Tag: renting

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April 2025: Property Market Update

April 2025 Property Market Update

April kicked off with some big talking points in the UK property market. While the dust is still settling after a turbulent few years, there are signs of balance returning – though not without some fresh challenges along the way.

Whether you’re buying, selling, letting, or renting, here’s what’s been happening this month and what it could mean for you in Tower Hamlets. At City Realtor, we’re here to keep you informed with practical updates and local insight that matters.

House Prices: Where Do Things Stand?

House prices across the UK have continued a slow but steady upward trend. According to the latest UK House Price Index from the Office for National Statistics, the average UK house price in February 2025 (the most recent confirmed data) is £281,000, showing a 1.8% increase year-on-year.

ONS House Price Index
Rightmove House Price Report – April 2025

Rightmove reports that the average asking price for homes entering the market in early April reached a record high of £377,182, driven by seasonal demand and improved confidence among sellers.

If you’re thinking of selling your home or exploring property for sale in Tower Hamlets, this season offers one of the strongest windows of opportunity in recent years.

Mortgage Rates: Stabilising with Caution

Mortgage rates have settled somewhat following volatility in late 2024. As of early April:

  • The average two-year fixed rate is 4.84%
  • The average five-year fixed rate is 4.72%

These figures are down from the highs of over 6% seen last year and are giving more borrowers room to manoeuvre. Some high street lenders are even offering sub-4% deals for those with larger deposits.

Lenders are still cautious, so if you’re buying property in Tower Hamlets, it’s wise to secure a mortgage agreement in principle early to strengthen your position.

Sellers: A Seasonal Window of Opportunity

Spring traditionally brings a rise in new listings, and 2025 is no exception. Rightmove reports buyer demand is up 5% compared to April 2024, with more homeowners taking advantage of the seasonal surge in interest.

If you’re considering selling your home in Tower Hamlets, pricing it correctly and ensuring it’s market-ready will be vital. Call us to book a valuation on 0207 790 7702.

Top tips for sellers:

Speak to us – your local estate agent in Tower Hamlets – to discuss the best way to market your property this spring.

Buyers: Be Prepared to Move Quickly

Buyers are feeling cautiously optimistic. With wages on the rise and inflation softening, affordability is gradually improving. According to Nationwide, earnings are now outpacing house prices in many areas.

If you’re looking to buy property in Tower Hamlets, here’s how to get ahead:

  • Sort your finances early – A mortgage in principle puts you in a stronger negotiating position.
  • Be ready to move – In-demand homes are still selling fast, especially when priced correctly.
  • Think about long-term value – Energy efficiency, location, and futureproofing are all worth factoring in.

We’ve got a range of properties for sale in Tower Hamlets. View our current listings or speak with one of our team today on 0207 790 7702.

Rental Market: High Demand, Gradual Cooling

The rental sector is still feeling the pressure of high demand, though growth in rents is now stabilising. According to the Office for National Statistics, the average UK rent in March 2025 is now £1,332 per month, a 7.7% rise over the past 12 months.

For landlords in Tower Hamlets, it’s a market full of opportunity – but also one that demands careful management and awareness of legislative updates.

With the Renters’ Rights Bill due to become law later this year, the way tenancies are managed will soon look quite different. Proposed changes include:

  • Abolishing fixed term assured tenancies
  • All tenancies becoming periodic
  • Four-month notice periods for landlords regaining possession to sell
  • Limit of one rent increase per year

If you’re a landlord in Tower Hamlets, City Realtor can help you keep your property compliant and your tenancies running smoothly.

What’s Next for the Property Market?

The rest of spring is expected to bring strong levels of market activity. With the average asking price hitting a new high and demand growing week by week, we could see continued house price growth over the next few months. Nationwide is forecasting a 2–4% increase in 2025 if inflation remains controlled.

Lettings will stay competitive, and legislation will continue to reshape landlord responsibilities. Staying informed, prepared, and adaptable will be the key to success.

Looking for Help?

Whether you’re buying, selling, letting or renting in Tower Hamlets, City Realtor is your local expert. Our team is here to support you through every stage of your property journey.

Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to get started.

We know property better than anyone and are proud to be a trusted estate agent in Tower Hamlets.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of March/April 2025 and may change. Always seek professional advice for specific circumstances.

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How Outdoor Living Spaces Can Increase Your Rental Income

How outdoor spaces can increase rental value

If you’re a landlord in Tower Hamlets, you’re probably always looking for ways to increase your rental income while ensuring your property stands out in a competitive market. Many landlords focus on interior upgrades, but outdoor living spaces can be just as impactful – if not more so.

Did you know that a well-maintained garden, patio, or balcony can significantly enhance the tenant experience, making your property more desirable and justifying a higher rental price?

At City Realtor, we’ve seen firsthand how outdoor improvements can help our landlords attract quality tenants, reduce void periods, and command higher rents. So, if you’re looking for a cost-effective way to boost your rental income, investing in your property’s outdoor space could be the solution.

Why Outdoor Living Spaces Matter for Landlords

When tenants search for property to rent in Tower Hamlets, many prioritise outdoor areas, particularly those with private gardens, balconies, or even a small courtyard area. The ability to enjoy fresh air is important, especially as more people now work from home and are seeking additional outdoor spaces for relaxation.

Outdoor Living Spaces Attract Renters

Providing a well-designed outdoor area can make your rental property in Tower Hamlets more appealing to a wider range of tenants, including professionals who enjoy socialising outdoors, families looking for safe play areas, and pet owners in need of secure outdoor space. Properties with attractive gardens can often demand a higher rental price than those without, making outdoor improvements a worthwhile investment.

