Letting a property to tenants

Letting a property to tenants: Your essential guide

So you’re considering letting your property to tenants. As letting agents in Nottingham, Walton & Allen have decades of experience in the rental market.

Whether you’ve bought a new property as a buy to let investment, or you’re thinking of letting your residential home, this guide will help you get started.

Getting started with letting a property

You will need to make a few changes before you consider letting a property.

Talk to your mortgage company

If your property is mortgaged and you have previously been living there, it is likely you will have to change over to a buy to let mortgage. Be honest with your mortgage lender as there could be serious consequences.

Look at your insurance policies

You’ll need to talk to your building insurance provider and tell them you are letting the property. You’ll also want to look at getting landlord insurance. This could cover you for damage to your property, tenants not paying rent or public liability if your tenant injures themselves and blames you.

Check your EPC rating

An EPC (Energy Performance Certificate) is a legal requirement when letting a property. As of April 2018, all EPCs legally have to be above an E rating. Anything below an E and you cannot let your property to tenants.

Check to see if you need a licence to let your property

Nottingham City Council have introduced a Selective Licensing scheme to most properties within their boundaries. This means you will need to apply for a licence before you can legally let your property. There are many requirements which need to be adhered to which will ensure you remain compliant. Read more about Selective Licensing.

Your property needs to be gas safe

Your property will need a Gas Safety certificate before tenants move in. This is another legal requirement to keep your tenants safe. Some blocks of flats do not have gas and will not need a Gas Safety certificate. You must check this.

Check your detectors!

You will need at least one smoke alarm on each floor of the property. You’ll also need to look at carbon monoxide alarms in any room where solid fuel appliances are contained.

Do your checks

Can you afford it?

Letting a property can be a big financial strain. To begin with, buy to let mortgages usually have higher fees.

You’ll also need to consider how you will pay for the mortgage when the property is left empty. Most landlords ensure they have some savings to cover this as it could take two or more months to find new tenants.

Think about maintenance work to your property as well. Properties naturally deteriorate over time and general repairs will have to be made. Tenants may also cause damage which will need to be fixed when they move out.

How much rent can you achieve?

This is a big question for new landlords. Talk to Ricky, our Investments Manager, who will be able to give you a free rental valuation. This can be done either over the phone or in person. Find out how much rent you can achieve today by calling 0115 924 3304 or visit our rental income page.

What else needs to be considered?

Whilst we have tried to include all essential information in this guide, lettings legislation can change regularly and there may be other things you need to consider based on your individual circumstances. Our advice would be to speak to our lettings team directly to go through the finer details. We’ll aim to ensure nothing is missed. Just call 0115 924 3304 today.

Nottingham house prices rising twice as fast as other cities

Nottingham house prices rising extremely quickly

Home owners in Nottingham are seeing their house prices rise at twice the speed of the national average. This is according to the Land Registry.

In October 2018 the average property price in Nottingham stood at £144,416 which was up 5.6% on the previous year. The average price in the county of Nottinghamshire went up by 5.2%, from £169,838  to £178,641. This was an increase of over £8,000 in a single year.

The East Midlands as a whole is currently a property hot spot. Prices are rising quicker in this area than most others in the country. The city has also recently been ranked as the best for buy to let investments across the whole of the UK.

How much is your property now worth?

If you bought a property for £150,000 in 2017, it could now be worth £158,400; a rise of £8,400. If you bought a property for £250,000 in 2017 it may be worth over £264,000. This would be an increase of £14,000.

You can find out exactly how much your house may be worth by speaking to our sales team at Walton & Allen Estate Agents Nottingham. Call them today to find out over the phone on 0115 924 3304. You can also use the form below to request an on-site valuation.

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Nottingham 2019 House Prices

Nottingham House Prices: Our Take

Nottingham has seen a great increase in house prices over 2018. It ranked top in the UK for house price growth throughout many months in 2018 and will likely continue to do so in 2019.

