726 people on their housing waiting list and Enfield Council had 1500! Local authorities have very few options if they cannot discharge their housing obligations into the private rented sector and this is why private landlords play such an important role as housing providers when there is a dwindling supply of social housing.It is obvious that local authorities are struggling to meet their housing obligations, and they will be feeding this back to Central Government. Their voice is going to be getting louder and louder as Section 24, landlord licensing schemes, stamp duty surcharge, Universal Credit, and other government policies on landlords start to bite.In this video compilation, three local authorities explain the issues they are facing on a daily basis in meeting their housing obligations.Whilst no one wants to see an increase in homelessness, it is Tory policies that are creating this problem. Central Government will not be able to ignore feedback from local authorities, and this is when the tide will turn for the private rented sector.2. Increasing competition for landlords' businessAs the sector contracts, there will be increasing competition for landlords' business. We are already seeing some highly competitive mortgage rates coming into the market.Some examples of rate reductions this January:Coventry for Intermediaries has reduced rates across its entire buy-to-let range, with new deals including its lowest ever two- and five-year fixed BTL ranges.
Coventry’s latest products include a 50% loan-to-value (LTV) two-year fixed rate product that has been reduced from 1.49% to 1.39%, subject to a £1,499 product fee, which represents a £500 saving.
The lender’s 75% LTV two-year fixed rate deal has been cut from 2.05% to 1.79% with a £1,999 product fee.
Its five-year fix rate products have been reduced to 2.09% to 50% LTV and 2.59% to 75% LTV, both with a £1,999 fee.Metro Bank has refreshed its buy-to-let range by introducing a 2.39% five-year fixed rate deal at 60% loan-to-value (LTV) while its 75% LTV product has been reduced to 2.69%.Accord Buy To Let has overhauled its mortgage range, introducing 17 new offerings as well as reducing rates by up to 0.35% on selected mortgages.
Two-year fixed rates are now available from 1.64% at 60% LTV for both purchase and remortgage with a £950 fee, £500 cashback on completion and free standard valuation. Accord has also launched a new tracker range with no early repayment charges, available from 2.04% at 65% LTV and 2.29% at 75% LTV. Both mortgages are available to remortgaging landlords and those extending their portfolio, and have a £950 fee and free standard valuation.Property Tribes Financial services have listed a whole raft of rate reductions for BTL investors buying in their own name.Rate reductionsAll these rates can be accessed via Property Tribes Financial Services on 01206 654444.Property Tribes will shortly be introducing a "My Offers" tab which will display all the offers for landlords that we have organised with trusted third party suppliers.We will be adding new offers every month to help landlords reduce their bottom line.3. There has never been more support for landlordsSince the advent of the social web, landlords have not need to work alone and in isolation and suffer if they are struggling with some aspect of landlordism.Landlords can now reach out via social media and get support and advice and we urge all landlords to do that and not be afraid to ask questions or ask for help.There are a number of forums of different flavours and a number of helpful facebook groups, my favourite being the HMO Group run by Ash Zuberi.If you have a real problem, then there WILL be a real solution to it and you just need to ask!Off-line, reputable lettings agents who are members of professional bodies such as ARLA and NALS are also a great source of support to landlords. Our lettings partner is Northwood who have over 80 offices around the UK. Northwood have been in business for over 20 years and have many services assisting landlords, including their market-leading Guaranteed Rent service.Property Tribes is committed to promoting and facilitating landlord education and getting landlords into "prevention" mode rather than "cure" mode. Prevention is always far less expensive and less heartache than trying to cure a problem, so this is where landlord learning is so vital in mitigating risk, not to mention stress!Along with social media, there are numerous events, podcasts, webinars, networking evenings, landlord associations, stake-holder helplines and many more avenues of support for landlords. Take advantage of them. Do not suffer alone and in silence! Reach out and you will be surprised at how much support is out there._____________________________________________________________If you are committed to learning and growing in 2018, get your FREE tickets to the Landlord and Investment Shows:Landlord Investment Shows for 2018 announcedCatch up:1st January - Launch of 3 things campaign: John Rae lessons2nd January - 3 things: Stephen Johnson of Shawbrook Bank3rd January - 3 things: Michael Dent of PropertyData4th January - 3 things: Neil Cobbold of PayProp5th January - 3 things: 3 ways to save money in 2018 8th January - 3 things: Paul Shamplina of Landlord Action9th January - 3 things: Frank Webster of Finders Keepers 10th January - 3 things: James Davis of Upad 11th January - 3 things: Martin Skinner of Inspired Assets 12th January - 3 things: Sean Hooker, Prop. Redress Scheme 15th January - 3 things: Phil Stewardson, Developer16th January - 3 things: Tom Evans, new LL/Meditation Guide 17th January - Denise Naylor, Landlord of 30 years 18th January - 3 tips for 2018 from the Residential Landlords Association19th January - 3 things: 3 landlord insurance tips for 201823rd January - 3 things: Jason Harris-Cohen, Landlord/BuyerSEE ALSO - Shawbrook report positive broker sentimentUP NEXT - Reasons I am feeling positive about BTL!DON'T MISS - Britain needs more landlords! Positive mediaNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
It would be great if Shelter realised the folly of their support for S24
I'm sure they must be receiving many more enquiries from soon to be booted out tenants.
