Nottingham rental price rises still top across UK

Rents are rising at the fastest pace in three years, according to Zoopla. The average cost of renting rose by 2.6 per cent in 2019, with the average rent now at £886 per month.

The top 3 UK cities for rental price rises were Nottingham at 5.8 per cent, Bristol at 5.5 per cent and York at 5.0 per cent. The average rent in Nottingham now stands at £679 per calendar month.

Reasons for rental price increases

There are several potential reasons for rents rising. These include:

New Landlord legislation

Landlords have had to deal with several new costly legislation changes. This includes Energy Performance Certificate (EPC) changes, a restriction on mortgage tax relief and a 3 per cent stamp duty surcharge.

Nottingham Selective Licensing

The introduction of Selective Licensing in Nottingham has brought on new costs for Landlords. Licenses cost £780 for non-accredited Landlords and this is soon to rise to £890. Some property owners have increased the monthly rent to offset some of this additional expense.

Landlords may be selling up

Some Landlords are selling up with all the changes in legislation and the rising cost of letting a property in Nottingham.

This means there are lower amounts of available rental stock and tenants are willing to pay a premium to secure their dream rental home.

Tenant fee ban

The tenant fee ban came into place in June 2019. Whilst we have been careful not to pass on any additional costs to tenants, some agents have increased rents to cover lost income.

Rents still affordable

Although costs are rising, tenants are still able to afford to rent.

The last decade saw an average rental price rise of 27 per cent. This was almost exactly in line with the average earning growth at 26 per cent across the same period.

How much is your property now worth to let?

Considering letting your property? Want to know if your current buy to let is getting the maximum possible rent?

Use the form below to get an up to date rental valuation, or call our lettings team on 0115 924 3304.

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Considering updating your existing buy to let mortgage deal? Why get free mortgage advice in Nottingham?

EICR new rules in 2020

Subject to approval by the Houses of Parliament, Landlords will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1st July 2020.

Existing tenancies will have until 1st April 2021 to comply.

The Electrical Safety Standards in the Private Rented Sector state that Landlords must ensure every fixed electrical installation is inspected and tested at least every five years. This inspection must be carried out by a qualified person.

Landlords are also required to obtain a report following the results and provide it to their tenant(s) within 28 days. The Landlord must also keep a copy for their own records.

Current EICR rules

Currently, Landlords are not required by law to carry out an electrical safety test. However, we have always advised that these tests are carried out for the safety of tenants and to cover a Landlord in case any electrical problem arises.

Other EICR details

If required, the Landlord must supply the inspection report to the local housing authority within seven days.

In addition, the Landlord could be fined up to £30,000 if they fail to comply with the new regulations.

EPC warning

This is just one of many new legislative changes for Landlords. In 2018, Landlords had to ensure that a property EPC rating was at least an ‘E’ or above. It is expected that this will change to a ‘D’ rating within the next few years.

Confused about Landlord legislation?

Walton & Allen Letting Agents in Nottingham are always available to answer any questions regarding your property investment. We also ensure your property remains compliant to avoid any fines.

Talk to us today on 0115 924 3304 or use the form below.

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House prices increased by 37.2% in the last decade

The last decade saw a large up and down movement with property prices across the UK.

London saw the highest rise across the UK with property prices increasing by 72 per cent – more than double the UK average. However, this is now slowing down and property prices are beginning to dip in the city.

The average house price across the whole of the UK increased by 27 per cent. This equates to £47,647. The overall average is now £233,000.

East Midlands property prices

Looking locally within the East Midlands, house prices increased by 37.2 per cent over the last ten years. According to Rightmove, the average price now stands at £216,600.

The highest price growth in the East Midlands was Corby with an increase of 65 per cent. The lowest was West Lindsey at 22 per cent.

Low interest rates

This decade has also had very low interest rates which has helped keep mortgage payments down for many people. This has helped first time buyers are those looking to upsize.

Looking to the next decade

House prices are forecast to increase by another 15.3 per cent over the next five years.

The East Midlands is actually thought to grow more than this, with an average increase expected of 18.2 per cent.

How much is your property now worth?

Considering selling your property in 2020? Find out how much your property is worth by calling 0115 924 3304 or by using the form below. There is no obligation to use our estate agency services.

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All information and figures sourced from This Is Money.

Independent Estate Agents Nottingham

Walton and Allen are one of the leading independent estate agents in Nottingham. We are also rated as one of the top 3 estate agents in the city by Three Best Rated. Here’s how we work for you.

Free Property Valuations

Need to know how much your house is worth? Our expert Senior Valuers are on hand to visit your property to value your property at the best possible price. Just get in touch to arrange a visit your home, at a time convenient to you.

You can call us to arrange a valuation on 0115 924 3304 or use the form below.

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Experienced sales team

Our sales team have over 50 years combined experience working in the Nottingham property industry. Once you instruct us they will will begin to market your property, book in viewings and negotiate offers. They will be in constant contact to ensure you receive expert advice, every step of the way.

You can reach them any time by calling our office or emailing salesteam@waltonandallen.co.uk.

Marketing your property

As estate agents we are always proactively looking to enhance property views for our clients.

Walton & Allen has a modern, digital approach to marketing. This is why we use window touch screens to showcase all of our stock. We also offer 360 virtual reality video tours. These are just some of the reasons why we are head and shoulders above our competition!

Best estate agents in Nottingham

Walton and Allen have been rated as one of the top 3 estate agents in Nottingham by Three Best Rated. We have been chosen for this award because of our value for money and excellent customer service.

About us

Walton and Allen are estate and letting agents in Nottingham. We provide property sales, lettings, property management and mortgage advice.

Walton and Allen Property Management collects rental payments and manages maintenance for our Landlord clients. Our block management division also maintains blocks of flats and residential estates.

Nottingham rental prices rise fastest across the UK

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.

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Council licensing scheme already fined Nottingham landlords £84,000

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.

You can call us for more information on 0115 924 3304 or email nsl@waltonandallen.co.uk.

Estate Agents Woodthorpe

Estate Agents Woodthorpe

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.

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.

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.

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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.

Block manager receives IRPM qualification

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.

Considering a new block managing agent?

Talk to our block management team to see how we can help to manage your building or estate. You can call us on 0115 924 3304 or email blockmanagement@waltonandallen.co.uk.

Landlord Compliance

Gedling Borough Council has recently issued a fine of £2,500 to a local Landlord for non-compliance.

What was the fine for?

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
  • EPC
  • 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.

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Nottingham Property Prices

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.

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Walton and Allen estate agents in Nottingham provides property sales, lettings and mortgage advice. Talk to us today to see how we can help you!