Nottingham was also rated as the top city for buy to let investments on a number of occasions throughout 2018.

Nottingham 2018 House Prices

At the end of 2018 Nottingham house prices sit in 5th place for growth in the last 12 months. According to Hometrack which analyses house prices at city level rather than in regional averages, prices are up 6.1%. In front in fourth place was Birmingham with 6.2%, Manchester in third at 6.3%, Edinburgh in second place at 7.4% and Leicester in first at 7.7%.

Nottingham house prices also ranked 6th throughout the UK for price growth over the last three months. This stands at 1.8% at the time of writing.

House prices in Nottingham are in a good position currently. Many who are looking to sell are doing so now whilst prices are high and before a final decision has been made on Brexit.

What does this mean for your Nottingham House?

If you bought a property for £150,000 in Autumn 2017 then it could now be worth £159,150, an increase of over £9,000. A house bought for £250,000 at around the same time could now be worth over £15,000 more! Have you made around £10,000 more on your property? Find out how much your property is worth today by calling 0115 924 3304 or by using the form below.

Nottingham House Prices

A recent report by Rightmove suggested that house prices in the north will continue to grow in 2019. Those further south, most specifically London and the surrounding commuter towns will see a large drop by up to 4%. This is good news for Nottingham home owners who could potentially see a large profit if they are now looking to sell.

Impact of Brexit

The Bank of England governor, Mark Carney, has urged people not to worry too much about Brexit. House prices will always be up and down. “We are advising people to be prudent. If you are taking out a mortgage, at some stage during the life of that mortgage, conditions will be difficult.” He also stated that a property price crash is not going to -or even likely- to take place and therefore there is no need to panic.

So, this seems to mean that there is no evidence that Nottingham house prices will be hugely affected by Brexit.

Find out how much your Nottingham property is now worth

Considering the above, are you interested in finding out how much you could have made on your Nottingham property? Call 0115 924 3304 or alternatively use the form below.

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Value My House in Nottingham

Value my house: We can help!

Are you looking for an estate agent to value your house, flat, bungalow or land? Walton & Allen Estate Agents Nottingham value all types of properties, and for free.

Established in 2000, our valuers have decades of experience working within the property industry and we value houses across Nottingham as well as throughout the East Midlands.

We can value properties in person, over the phone or via email, although we always prefer to visit in person to give you an accurate price.

So, are you wondering “how do you value my house” or do you just want to find out how much your house is worth?

Valuing your house

Your first step is to give us a call to book in a free valuation for your house. You can get in touch with us by phoning 0115 9243304, or by using the contact form below.

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Once a date and time has been booked, one of our senior valuers will visit your property to value it. You can then find out how much your property is worth or put it on the market for sale.

Getting the best price for your house

Our Valuers aim to get the best possible price for your house and sell it in as quick a time as possible, using our up to date knowledge in the local housing market. We think you will be very happy with your property valuation. With this in mind, should you decide to then instruct us to sell your home, we will guide you through every step of the selling process. Whats more, you can find out how we sell your home here.

Because we want to provide a first class service, we offer a no sale – no fee service on all our property sales. This means you will only pay when we sell your house!

About Walton & Allen Estate Agents

Walton & Allen Estate Agents Nottingham provide property sales, lettings, mortgage advice, block management and property maintenance services. As well as this, we are rated as one of the top 3 estate agents in Nottingham by ThreeBestRated. Our friendly staff are always available to answer any questions you may have and help to make the house selling process as smooth as possible. We are also fully regulated by the Property Redress Scheme.

Estate Agents Nottingham see large house price growth

Estate Agents Nottingham see top house price growth

Nottingham has been listed again as one of the top performing cities outside of London and the South for house price growth.

According to Halifax, house prices increased by 8.9% over 2017.

The report saw Nottingham rank in 3rd place north of London, behind Huddersfield (9.3% growth) and Peterborough (10.1% growth).  Nottingham ranked in 10th place across the whole country.