Tips for Maximising Outdoor Appeal:

  • Create a Functional Space : Tenants are more likely to pay extra for a property with a practical outdoor area. Consider adding comfortable weather-proof seating, a BBQ area, or a firepit to create a space for relaxation and entertainment.
  • Keep it Low Maintenance : Many renters prefer an ‘easy to care for’ garden. Artificial grass, gravel, or decking can reduce upkeep while maintaining a stylish appearance.
  • Enhance Privacy : Outdoor spaces feel more valuable when they offer privacy. Adding fencing, hedges, or trellises can create a secluded retreat, making the area more attractive to potential tenants.

You Can Extend Living Space Without Planning Permission

One of the key benefits of investing in outdoor areas is that you can effectively expand the living space of your property without needing to build extensions or get planning permission. Even a small outdoor improvement can make a rental property feel larger and more accommodating.

A simple patio or decking area can serve as an outdoor dining space, while a covered pergola or awning allows tenants to enjoy the area all year round, even in our unpredictable British weather! Adding a garden studio or summer house can create extra storage space or a dedicated workspace, which is particularly appealing to tenants who work remotely.

This additional functional space can make your property more desirable and justify an increase in rental value, particularly in areas where outdoor space is limited.

Tenants May Stay Longer – Reducing Void Periods

Void periods are one of the biggest concerns for landlords, as they lead to lost rental income and increased costs for property upkeep. A well-designed outdoor space can encourage tenants to stay longer, reducing turnover and the associated costs of finding new tenants.

Why Do Tenants Stay Longer?

  • A private garden or patio gives tenants a greater sense of ownership and connection to the property.
  • Families with children benefit from a safe, enclosed outdoor space where youngsters can play.
  • Tenants with pets are more likely to renew their lease if the property includes a pet-friendly garden.

Investing in an attractive outdoor area can help ensure long-term tenancies, providing landlords with a more stable and predictable rental income.

Outdoor Features: How to Target The Right Tenants

Tenants value outdoor spaces in various ways. So, by tailoring your outdoor improvements to suit your target market, you can increase the appeal of your rental property in Tower Hamlets and attract tenants willing to pay a premium for specific features.

Ideal Tenant Groups for Outdoor Spaces:

  • Young Professionals : A stylish decked area, outdoor lighting, and modern seating arrangements can enhance the appeal for tenants who enjoy entertaining.
  • Families : Secure fencing, play areas, and low-maintenance lawns make outdoor spaces more suitable for those with children.
  • Pet Owners : Enclosed gardens, pet-friendly grass, and shaded areas can attract tenants who own dogs or cats.

If you’re marketing your property to let in Tower Hamlets, be sure to highlight the outdoor features in your property listing to attract the right tenants.

Boosting Kerb Appeal for Faster Lettings

First impressions are crucial for your property to let in Tower Hamlets. A well-maintained front garden or driveway can significantly impact tenant interest, making your rental feel welcoming and well-cared-for from the outset.

4 Simple Ways to Improve Kerb Appeal:

  • Paint fences, gates, and front doors
  • Add outdoor lighting to enhance security and aesthetics
  • Keep pathways, flower beds and potted plants well-maintained
  • Ensure clear access to a neat, clutter-free front garden

As an experienced letting agent in Tower Hamlets, we recommend ensuring that your property looks inviting to attract high-quality tenants quickly.

Increasing Rental Value with Simple Outdoor Upgrades

A well-designed outdoor space can lead to a significant increase in rental income. For example:

Outdoor FeatureEstimated Cost (£)Potential Rent Increase (£/month)
Patio/Decking£1,500 – £3,000£50 – £100
Artificial Grass£1,000 – £2,500£30 – £70
Garden Studio/Office£5,000 – £15,000£150 – £300
Outdoor Seating & Firepit£500 – £2,000£20 – £50

*Zoopla / Checkatrade / Homebuilding & Renovating

Please note that these figures are approximate and can vary based on factors such as location, materials used, and your specific property characteristics. While costs vary, even minor upgrades can help landlords justify a rent increase and improve overall tenant satisfaction.

Are You Ready to Enhance Your Property to Rent in Tower Hamlets?

At City Realtor, we specialise in helping landlords maximise their rental income. Whether you’re looking for expert advice, full property management in Tower Hamlets, or help in finding the right tenants, our experienced team is here to help.

Call us today on 0207 790 7702
Email us at admin@cityrealtor.co.uk

Let us help you make your property work harder for you!

In the meantime, we’ve answered some of your common questions about rental properties with outdoor spaces.

FAQs

Do tenants really pay more for outdoor space?

Yes, many tenants prioritise properties with outdoor areas and are willing to pay extra for well-designed gardens, patios, or balconies.

What are the best low-maintenance outdoor features for rentals?

Artificial grass, gravel, and decking are excellent choices as they require minimal upkeep.

Can I charge more rent if I add a garden office?

Yes, properties with home office space are in high demand, particularly among remote workers.

What’s the best way to market outdoor spaces in my property listing?

High-quality photos and detailed descriptions of outdoor features will attract more tenant interest.

Can outdoor improvements reduce my property’s void periods?

Yes, a well-maintained outdoor space encourages longer tenancies, reducing the risk of vacancies.

What Next?

Would you like tailored advice on improving your rental property? Let City Realtor take the stress out of renting your property. Whether you’re looking to get a valuation and let your property in Tower Hamlets or need professional management, we’re here to help. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk today!

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos! We’ve answered more of your FAQ’s here.

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Landlord Lessons: 9 Secrets to a Stress-Free Tenancy

Landlord Lessons: 9 Secrets to a Stress-Free Tenancy

Being a landlord can be a rewarding investment, but it also comes with its fair share of responsibilities. From ensuring a steady rental income to keeping your property well-maintained, there are many factors that can impact your experience. The key to a stress-free tenancy is preparation, good communication, and staying on top of your legal obligations.