They surely must realise that S24 is a major cause of evictions.
There really should be a raproachment between LL and Shelter.
I totally support Shelter in anything it does against bad LL.
Unfortunately it seems to stitch up good LL which leaves us pretty peeved to say the least.
Supply of rental stock needs to be maintained.
There are few signs of FTB wishing to buy S24 LL stock.
There is just a rearranging of the deckchairs.
So a property just goes to a corporate or unencumbered LL but now for more rent.
But it must me accepted that the HB freeze is unsustainable
Market rents are increasing.
LL simply don't need to let to HB tenants
Councils will have to come up with compelling offers to persuade LL to retain or take on HB tenants.
This would mean on average paying the LL £200 per month more.
A lot cheaper than TA etc.
The councils will just have to claim more DHP funds from Govt if they hope to persuade LL to remain in the HB market
But they must stop this 'clawback' system if ever a LL is paid direct.
There is simply no way I would ever accept direct payment while this 'clawback' exists.
As far as I am aware DHP is not part of the OBC.
Using this will save council and Govt billions
Yes it would be a de facto cancellation of the HB freeze but it wouldn't seem like that politically.
So Govt could still say there was a HB freeze.
With fiscal drag at some stage Govt will have to increase OBC's
It will be all smoke and mirrors but that doesn't matter as it keeps the HB tenants housed.
But S24 is a major problem.
Govt will have to deal with this ridiculous left over policy from the Gideon days.
Leaving things as they are is simply not viable.
Govt just needs to accept that there are more people wanting to be tenants than homebuyers.
Some of this is due to affordability and some because they desire to be tenants.
Govt just needs to understand that not everyone aspires to own their own home at the outset.
A vibrant lettings market is also required.
Govt should stop interfering in the Housing markets.
Rather than direct interference it can influence the market by policies such as reducing demand from immigration etc.
Free up planning constraints etc.
There are many imaginative things Govt can do without directly attacking the PRS.
As its Eviction Day tomorrow, I,ll wait for the last minute Council call
Sorry to sound bitter,but they got no chance!
It seems there are only a few councils which are prepared to eat humble pie and negotiate with the LL
It sticks in their craw that they have to deal this way with the hated private LL.
But sometimes pragmatism is more cost effective than ideology.
Perhaps you could give the HO team your number just incase they call before the bailiff does his business!!?
If anyone receives contact from a local authority desperate for private landlords, please can you post it on this thread?
Our local council are desperate for more private landlords.
We're selling due to S24 etc and we're the biggest landlords locally, as far as we or the council know.
The council are always offering 'discretionary housing payments' for our tenants when they fall behind and we threaten to evict; and they're always asking us 'what can we do to sustain the tenancy?'
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"It is the small decisions you and I make every day that shape our destiny" Anthony Robbins
Did I read before that you are Horsham, or did I remember that incorrectly? I live just South of Dorking and am considering purchasing in Horsham or thereabouts as opposed to South London, so that is interesting to know (if I am right).
I do live in Horsham but when I say 'our local council' I'm mainly referring to Crawley (the town next door) as that's where we have most of our 'local' properties so we have more regular contact with them. We do own a few in Horsham, but not as many. I'm sure the council feels the same as Crawley though!
Out of interest, why are you looking at investing in Horsham?
I quite like Horsham and it is less than 15 minutes away by car which is a big factor. I usually look to add value to a property before I let it by refurbing/extending etc myself and keeping it close to home is the best option for that as I am not a patient commuter. At the moment I fancy getting stuck into a little project. My other option is turning an office and garage at my place into 2 studio flats, but I am keeping an open mind.
I have a lot of property in the Sutton area but that is 30 to 40 mins away and as I only buy freehold houses, frankly Sutton has now pretty much priced me out! Horsham still seems just about viable.
I am also considering Portsmouth as the yields seem amongst the highest in the South. I bought a 3 bed house there as an experiment in 2015 and have been pleased to date, but this is less than ideal location for working on a place, so it's a trade off of many factors.
Any Horsham/Crawley advice?
We always tended to buy in Crawley as the rents were very similar but prices lower than Horsham, particularly in the cheaper parts of Crawley - Bewbush being our favourite!
Horsham is a very pleasant town to live but an unusual choice for investors as the yields are fairly low. However, I agree with staying close to home and personally wouldn't bother with Portsmouth for that reason.
It's hard to get any bargains around here to buy and we don't let ours go cheap - we do them up.
Anything that has potential to extend (especially in Horsham) generally seems to have that potential written into the price already. The best you can hope for is to find something no-one else has spotted, with an unusual angle...
Good luck with it anyway! Let me know if you want any more specific advice.
So same story as everywhere then really!
I am pinning my next hope on getting permission to build in my garden. We are in the greenbelt but Mole Valley are considering greenbelt land for housing due to the pressure for new houses and our garden is hidden away and far too big for one house. I am playing the long game.