Halifax managing director Russell Galley said, “A number of towns and cities have recorded significant rises in house prices over the past year, with all of the top 20 performers recording growth of at least double the national average. Unlike last year, the top performers are not exclusive to London and the South East, with the top spot now belonging to Cheltenham in the South West, and towns in East Anglia, East Midlands, North West, Wales and Yorkshire and the Humber also making the list.”

The list of top 20 cities with highest house price growth is:

  • 1. Cheltenham, South West, £313,150, £36,033, 13%
  • 2. Bournemouth, South West, £273,687, £28,587, 11.7%
  • 3. Brighton, South East, £374,662, £38,289, 11.4%
  • 4. Crawley, South East, £323,660, £30,555, 10.4%
  • 5. Newham, London, £402,781, £37,344, 10.2%
  • 6. Peterborough, East Anglia, £220,623, £20,314, 10.1%
  • 7. Gloucester, South West, £231,581, £20,152, 9.5%
  • 8. Huddersfield, Yorkshire and the Humber, £186,988, £15,981, 9.3%
  • 9. Exeter, South West, £273,874, £22,789, 9.1%
  • 10. Nottingham, East Midlands, £193,397, £15,884, 8.9%
  • 11. Gravesend, South East, £312,940, £25,396, 8.8%
  • 12. Lincoln, East Midlands, £194,723, £15,053, 8.4%
  • 13. Stockport, North West, £235,147, £17,736, 8.2%
  • 14. Swindon, South West, £231,316, £16,683, 7.8%
  • =15. Redbridge, London, £475,148, £33,981, 7.7%
  • =15. Swansea, Wales, £164,895, £11,774, 7.7%
  • =15. Barnet, London, £584,049, £41,697, 7.7%
  • 18. Richmond-upon-Thames, London, £646,112, £45,463, 7.6%
  • =19. Portsmouth, South East, £222,704, £15,508, 7.5%
  • =19. Grays, South East, £290,422, £20,145, 7.5%

How much is your Nottingham property worth?

Find out by using the form below.

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Estate Agents Bestwood

Estate Agents Bestwood

Walton & Allen are estate agents in Bestwood and Nottingham. We offer property sales, lettings and mortgage advice throughout Bestwood. If you are looking for a free property valuation in Bestwood or mortgage advice, visit our valuation page or mortgage advice page.

Our latest success for our Estate Agents in the Bestwood area:

Bestwood Property

Cherry Orchard Mount

A great semi-detached property in excellent condition with gated driveway, large rear garden and 3 bedrooms.

 

Cherry Orchard Mount is situated in the heart of Bestwood, near to Beckhampton Road and a short walk from Southglade Park.

You can view a 360 video tour of this property, although ensure you open it within YouTube (app or desktop) to experience it properly.

The first offer on the property came within 3 days of appearing on our website, Rightmove and Zoopla. It received in excess of 8 offers in total, within the guide price of £120,000 – £140,000.

About Bestwood, Nottingham

Bestwood is currently a very sought after area, where buyers tend to get a lot more for their money than in nearby areas such as Arnold. Bestwood Lodge and Bestwood Country Park also sits close by which is a fantastic place to go to for walks, a quiet drink or a meal.

Bestwood is situated very close to Arnold, Rise Park and Top Valley.

Bestwood Property Valuations

If you are considering selling property in Bestwood then, with such high demand, now would be a great time to do so.

Why not book a free valuation to see how much your property is worth? I’ll be able to value your home either online by doing a desktop valuation, or by visiting your property in person.

Walton & Allen estate agents also offer mortgage advice in Bestwood

Enter your details to receive a free chat explaining how much you could potentially borrow. View more about our Financial Services in Bestwood.

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I look forward to hearing from you!

Nick Aston

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Get in touch with Walton & Allen estate agents Bestwood today!

 

Nottingham House Prices 2017 Vs 2016

As 2017 draws to a close, we look at how house prices have changed over the last year, and how it compares to the previous 12 months.