At City Realtor, we have years of experience helping landlords successfully let their properties. As a trusted property management company in Tower Hamlets, we understand the challenges landlords face and know how to avoid common pitfalls.

Here, we share the essential lessons every landlord should follow to create a smooth rental experience, helping you navigate common challenges with confidence.

1. Find the Right Tenant – It’s Worth the Effort!

The tenant you choose will have a huge impact on your experience as a landlord. A reliable, responsible tenant can mean consistent rental income, minimal property damage, fewer disputes – and a stress-free tenancy! However, a poorly chosen tenant can lead to late payments, property neglect, or even legal action.

To minimise risk, ensure you carry out thorough referencing before agreeing to a tenancy. This should include:

  • Credit checks
  • Employment verification
  • References from previous landlords

As a professional letting agent in Tower Hamlets, we can handle this process for you, saving you time and ensuring you select a tenant you can trust. Call us on 0207 790 7702 and speak with one of our property experts.

Tip: When marketing your property to rent in Tower Hamlets, highlight features that attract responsible tenants, such as a well-maintained interior or a quiet location.

2. Create a Clear and Comprehensive Tenancy Agreement

A well-drafted tenancy agreement protects both you and your tenants by clearly outlining expectations from the outset. Without a clear agreement, disputes over rent, maintenance, and responsibilities can quickly arise.

Your tenancy agreement (AST) should include key details such as:

  • Rent amounts
  • Payment due dates
  • Maintenance responsibilities
  • Specific rules – such as whether pets are allowed

It should also outline what happens if rent is late or if the tenant wishes to leave early. We can provide legally compliant agreements tailored to your needs.

Tip: Before signing, go through the agreement with your tenants to ensure they understand all clauses. This helps prevent misunderstandings down the line.

3. Protect the Deposit Properly

Tenants in the UK have a legal right to have their deposit protected in a government-approved tenancy deposit scheme (TDP). This safeguards their money and ensures fair handling of any disputes when they move out.

Failure to protect the deposit correctly can result in severe financial penalties for landlords, including having to return the full deposit even if deductions should have been made. Deposits must be lodged within 30 days of receipt, and tenants must be provided with details of the scheme used.

Tip: Keep a detailed inventory with photos at the start of the tenancy to avoid disputes when returning the deposit. If you’re unsure how to do this, City Realtor can arrange this for you.

4. Keep Communication Open and Professional

Many landlord-tenant issues arise due to poor communication, so setting clear expectations from the start and maintaining a professional but approachable relationship with your tenants can prevent minor issues from escalating.

Make it easy for tenants to report maintenance issues, and be responsive to any concerns they raise. Tenants are more likely to respect your property and stay longer if they feel heard and valued.

Tip: Use email for important communications so there’s a clear record of any agreements or discussions. If you prefer a hands-off approach, a property management company in Tower Hamlets like City Realtor can handle tenant communications on your behalf.

5. Stay on Top of Property Maintenance

Regular property maintenance reduces expensive emergency repairs and keeps tenants happy. A well-maintained property is also more likely to attract high-quality tenants.

As a landlord, you are legally responsible for maintaining the structure of your property, as well as crucial systems like heating, plumbing, and electrics. Regular checks on the boiler, roof, and appliances can prevent unexpected issues.

Tip: If you own multiple rental properties or live far away, hiring a property management company in Tower Hamlets can ensure maintenance issues are dealt with promptly. Need advice? Contact us on 0207 790 7702 for an informal chat to see how we can help.

6. Be Fair But Firm with Rent Payments

A steady rental income is key to a stress-free tenancy, so it’s essential to have a system in place for rent collection. Most landlords set up a standing order so that rent is automatically transferred each month.

If rent is late, you should follow up immediately with a polite but firm reminder. Consistently late payments should be addressed quickly to prevent arrears from escalating. If you feel unable to deal with this, a letting agent in Tower Hamlets like us can handle rent collection and chase arrears professionally for you.

Tip: Include a clause in your tenancy agreement stating that late rent may incur a small charge. This can encourage tenants to pay on time.

7. Know Your Legal Responsibilities

Landlords must comply with several legal obligations to ensure their property is safe and legally let. These include:

  • A valid Gas Safety Certificate, renewed annually
  • An Energy Performance Certificate (EPC) rated E or above
  • Electrical Safety Checks carried out every five years
  • Right to Rent checks to confirm tenants have the legal right to rent in the UK

Failure to meet legal requirements can result in fines or even prosecution. We understand that this can be daunting, but our fully managed lettings service can help you with full compliance for a stress-free tenancy. Get in touch on 0207 790 7702 for more information.

Tip: Keep all certificates and legal documents in a safe place so they’re easily accessible when needed.

8. Carry Out Regular Inspections

Routine inspections allow you to spot potential maintenance issues and ensure your tenants are keeping the property in good condition. Inspections should be carried out every three to six months, with at least 24 hours’ written notice given to the tenant.

During inspections, check for:

  • Signs of damp
  • Leaks
  • Damage
  • Unauthorised subletting

City Realtor can conduct inspections for you and provide detailed reports.

Tip: Be friendly and professional during inspections to maintain a good relationship with your tenants.

9. Use a Letting Agent for Stress-Free Management

If managing a property feels overwhelming, or you prefer a fully hands-off approach, outsourcing to a property management company in Tower Hamlets can make the process stress-free. We can handle everything from tenant sourcing and rent collection to property maintenance and legal compliance.

Tip: When choosing an agent, look for one with a strong reputation and positive landlord reviews.

You can read our reviews right here!

How Can We Help?

