The cost of renting a home has risen faster in Nottingham than any other UK city. A survey conducted by Zoopla, and publicised by the BBC, showed that rents rose by 5.4 per cent in the last year alone.
In comparison, the average rental increase across the country was just 2 per cent.
The average rental price in Nottingham is now £631 for a two bedroom property in the city. In comparison, Birmingham sits at £703, Liverpool at £503 and Leicester also at £631.
Rent actually becoming affordable
Despite rises in rental costs, renting a home is actually becoming more affordable for most.
Average earnings are rising at twice the rate of rental prices, meaning tenants should not have an issue in paying their rent on time and in full.
Zoopla suggests that renters spend nearly one third of their earnings on rental payments.
Reasons for rental increases
It has been suggested that Selective Licensing is the biggest reason for the rental price increase in Nottingham. Most landlords have decided to offset the cost of a licence at £780 by asking their tenants to pay more every month.
How long does it take to rent a property?
According to the report, the average time it takes to rent a property is currently 17 days. This is measured by the time the advert first appears online to the time it is marked as let agreed.
The average time a tenant also spends in a rental property is currently around 4 years.
It appears that the rental market is stronger than ever, despite political uncertainty.
How much is your property worth?
Considering renting to tenants? Need an up to date rental valuation? Call us on 0115 924 3304 or use the form below.
The Nottingham Selective Licensing scheme has now been running for 12 months. According to the Nottingham Post, Nottingham City Council have already begun issuing fines totaling £84,173.
The average fine was £4,208 and the maximum fine issued to one landlord was £12,242.53.
What are the fines for?
Some fines have been issued to those who have failed to apply for a licence. If a property is currently rented out to tenants and falls within the Nottingham City Council boundaries you are likely to need a licence. Fines can reach up to £30,000 per landlord.
We would advise you to apply immediately if you need a licence and do not yet have one.
Fines have also been issued to landlords who have failed to improve their properties after a Council inspection.
Council inspectors have also noticed a trend when they visit properties – Smoke alarms regularly do not work or are non existent.
How can I avoid fines myself?
If you are a Nottingham landlord and are worried about receiving a fine yourself there are a few things you need to consider. If the Council inspect your property they may look at the following.
The property is kept in good general condition
The property is free of hazards
Are there any maintenance issues?
All safety certificates are valid and up to date (EPC, gas safety etc.)
Adequate security is in place
All tenants have been provided with relevant tenancy information
You can find the full list of items the council may check here.
Still unsure if you may get a fine?
We can help. If you are still worried you may get a fine, Walton & Allen can manage your property for you. Our Fully Managed service covers regular Selective Licensing inspections which will ensure you do not receive any form of fine.
Walton & Allen estate agents are selling property with every success in Woodthorpe, 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.
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.
Where is Woodthorpe?
See the map below.
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.
The most popular schools in Woodthorpe are Arno Vale Junior School, Woodthorpe Infants School and The Good Shepherd Primary Catholic School.
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.
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.
We would like to congratulate block manager Vanessa Hardy on passing her IRPM member status.
IRPM stands for the Institute of Residential Property Management and is the leading body for residential property management professionals. Their website states that their mission is to “raise standards in the management of residential property in the UK and provide individuals with independent professional accreditation”.
Vanessa has worked hard to pass a number of exams which will ultimately provide our block management clients with a top level of service.
The fine was issued because the property did not have a valid Energy Performance Certificate (EPC). These certificates last for ten years and must be valid when tenants are renting a property. They are also required when you come to sell.
What else should you look out for?
Remember, you need a number of different documents to remain legally compliant when you rent your property. These include:
Nottingham Selective Licence
Gas Safety (If applicable)
Electrical Safety (Not required but recommended)
PAT test (If providing electrical appliances)
How can you prevent Council fines?