Nottingham House Prices

Overall, Nottingham house prices have risen 5.1% over the last 12 months. The average house price in Nottingham now stands at £144,700, according to Hometrack. When compared to London, house prices only rose 3% since 2016.

The land registry also suggests that Nottingham house prices will grow faster than any other UK city over the next 10 years. If growth continues as it did over the Spring and Summer, house prices could increase at a whopping 160%! This would make a £100,000 property worth £260,000 in 2027. Find out more.

Rightmove’s data shows a much more favourable rise with an average house price of £183,878. They also suggest house prices have increased 16% since 2014, when the average price was £158,915.

East Midlands House Prices

The East Midlands as a whole has seen a growth of 5.5% since 2016. The average house price has changed from £195,890 to £206,734. This is actually the largest growth across the country when compared to other regions. The closest were the West Midlands at 5.1% and Yorks. & Humber at 3.8%.

UK House Prices

City house prices have grown 6.1% which is the largest growth since September 2016. Hometrack report house price growth remains robust in regional cities due to affordability levels remaining attractive and unemployment falling.

Stamp Duty

The government recently announced that stamp duty would be abolished for all first time buyers when their house purchase price sits below £300,000. There have been thoughts that this may push house prices up further, so watch this space for more news!

How much is your house worth?

When did you last find out how much your house is worth? Has it gone up more than 5.5%? You can find out by booking a valuation using the form below.

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Mortgage Interest Rates

The Bank of England increased interest rates earlier in the year from 0.25% to 0.5%. Mortgage rates could rise due to this, although this is unlikely to deter buyers too much with the positive growth news. If you are worried about your mortgage repayments increasing, we would advise having a 5 minute chat with our mortgage advice team to check if you are on a good fixed rate deal.

Contact our mortgage team here.

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Estate Agent’s Bestwood Village Property of the Week

Estate Agents Bestwood Village

Walton & Allen: One of the top performing estate agents in Bestwood Village.

Bestwood Village, Nottinghamshire, was once a colliery village. With recent development it is now classed as a more affluent area of Nottingham.

The village is close to Hucknall, Bulwell and Top Valley and also very near to Bestwood Country Park.

Our estate agency in Nottingham currently have a wonderful end terraced house for sale on St Albans Road, Bestwood Village. It is in immaculate condition and features two bedrooms, plus a loft room. The fact this property also has no onward chain is also very appealing for buyers. This Bestwood Village property is currently on the market for a guide price of £125,000 -£135,000.

estate agents bestwood villagebestwood village propertybestwood village

We also produced a virtual reality 360 video tour of this property. You can view it on YouTube by clicking on the video here, or by going into one of our estate agent branches.
Please be aware that you must view this video on the YouTube app if reading this article on a smartphone.

Why buy property in Bestwood Village?

Bestwood Village sits very close to Bestwood Country Park which offers over 650 acres of green space. There are also excellent transport links with the nearest NET Tram system only 15 minutes walk away in nearby Bulwell. The current average property value in the area stands at £166,350, which has increased by over 1% since last year.

How much is your house worth?

Why not find out how much your property is worth in and around the Bestwood Village and Nottingham area? You can talk to our Senior Valuers today by calling 0115 924 3304 or alternatively use the form below. Our expert sales team aim to get the best price possible for your property and will give you an accurate valuation either in person or over the phone.

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Bestwood Village Mortgage Advice

Looking for mortgage advice in the Bestwood Village area? We provide initial free mortgage advice to compare the whole of the mortgage market. You may be able to save some money when we look at deals that are suitable for you. You can talk to our recommended mortgage broker by using the form below to arrange a callback, or just to ask questions.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Estate Agents Woodthorpe

Estate Agents Woodthorpe

Walton & Allen estate agents are selling property with every success in Woodthrope, Nottingham.

Did you know? Walton & Allen are rated as one of the top 3 estate agents in Nottingham by ThreeBestRated. We have also been nominated as the best letting agent throughout the whole of the UK by the Negotiator Awards.