If you’re looking for expert support with managing your rental property, City Realtor is here to help. Whether you need assistance with tenant sourcing, rent collection, or full property management, our experienced team can make the process hassle-free.

Get in touch today to see how we can help you achieve a stress-free tenancy. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to speak with one of our property experts.

In the meantime, we’ve answered some of your common questions about landlord responsibilities.

FAQs

How can I ensure my tenant pays rent on time?

Set up a standing order, send reminders, and act quickly if a payment is missed. A letting agent can help manage this for you.

How often should I inspect my rental property?

Quarterly inspections are ideal, with at least 24 hours’ notice to tenants.

Do I need a property management company?

If you lack the time or expertise to manage your property, a professional service can handle everything from tenant sourcing to legal compliance.

What are my legal responsibilities as a landlord?

You must ensure gas, electrical, and fire safety, protect the tenant’s deposit, and comply with Right to Rent laws.

How can I attract good tenants?

Ensure your property is well-maintained, market it effectively, and carry out thorough tenant referencing.

What Next?

Let City Realtor take the stress out of renting your property. Whether you’re looking to get a valuation and let your property in Tower Hamlets or need professional management, we’re here to help. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk today!

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered more of your FAQ’s here.

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February 2025 Property Market Update

February 2025 Property Market Update

Welcome to this month’s property market update. As 2025 gathers pace, here’s a quick look at what’s been happening for buyers, sellers, landlords, and renters. We’ve included some helpful insights and tips to keep you ahead of the game.

Market Overview

The UK property market is holding steady in February 2025. Recent stats show average house prices have risen by around 3% over the past year. Regional differences are creating interesting opportunities – while prime locations continue to thrive, emerging towns and rural areas are catching the attention of buyers seeking a better work-life balance.

Read more about these trends here

Buying: What You Need to Know

If you’re on the hunt for a new home – especially if you’re looking for a property for sale in Tower Hamlets – it could be a good time to lock in a deal. Mortgage rates are relatively stable with the Bank of England Base Rate at 4.5%, and there’s a range of options available, whether you’re a first-time buyer or moving up the ladder.

Tip for Buyers:

Found a property you like? Check out local amenities and transport links before making an offer. Areas with upcoming infrastructure projects could offer hidden future value. Also, consider the potential for renovations that can add long-term value to your home.

Selling: Making the Most of Your Property

If you’re thinking about selling, there’s plenty of good news. The market is still competitive, and homes in sought-after areas are attracting lots of interest. If you’re selling your home in Tower Hamlets, getting the price right is crucial. Properties priced just below the market median tend to sell quicker, as buyers are often drawn to perceived bargains.

Tip for Sellers:

Home staging and a few quick fixes can work wonders. A fresh coat of paint and some modern fixtures can make your property stand out. Well-presented homes are more likely to sell at a higher price.

Lettings and Landlords: Meeting Demand

The rental market is going strong, with steady demand for quality property to rent in Tower Hamlets. Keeping your property in great condition helps reduce vacancies and attract reliable tenants.

Recent surveys show that tenant satisfaction directly impacts rental yields. According to The Royal Institution of Chartered Surveyors (RICS), properties with high tenant satisfaction scores achieved around 5% higher yields than those with lower scores. Well-maintained homes with modern facilities continue to perform best.

Tip for Landlords:

Review your rental agreements regularly and consider incentives for longer leases. Simple upgrades like energy-efficient appliances not only attract eco-conscious tenants but can also help reduce your running costs.

Renting: Finding Your Ideal Home

For renters, there’s a wide selection of properties to let in Tower Hamlets. The market is competitive, but regeneration areas often offer great value, with modern homes and improved transport links.

Tip for Renters:

Stay ahead by registering with us to get early access to new listings. When you find the right property, act quickly to avoid missing out.

Keeping One Eye on the Future

It’s always wise to stay informed about possible policy changes that could affect the property market. With the government focusing on increasing housing supply and improving infrastructure, buyers and sellers should be ready for shifts in the market. Flexibility and staying in the loop are your best tools for success.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of January 2025 and may change. Always seek professional advice for specific circumstances.

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Tenant Screening Made Easy: Why Landlords in Tower Hamlets Should Consider Professional Help

Tenant Screening Made Easy

Tenant screening is one of the most important tasks for any landlord, in ensuring that you find the right tenants for your property before they sign an Assured Shorthold Tenancy (AST). It involves checking a tenant’s background, credit history, employment status, and references to make an informed decision.

Without a thorough screening process, landlords can risk renting to unreliable tenants, leading to late payments, property damage, and even eviction disputes.

In today’s rental market, effective tenant screening has become more complex. Rules around data protection, referencing, and credit checks require careful navigation. If you’re a landlord in Tower Hamlets, you might find the process time-consuming and tricky to manage, especially if you have multiple properties.

The Steps Involved in Tenant Screening

Tenant screening is not a one-step process but involves several important stages to ensure you find tenants who will respect your rental property in Tower Hamlets and fulfil their financial obligations.

Here’s an overview of the typical steps:

1. Initial Application Screening

The first stage in tenant screening is the initial application. This involves collecting information about the tenant, such as their name, employment details, and rental history. As a landlord, you must ensure that the application form is comprehensive and in line with data protection regulations.

2. Credit Checks

One of the most important aspects of tenant screening is the credit check. A tenant’s credit score offers insight into their financial reliability. However, accessing accurate and up-to-date credit information can be difficult. Landlords must ensure they comply with the latest regulations under the General Data Protection Regulation (GDPR) when conducting these checks.

3. Employment and Income Verification

Confirming that a potential tenant can afford the rent is another key step. This usually involves checking their employment status and verifying their income. For self-employed tenants, this can be more challenging, often requiring additional documentation such as tax returns or bank statements.

