NRLA News on Pets
I came across this little article on renting to pet owners this week which really perked my interest as this is a strategy we have been adopting at Badger and Nash for a little while. (That, and animals are my number 1 passion so I definitely wasn't overlooking any article that had a header picture of a happy Spaniel..) NRLA brought to my attention that a whopping 44% of the UK population own at least 1 pet and so this market is definitely not to be overlooked when trying to secure a tenant!
Some landlords do have their reservations when renting to a pet owner, which are understandable given that some pets can be loud and cause cosmetic damage in some cases, this coupled with the recent deposit cap doesn't add up to a solid pro-pet argument - I get it. However, with the correct steps in place a pet-owing tenant does have its positives!
If a tenant with a pet can find a home that is accepting of this fact they are probably more likely to sign the agreement more quickly (avoiding larger void periods), stay in your property for a longer period of time and probably pay that little bit extra to live with their companion.
By gathering a strong reference (recommended even if there are no pets), ensuring the property has enough indoor and outdoor space and amending your tenancy agreement/insurance docs to allow for pets, you should have no problem in enjoying a happy and lengthy tenancy with your tenant of both 2 and 4 legs.
Remortgages - Property Wire
So, it looks like more and more people in the UK are looking to remortgage their homes for 1 of 3 reasons:
To purchase a buy-to-let
To consolidate debt
Each of these reasons is incredibly unsurprising in the current climate and economic divide which has seen half of the UK retain their jobs throughout the pandemic but they have had very little to spend their extra cash on, so this has either been invested back into their current home to build things like nicer outdoor spaces or a new home office. Or this extra cash has piled up in a savings account and property seems like a sound investment given the low Bank of England base interest rate. Unfortunately for the other half of the country, the global pandemic has been much more challenging with the huge amounts of redundancy and furloughed staff and so again it isn't surprising to learn that these people have had to consolidate their debts by remortgaging their property.
Student Accommodation - Savills
International investors remain confident that the UKs higher education system continues to appeal to students all over the world. This is incredibly positive for the economic growth of UK cities including Manchester, Oxford, Brighton, Edinburgh and Bath and also means there is a much higher demand for PBSA (purpose built student accommodation) in prime regional cities. There has been an 8.5% year-on-year increase in applications to university (130,000 university applications were made on behalf of Chinese students alone in 2021) and students from oversees are approximately two times more likely to require PBSA.