Recently we sold a property on Arno Vale Road which two other agents failed to sell! To top this off, the property achieved an offer within the guide price of £350,000, meaning the vendor got the best possible price for their property.

Why not book your free property valuation here? You can find out how we can sell your home in as quick a time as possible, for a top price. We’re a local, family run estate agency with your interests always at heart.

About Woodthorpe

Arno Vale road is a prime area in Woodthorpe, close to Arno Vale Junior School, Ernehale Junior School and the recreation ground. It is also a short drive away from Woodthorpe Park, a huge open expanse of land with gardens and a pitch and put golf course. View a virtual reality 360 tour of this Woodthorpe property below. (If reading this article on mobile, please open in the YouTube app).

Woodthorpe is a really sought after area and property brought to market by our estate agency branch usually sells within weeks. Rightmove suggests the average property price in Woodthorpe is £219,939, which tends to be more expensive than nearby Sherwood, Mapperley and Arnold. We have also recently sold property in Woodthorpe on Longridge Road, Walsingham Road, Melbury Road and Springwood Gardens, amongst others.

So, why would you choose another estate agent?

We pride ourselves in offering more than any other local agent. You can find out more about how we sell homes differently here. We also offer every service under one roof, making the selling or buying process as quick and as easy as possible. This includes independent mortgage advice, helping you to compare the whole of market to find one of the best mortgage deals.

If you need mortgage advice in Woodthorpe, book an appointment by calling 0115 9243304 today.

Book a free property valuation

Considering selling your home in Woodthorpe? Our experts will be able to provide you with an accurate and up to date property valuation. Just call 0115 9243304 or use the form below. We’ll explain to you exactly how we can sell your home and continue to provide advice throughout the sales process. You’re in safe hands with us as an Estate Agent.

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Schools

The most popular schools in Woodthorpe are Arno Vale Junior School, Woodthorpe Infants School and The Good Shepherd Primary Catholic School.

Transport

Woodthorpe has a number of public transport buses running across Mansfield Road. This includes Nottingham City Transport buses from Arnold, Calverton and Bestwood. An average bus journey from Woodthorpe to Nottingham city centre takes around 25 minutes, and a little less if going via car.

Property

Most properties which sold last year in Woodthorpe were detached properties. These sold for an average price of £259,799. House prices were up 3% on the previous year and up 8% since 2005.

Flats sold for an average of £134,755 in the last 12 months according to Zoopla, whilst terraced houses in Woodthrope sold for an average of £132,849.

Estate Agents Property in Rise Park

Estate Agents Rise Park

Walton & Allen are estate agents in Rise Park and the surrounding areas of Nottingham. We provide property sales, lettings and Rise Park mortgage advice.

Although it shares the NG5 postcode with Arnold, Rise Park features a number of low rise flats, semi-detached houses and detached homes.

Rise Park Property

The overall average Rise Park house price last year was £176,739, which as more expensive than Hucknall and Arnold, but lower in price than Nottingham city centre. Rise Park property prices are up 15% on the previous year and a large 21% since 2015. This is according to Rightmove.

Our latest property in Rise Park has just agreed a sale, subject to contract. The property is an extended detached house and is located on Dunvegan Drive. The street sits close to Top Valley Academy, Warren Academy and The Church on Rise Park.

This particular property on Dunvegan Drive is a 3 bedroom with driveway, a converted garage and summer house! As we write this article an offer has been made within the guide price of £190,000.

estate agents rise park  rise park estate agents

The average Rise Park property price for a detached house is currently around £167,101 which was actually similar to Arnold and cheaper than nearby Hucknall.

You can view our other properties for sale here.

Rise Park Property Valuations

If you are looking at selling your house in or around the Rise Park area, including Arnold, Hucknall or anywhere else in Nottinghamshire, you can request a free property valuation here.

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Are you looking for free, independent mortgage advice in Rise Park or Arnold? We offer appointments both in branch or at your home. Find out more here.