4. References from Previous Landlords

A reference from a previous landlord can provide valuable insights into a tenant’s behaviour. For example, did they pay rent on time? Did they take good care of the property? Gathering this information can help paint a clearer picture, but it’s crucial to handle the process professionally and respect privacy laws.

5. Right to Rent Checks

In the UK, landlords are required to perform Right to Rent checks. These checks ensure that prospective tenants have the legal right to live in the UK. Failure to comply with this legislation can result in fines or even imprisonment.

Why Tenant Screening Can Be Complicated

While these steps may seem straightforward, tenant screening can be complicated, particularly for new landlords or those with multiple rental properties to manage. Here’s why:

  • Time-consuming: Screening each potential tenant thoroughly takes time, and landlords who try to rush the process can overlook important details.
  • Legal Compliance: Regulations like GDPR, Right to Rent laws, and anti-discrimination rules must be strictly followed. Any misstep can lead to legal issues.
  • Access to Reliable Information: Landlords may struggle to access accurate credit information or verify employment details without professional resources.
  • Tenant Communication: Coordinating with potential tenants for documents, background information, and references can be slow and inefficient, particularly when tenants delay responses.
  • Reference Verification: Checking references from previous landlords can be tricky, especially if the tenant has a complex rental history or lived abroad.
  • Risk of Fraud: Some tenants may attempt to provide false or misleading information, making it harder to verify their background without advanced screening tools.
  • Handling Discrepancies: It’s common to find discrepancies between what tenants report and the information gathered from checks, which can complicate decision-making.

Given these complexities, it’s clear why many landlords in Tower Hamlets find tenant screening challenging and choose to rely on the expertise of a property management company instead.

Let City Realtor Help

Tenant screening is not just about ticking boxes; it’s about ensuring you have peace of mind, knowing your rental property is in the hands of responsible tenants.

With the complexities involved, it’s easy to make mistakes if you go it alone. That’s why more and more UK landlords are choosing to work with professional property management companies like City Realtor. 

We bring expertise, tools, and a level of thoroughness that ensures you get the right tenant, every time.

City Realtor offers a range of property management services designed to make your life easier, including comprehensive tenant screening.

We take the hassle out of managing your rental property in Tower Hamlets, so you can focus on what matters most – whether it’s growing your property portfolio or simply enjoying a stress-free experience as a landlord.

Take the first step towards safer, more reliable tenant selection today. Reach out to City Realtor now on 0207 790 7702 or email admin@cityrealtor.co.uk

for more information on how we can assist you with tenant screening and full property management in Tower Hamlets.

In the meantime, we’ve answered some of your common tenant screening questions.

Frequently Asked Questions About Tenant Screening

What is tenant screening?

Tenant screening is the process landlords or property management companies use to evaluate potential tenants. It typically involves checking credit history, rental history, employment verification, and conducting background checks to ensure that the applicant is reliable and capable of fulfilling lease obligations.

Why is tenant screening important?

Tenant screening is crucial because it helps landlords identify responsible tenants who are likely to pay rent on time, take care of the property, and abide by lease terms. Effective screening reduces the risk of financial loss and the stress of dealing with problematic tenants.

What factors should be considered in tenant screening?

Key factors to consider include credit scores, rental history (such as any previous evictions), income verification, employment stability, and criminal background checks. Each of these elements provides insights into the applicant’s reliability and potential fit for your property.

Can I charge an application fee for tenant screening?

Yes, landlords can charge an application fee to cover the costs associated with tenant screening, such as background checks and credit reports. However, it’s important to comply with laws regarding the amount charged and how the fees are handled, ensuring transparency and fairness throughout the process.

What Next?

Ready to take the stress out of renting? Let City Realtor take the hassle out of renting your property. Whether you’re looking to get a valuation and let your property in Tower Hamlets or need professional management, we’re here to help. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk today!

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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January 2025: What’s Happening in the UK Property Market?

What's Happening in the UK Property Market

What’s happening in the UK property market? Well, having welcomed a new year, the UK property market is already showing signs of activity that will mould the months ahead. January traditionally sets the tone for the year, and 2025 is no exception. Buyers, sellers, landlords, and renters are navigating frequent ups and downs influenced by economic factors, legislative changes, and evolving market trends.

Here’s our in-depth look at what’s happening in the UK property market and key developments in January 2025, along with advice to help you make informed decisions, whether you’re buying, selling, renting, or letting.

Buying Property in January 2025: Renewed Opportunities

January has started with cautious optimism for buyers. According to Halifax, the average UK house price in December 2024 was £297,166, reflecting a 3.3% annual increase

Mortgage rates are stabilising at an average of 4.5% for fixed-rate deals, making this an excellent time for buyers to plan their investments.

Tips for Buyers:

  • Compare Mortgage Options: With a variety of competitive products now available, consult a mortgage adviser to find a mortgage that suits your long-term goals. Use our mortgage calculator here.
  • Negotiate Strategically: Sellers in today’s market may be more flexible on price, especially for properties that have been listed for an extended period.
  • Consider Energy-Efficient Homes: Homes with higher Energy Performance Certificate (EPC) ratings are increasingly attractive and could offer savings on utilities.

Explore property for sale in Tower Hamlets on our website to find your ideal home.

Selling Property: Adapting to Buyer Expectations

The time it takes to sell a property remains consistent at around 58 days on average, as reported by recent data from Zoopla

January is an excellent time to list your property, as buyer interest typically rises after the Christmas holidays.

Tips for Sellers:

  • Focus on Kerb Appeal: Simple improvements, such as repainting the front door or tidying the garden, can make a significant difference.
  • Price Realistically: Use insights into local market data from our team at City Realtor to set a competitive price that reflects current trends.
  • Stage Your Home: Professional home staging can highlight your property’s best features and appeal to more buyers.