You must ensure that you are fully compliant when renting your property to tenants. Details on Selective Licensing compliance can be found here. You can also read more about preparing a property for tenants on the Nottingham City Council website. This information applies to every local Council area.
Another safe option would be to have your property fully managed by Walton & Allen. All properties managed by us are monitored for full compliance on a regular basis. This means you should avoid any fines without having to monitor compliance yourself!
If you would like to talk to us about staying compliant through our fully managed service, please call Ricky on 0115 924 3304. You can also use the form below to get in touch.
Talk to Walton & Allen to get help
If you are worried you may not be compliant with any area of your lettings property then talk to us for advice today. Use this form to ask any questions and we will be in touch as soon as possible.
Spring is drawing to a close and Nottingham property prices are still growing.
We are still one of the top performing cities for property price growth across the UK and have been since last year.
Top 3 for property price growth
Hometrack have reported that Nottingham property prices have grown by 4.5% in the last 12 months. This puts the city in joint third place across the UK.
The cities placed higher in their report were Manchester (joint third), Liverpool and Leicester at 4.9% growth (joint second) and Glasgow at 5.1% growth.
Nottingham was also third for growth in the last 3 months. Prices rose by 2.0%, behind Oxford and Glasgow at 2.1% and Liverpool at 2.6%.
The Hometrack report also states that the average Nottingham house price is £154,500.
Market remains strong
In their latest blog, Rightmove have stated that buyer demand is extremely high. This is usually the case during spring, as more look to move in the spring and summer months than any other.
Political uncertainty also seems to be a thing of the past; The number of houses coming to the market are almost the same as last year. This means it is business as usual, despite talk of a no deal Brexit.
We are also seeing less time wasters looking to buy. People who do make offers are serious and want to move as quickly as possible. Fall through rates are dropping and the time it is taking from putting your property on the market to completion has dropped.
What does this mean for your property?
If you bought your property for £250,000 three months ago then you could have made £5,000 already!
How much is your property now worth? You can find out by booking a valuation. Call Nick and Richard on 0115 924 3304 or use the form below to submit a request.
Are you looking for mortgage advice, Nottingham or a trusted mortgage broker in the Nottingham area?
Our recommended Nottingham mortgage advisor has years of experience in finding some of the best Nottingham mortgages for home buyers, potentially saving them hundreds of pounds on interest rates.
We’ll compare 100s of deals to find the right one for you. This will potentially save you the money over the mortgage term.
Finding a deal yourself can be a stressful and time-consuming process. This is why our mortgage broker is trained to help take all the stress away when finding a new mortgage deal. The’ll also follow the application process through for you, right up to sale completion.
Need advice on finding one of the best mortgage deals available to you? We are available to chat with over the phone, or in person – at either your own home or at our branch in Nottingham. Call 0115 9243304.
We don’t work for a bank and are not affiliated with any particular lender. This means we only have your own interests at heart. We’re also not a big corporation. We are a local, family run and independent agency and also very friendly!
Our broker would always recommend seeking mortgage advice before viewing properties with estate agents. This will help you decide how much you can borrow and avoid unnecessary viewings on properties you may not be able to afford.
Mortgage advice tailored to you
We can usually help you in all situations. Perhaps you are unsure if you can get a mortgage, or you are self employed and want to know how much you can borrow? Maybe you are a first time buyer looking for mortgage advice. Our brokers also help those who are looking to buy a new home and remortgage or those purchasing an investment property with a buy to let mortgage. We can also offer mortgage advice for several other schemes – just ask! We offer mortgage advice you can trust, from a local, family run, mortgage broker service.
During your mortgage advice appointment you can find out:
Which lenders will approve a mortgage based upon your personal financial circumstances
How much you could borrow from a lender
Which lenders have the best interest rates based on your income
How you can gain approval for a mortgage if you have any debts, CCJs or loans
How much your monthly repayments would be on a mortgage
Whilst our office also houses the estate agent Nottingham team, we are not affiliated to any particular lender. This means the mortgage broker you speak to can compare potentially hundreds of different lenders to help find you the best mortgage deal. This is what is meant by the ‘whole of market’.