Request a valuation of your property in Tower Hamlets today and get expert guidance on achieving the best price.

Landlords: Preparing for 2025’s Challenges…and Opportunities

The private rental sector is undergoing transformation with the rollout of the Renters’ Reform Bill and the upcoming 2028 deadline for rental properties to achieve an EPC rating of “C” or higher. Rental demand remains strong, with the average monthly rent in the UK reaching £1,270, a 3.9% year-on-year increase.

Tips for Landlords:

  • Stay Ahead of Regulations: Review the EPC ratings of your properties and plan necessary upgrades now to avoid last-minute expenses.
  • Enhance Tenant Retention: Offer longer tenancy agreements or make minor improvements to maintain a stable income.
  • Consider Property Management Services: Navigating compliance can be complex; hiring a professional service can save time and reduce stress.

Discover how we support landlords in Tower Hamlets with our expert advice and services. Call 0207 790 7702.

Renters: Navigating Rising Rents and New Protections

The rental market remains competitive, but tenants now benefit from stronger rights under the Renters’ Reform Bill. January has seen continued demand for rental properties in Tower Hamlets.

Tips for Renters:

  • Be Prepared: Keep references, ID, and proof of income ready to act quickly when you find a suitable property.
  • Understand Your Rights: Familiarise yourself with the new legislation to ensure you’re protected from unfair practices.
  • Expand Your Search Area: Flexibility on location or property type can open more options in a competitive market.

Visit our website to browse our latest rental properties in Tower Hamlets to secure your next home.

Market Projections for 2025

The Bank of England has signalled no immediate changes to interest rates, which are expected to remain stable through the first quarter of 2025. This stability will likely encourage more transactions across the property market.

Key Statistics:

Average UK house price: £297,166 (December 2024)

Average rent: £1,270 per month

Time to sell: 58 days

January 2025 marks a promising start to the year for the UK property market. With careful planning and expert guidance, buyers, sellers, landlords, and renters can navigate these times effectively.

Whether you’re looking to buy, sell, rent, or let a property, City Realtor is here to help.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor on 0207 790 7702 or admin@cityrealtor.co.uk.

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of December 2024/January 2025 and may change. Always seek professional advice for specific circumstances.

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What Does Fully Managed lettings Mean?

What Does Fully Managed lettings Mean?

Fully managed lettings mean that your letting agent takes care of every aspect of renting out your property, leaving you free from the day-to-day tasks of being a landlord. From marketing your property and finding tenants to handling maintenance requests and ensuring legal compliance, fully managed services offer peace of mind for landlords who want a hands-off approach.

If you’re considering letting your property in Tower Hamlets, this option could be exactly what you need to make the process smooth and stress-free.

What Does a Fully Managed Lettings Service Include?

A fully managed lettings service covers all the essential tasks involved in renting out a property. Here’s what you can expect:

  • Marketing Your Property
  • Tenant Vetting
    • Thorough background checks to ensure tenants are reliable and financially stable.
    • Referencing includes credit checks, employment verification, and previous landlord references.
  • Rent Collection & Tenancy Agreement
    • Your letting agent will deal with your AST agreement (Assured Shorthold Tenancy) and collects rent on your behalf, ensuring timely payments.
    • They also handle arrears management if tenants fall behind.
  • Maintenance and Repairs
    • The agent organises and oversees property maintenance and repairs.
    • They coordinate with trusted contractors, keeping your property in excellent condition.
  • Legal Compliance
    • Ensuring your property complies with UK rental laws, including gas and electrical safety checks.
    • Serving required documents such as tenancy agreements and deposit protection.
  • Routine Inspections
    • Regular inspections to ensure the property is being well-maintained by tenants.
    • Providing you with detailed reports after each visit.
  • Handling Tenant Issues
    • Your letting agent acts as the main point of contact for tenants, resolving queries or issues promptly.

Benefits of Fully Managed Lettings for Landlords

Opting for a fully managed service from a letting agent in Tower Hamlets offers several advantages:

  • Time-Saving: You don’t need to manage day-to-day tenant communications or emergencies.
  • Expertise: Letting agents understand legal requirements and market trends.
  • Hassle-Free: The agent handles rent collection, maintenance, and tenant queries.
  • Peace of Mind: Your property is in good hands, even if you live far away.
  • Tenant Retention: Professional management leads to happier tenants who are more likely to stay long-term.

Read: How to Choose a Letting Agent in Tower Hamlets.

Who Should Choose a Fully Managed Service?

Fully managed lettings are ideal for landlords who:

  • Live far from their rental property.
  • Have multiple properties and limited time to manage them.
  • Prefer a hands-off approach to being a landlord.
  • Want professional oversight to ensure their property is compliant with UK laws.

Whether you have a property to let in Tower Hamlets or need help managing a property for rent in Tower Hamlets, a fully managed service could be the solution.

How Much Does a Fully Managed Service Cost?

Fees for fully managed lettings typically range from 10-15% of the monthly rent. While this is an additional expense, many landlords find the convenience and professional support well worth the cost. Contact City Realtor for a detailed breakdown of our services and fees on 0207 790 7702.

Why Choose City Realtor?

At City Realtor, we specialise in providing fully managed lettings services in Tower Hamlets. Our team has extensive experience in managing properties and ensuring landlords enjoy a hassle-free experience. We pride ourselves on offering personalised support and clear communication every step of the way.

What Next?

Ready to take the stress out of renting? Let City Realtor take the hassle out of renting your property. Whether you’re looking to let your property in Tower Hamlets or need professional management, we’re here to help. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk today!

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

In the meantime, we’ve answered some of your common questions about fully managed lettings services.

FAQs 

1. What’s the difference between fully managed and let-only services? Fully managed services handle everything from tenant sourcing to maintenance, while let-only services typically stop at finding tenants and signing the tenancy agreement.

2. Can I switch to a fully managed service if I’m already renting out my property? Yes! Speak with City Realtor to transition to a fully managed lettings service.

3. What happens if a tenant stops paying rent? Your letting agent will handle arrears management, including communication with the tenant and legal action if required.

4. Are fully managed services suitable for new landlords? Absolutely! New landlords benefit from professional guidance and support.

5. How do I know my property is being looked after? Regular inspections and detailed reports keep you informed about your property’s condition.

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November 2024 Property Market Update

November 2024 Property Market Update

As November comes to an end, the UK property market reveals key trends that shape buying, selling, renting, and letting activities. Shifts in the economy, regional differences in house prices, and changes in rental demand are shaping the property market in Tower Hamlets. This months update looks at the key trends and insights to help you stay ahead in the market.

Market Overview

The Office for National Statistics (ONS) reported that average UK house prices increased to £293,000 in August 2024, reflecting a 2.8% annual increase from the previous year. This growth is driven by consistent demand, with regional variations: England’s average price was £310,000 (up 2.3%), Wales £223,000 (up 3.5%), and Scotland £200,000 (a notable rise of 5.4%).

Meanwhile, private rent inflation remains high, with average UK private rents rising by 8.4% in the 12 months to September 2024. Average monthly rents in England reached £1,336, with London seeing the highest growth (9.8%). 

*Data from ONS October 2024 Bulletin

Navigating the Market as a Buyer

The Bank of England recently adjusted its base interest rate to 4.75%, improving mortgage affordability for many buyers. This adjustment has made mortgage rates more competitive, offering prospective homebuyers in Tower Hamlets an opportunity to access lower monthly payments and enhanced affordability compared to the peak rate levels seen in previous months. Lower interest rates can also boost buyer confidence, encouraging more first-time buyers and existing homeowners to consider entering the market or remortgaging for improved terms.

Tip for Buyers:

Securing a mortgage pre-approval before beginning to search for property in Tower Hamlets not only demonstrates your commitment to proceed but also gives you a clear understanding of your budget. This proactive approach makes you stronger in a competitive market, particularly when competing against cash buyers or those without mortgage pre-approval. 

You can use our mortgage calculator to work out what your up-to-date monthly mortgage payments will be.

Maximising Your Sale Success

Sellers are seeing increased market activity. Recent Rightmove data indicates a 27% rise in sales agreed year-on-year, reflecting strong demand, though buyers remain price-conscious due to economic factors including cost-of-living pressures and mortgage rate fluctuations. For sellers, this means striking the right balance in pricing is critical to capturing buyer interest while remaining competitive. 

Not on the market yet? City Realtor is your local estate agent in Tower Hamlets. To request a valuation please call 0207 790 7702.

Tip for Sellers:

Setting the right price for your property in Tower Hamlets is crucial for attracting serious buyers quickly. We will expertly value your home so that you achieve the price you deserve for your property. Additionally, you may wish to consider staging your home for viewings. Decluttering, making necessary repairs, and enhancing kerb appeal can all elevate buyer interest, potentially leading to faster offers at or above the asking price.

Landlord Strategies for a Changing Market

The rental market remains buoyant, with average UK rents climbing significantly over the past year, driven by strong demand and limited supply in many regions. Rising rental costs have made it increasingly competitive for tenants, especially in high-demand areas such as Tower Hamlets. However, landlords need to be mindful of policy changes, such as the 2% increase in Stamp Duty Land Tax on additional properties. This adjustment may affect long-term investment strategies, potentially prompting a reassessment of portfolio growth, returns, and the viability of new property acquisitions.

Landlords: We can take control of all moving parts and liaise with the appropriate parties to make the letting process as smooth as possible. Our team of experienced managers will complete every step in preparing your property for let. Contact us here.

Tip for Landlords:

Understanding compliance and legislative changes is critical for maximising rental yield in Tower Hamlets. Regularly review your rental portfolio with a property tax advisor to assess the implications on tax relief, deductions, or changes in tenant rights. Consider investing in energy efficiency improvements, as government incentives and tenant demand for greener homes may lead to longer tenancies and reduced void periods. Communication with tenants about their expectations and maintenance needs can also build stronger relationships, minimising costly turnover.

Securing Your Next Home as a Renter

Renters face a highly competitive market, characterised by strong demand for available properties and rapidly shifting rental prices. The government is working to make housing more affordable by expanding social housing options and giving tenants more rights, aiming to ease the pressure on renters struggling with rising costs. However, while these measures offer hope, the market remains difficult for many renters, particularly in high-demand areas where supply remains constrained.

Tip for Renters:

Begin your search for rental properties in Tower Hamlets well in advance to increase your chances of finding a suitable home. Ensure you have necessary documents, such as identification, proof of income, and references, ready prepared for quick submission. A solid credit score and positive rental history can give you an advantage over other applicants. If negotiating with landlords, emphasise your stability and reliability to potentially secure more favourable lease terms. 

Oldest, Largest, Smallest!

Did you know that the UK’s oldest surviving house is over 11,000 years old and located at Star Carr in North Yorkshire? The dwelling offers insight into Britain’s early settlement patterns, illustrating how the evolution of housing has shaped today’s market landscape.

From the oldest to the largest! The UK’s biggest private residence, Wentworth Woodhouse in South Yorkshire has over 300 rooms and spans 250,000 square feet. Its grand Baroque and Palladian architecture is an incredible example of Britain’s rich historical legacy and reflects how luxury and scale remain a unique part of the property market.