We’ll also look at any hidden mortgage costs and help you decide whether each deal is suitable for you based upon your individual circumstances.
Mortgage approvals also have hit an all time high at the end of 2018. This means that mortgage companies are willing to agree lots of deals for property buyers. If you’re worried that you may not get a mortgage then you could be wrong! Talk to our mortgage broker today to find out.
Got a complicated financial situation and need to know if you can get a mortgage?
Talk to us today – You can probably get a mortgage deal with bad credit or on a low income. We always give 110% to try and find you a mortgage deal – it’s what we’re here for! We receive a large amount of enquiries from those looking to buy their own home but cannot afford to do so because of low credit, debts or other issues. Whilst we cannot absolutely guarantee we can find a mortgage deal for you, we will certainly try every avenue we can.
Looking to book a mortgage advice appointment in Nottingham? Use the form below and we will call to advise or book an appointment.
Nottingham is rated as one of the best cities for buy to let property investments. We offer free initial mortgage advice appointments to investors looking to buy to let on a regular basis. Whether you are looking to buy a house, flat, or swap your mortgage from a residential to a buy to let, we can help and provide local advice! Our mortgage brokers can also help with splitting your money across several mortgages in a process called Gearing. This would help you increase your property portfolio. Why not talk to our property sales team whilst you are here on a mortgage appointment? They can advise on some of the most lucrative investment properties available.
First time buyer mortgage advice
If you are a first time buyer looking to buy your first home then we can help. If you have no idea what to do when applying for a mortgage then our mortgage brokers will explain everything to you, there’s no need to worry about a thing. Whilst you’re chatting about your first time mortgage, why not chat to our sales team about Help To Buy schemes and see which first time buyer properties we have available to buy?
Self employed mortgage advice
It is a fairly common thought that those who are self employed may struggle to get a mortgage deal compared to those who are employed. This is often not the case though. If you are self employed and looking for self employed mortgage advice then we should be able to find a great mortgage deal available for you. Our mortgage advisor will be able to answer all of your questions and make recommendations based on your own financial circumstances.
You can also find out how much you could potentially borrow by using our Mortgage Calculator. By submitting just a few details our recommended mortgage broker will look over the details and find some of the best deals available to you.
You can also download our free mortgage advice e-book to explain the whole mortgage application process. It is definitely worth a free for all first time buyers.
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.
Walton & Allen Financial Services: Mortgage Advice Nottingham. Walton & Allen are also estate agents and letting agents, Nottingham.
About our mortgage brokers in Nottingham
Our mortgage broker provides advice in our branch, however they are employed by another company.
Mortgage and Protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Their mortgage advisors have been providing advice for well over 20 years and have access to almost every lender. They also have some exclusive deals which wouldn’t be available if someone went direct. They also help clients from all over the UK and even have a broker based in London. There’s almost nothing they cannot do when it comes to helping you!
Our recommended mortgage brokers, Premier Mortgage Services, is a trading name of Premier Mortgage Services (Nottingham) Limited, which is an Appointed Representative of Stonebridge Mortgage Solutions Ltd. It is authorised and regulated by the Financial Conduct Authority.
Registered in England and Wales No 3476608. Registered office: 10 Derby Road, Stapleford, Nottingham, NG9 7AA.
If you own a buy to let property in Nottingham then you may be wondering ‘Do I need a Selective Licence?’. You may have also received a letter from Nottingham City Council explaining that you may need a Housing Licence.
Walton & Allen Letting Agents Nottingham have an expert team dedicated to Selective Licensing. We explain some key points below in this post.
How to check if you need a Selective Licence
If you rent out a property which is within the Nottingham City Council boundary you will probably need a licence. There are only a few areas which are not covered by the scheme.
Your first point of call would be to go to their interactive map and type in the postcode of your buy to let property.
What happens if I do need a Selective Licence?
If you find that your property is within the Selective Licensing scheme then you will immediately have to apply for a licence. The scheme began in August 2018 and you could now be liable for a £30,000 fine. It is a criminal offence to not have a licence and rent your property to tenants.
You may also be liable for a rent repayment order. This means that the tenants can claim back their monthly rent for up to 12 months.
How do I apply for a Selective Licence?
You can apply for a Selective Licence by going to the Nottingham City Council website.
If you are finding the application process complicated and need more help, we can do the application for you. Call our Selective Licensing team on 0115 924 3304 to find out more.
The application process is free of charge if your property is fully managed by Walton & Allen. The licencing fee payable to the Council still applies.
Get more information on Selective Licensing
Do you need to find out more about Selective Licensing? You can call us on 0115 924 3304 or you can visit our Selective Licensing Hub. This features all there is to know on the Nottingham scheme.
Rightmove have reported that property prices have grown by over 1% in the last month alone. This rise is the biggest month on month for over a year. It is also the largest rise at this time of year since 2016.
This growth is particularly good news with the uncertain political climate.
2019 Nottingham Property Market
The Nottingham property market has been mixed throughout 2019. Property prices have continued to steadily grow but there has been a shortage of property coming to market compared to people looking to buy. This is no doubt due to delays and problems with Brexit.
The good news is that most are deciding that they cannot hold off any longer and the Nottingham property market is now looking more positive than ever this year so far.
What does this mean for the property market?
Miles Shipside, director of Rightmove says: “This extension could give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times.”
He also stated that he would expect people to take advantage of “static property prices” and “cheap fixed-rate mortgages”.
Thinking of selling your property?
Want to make the most of this property market news? Talk to our estate agents today by calling 0115 924 3304 and get a free property valuation. You can also use the form below to get in touch.
Fire safety is obviously extremely important when letting your property to tenants. Below we provide some basic tips on how to ensure your tenants stay safe throughout the tenancy.
We would always recommend talking to a fire safety expert to ensure your tenants are completely safe, however we have issued some guidelines below.
Please note this is not an exhaustive list and other fire safety methods may need to be considered.
1. Ensure there are adequate means to escape the property
This may seem obvious but you must ensure that tenants are able to escape the property easily in case of a fire.
2. Carry out a fire safety inspection
Before you let your property you should carry out a fire safety inspection. We would recommend to do this with a fire safety expert.
During the inspection you should look at all fire hazards and detect the level of risk they pose to the building and the tenants. Those
Significant hazards should be addressed and safety measures should be put in place where possible.
3. Use smoke detectors
Smoke detectors should be installed on all floors of a building as a legal minimum. For most, this means placing one in the hall way and one on each landing of the property. These can be battery operated or mains powered.
You also need carbon monoxide alarms in any room with a solid fuel burning appliance.
Remember to check alarm batteries when a tenant moves out as they may fail to replace them.
4. Fit self closing doors
It would be advisable to fit self closing fire doors into your buy to let property. These will contain any fire and help tenants to escape.
5. Have doors open from the inside
It is advisable to have front and back doors with a thumb turn lock. These can easily be opened from the inside without a key.
6. Get an electrical safety certificate
An electrical safety check is always advisable when renting out a property. This is a document issued by a certified electrician to test all electrical circuits and appliances in a property.
You should also check all sockets are in good working order at the end of the tenancy.
7. Ensure any furniture is fire safe
If you leave any furniture in the property, ensure it is fire safe. It is also advisable to leave fire safety tags still attached to each individual item.
HMO Fire Safety
Note that there are additional fire safety regulations for HMO properties. This includes providing fire extinguishers. HMO properties are also required to have self closing fire doors fitted.
Remember, always check with a fire safety expert to ensure your property is fit for tenants to live safely. You can also check the government website for more fire safety information.