In stark contrast, one of the UK’s smallest detached houses, at just 290 square feet, was recently marketed for £1.2million in Chelsea, West London, which highlights the creativity and premium pricing often found in high-demand urban areas.

Looking Ahead

The UK property market is expected to remain stable as 2024 closes, with potential growth of 2.5% to 4% predicted over the next two years. Economic shifts, interest rate adjustments, and evolving housing policies will continue to shape market trends.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor on 0207 790 7702 or admin@cityrealtor.co.uk.

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of November 2024 and may change. Always seek professional advice for specific circumstances.

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What is an AST?

What is an AST?

An AST, or Assured Shorthold Tenancy, is the most common type of tenancy agreement between landlords and tenants in the UK. It is a legally binding contract between a landlord and a tenant that outlines the terms and conditions of renting a property.

At City Realtor, we believe that understanding an AST is crucial to protecting both renters’ and landlords’ rights and obligations, ensuring a smooth rental experience.

Whether you’re a first-time renter or an experienced tenant, navigating the details of an AST can sometimes feel overwhelming. That’s why City Realtor is committed to breaking down the complexities of these agreements, so you can approach your tenancy with confidence.

By knowing your rights and responsibilities upfront, you can avoid common pitfalls and ensure you have a positive relationship with your landlord from the start. Let’s explore the key features of an AST and how they affect tenants.

Key Features of an AST

Fixed-Term vs. Periodic Tenancy

An AST can be set for a fixed term, typically six months or a year, or it can roll on a periodic basis (usually monthly) after the fixed term expires. During the fixed term, both the landlord and tenant are bound by the terms of the agreement. After this period, the tenancy can continue unless either party gives proper notice. At City Realtor, we can help you navigate these terms, whether you’re dealing with a fixed-term or periodic tenancy.

Rent and Deposit Protection

The AST agreement will specify the rent amount, when it’s due, and how it should be paid. Additionally, any deposit taken must be protected in a government-approved tenancy deposit scheme, such as the Tenancy Deposit Scheme (TDS), Deposit Protection Service (DPS), or MyDeposits. When working with City Realtor, we ensure that all deposits are securely protected in line with legal requirements.

Landlord’s Responsibilities

Under an AST, landlords must maintain the property in a good state of repair, ensure it meets health and safety standards, and provide necessary certificates, such as the Energy Performance Certificate (EPC) and Gas Safety Certificate. Our team at City Realtor ensures that all landlords meet these responsibilities, safeguarding your living conditions.

Tenant’s Obligations

As a tenant, you are expected to pay your rent on time, keep the property in good condition, and adhere to the terms of the agreement. This includes not causing nuisance to neighbours and seeking permission before making any alterations to the property. City Realtor assists tenants in understanding their obligations and ensures that communication between landlords and tenants is clear and effective.

What Happens When the Tenancy Ends?

When your AST reaches its end, there are a few possible outcomes:

Renewal of the Tenancy

If both parties are happy, the tenancy can be renewed for another fixed term, often with the same terms or with new conditions agreed upon. City Realtor can handle the renewal process, ensuring everything is in order for both parties.

Rolling Tenancy

If no action is taken, the tenancy automatically becomes periodic. This means that it continues on a month-to-month basis until either the tenant or landlord decides to end it. City Realtor provides clear guidance and support during this transition.

Ending the Tenancy

If you wish to end the tenancy, you must provide written notice to your landlord, usually one month for a periodic tenancy or as stated in the agreement for a fixed term. Similarly, landlords need to give at least two months’ notice if they want to regain possession, usually through a Section 21 notice. City Realtor is here to assist with the notice process, making it stress-free for both landlords and tenants.

Can the Rent be Increased During a Fixed-Term AST?

Rent increases during a fixed-term AST are usually only allowed if both parties agree or if the contract includes a rent review clause. In periodic tenancies, landlords can increase rent annually by providing the tenant with proper notice, usually one month in advance. At City Realtor, we ensure that any rent adjustments are fair and compliant with current regulations.

What Rights Do Tenants Have Under an AST?

Protection from Unlawful Eviction

Under an AST, tenants are protected from unlawful eviction. Landlords must follow the correct legal process, and you cannot be forced out without a court order, even after your tenancy ends. If you’re renting a property in Tower Hamlets, City Realtor ensures your rights are fully respected.

Right to Peaceful Enjoyment

You have the right to live in your rental property without unwarranted interference from the landlord. While landlords can inspect the property, they must give you at least 24 hours’ notice and visit at a reasonable time, unless it’s an emergency. City Realtor liaises between tenants and landlords to ensure that this right is upheld.

Repairs and Maintenance

If something breaks down, such as the heating system or plumbing, it’s the landlord’s responsibility to fix it in a reasonable time. Always report any issues promptly and in writing to ensure they are addressed. We provide a reliable maintenance service for all properties to rent in Tower Hamlets, ensuring that repairs are handled quickly and efficiently.

What Are the Consequences of Breaking an AST?

Breaching the terms of your AST, such as by failing to pay rent or damaging the property, can lead to serious consequences, including eviction. However, landlords cannot simply evict you for minor issues without following the proper legal process. If there’s a dispute, we can help resolve it through mediation or by guiding you through the legal process.

Understanding your Assured Shorthold Tenancy (AST) agreement is key to a successful and stress-free renting experience. At City Realtor we’re here to guide you through every aspect of your tenancy, from understanding your rights to managing communication with your landlord.

Whether you’re renting for the first time or looking to renew your tenancy, we’re committed to making the process as smooth as possible.

What Next?

Looking for a property to rent in Tower Hamlets? City Realtor is here to support you every step of the way.

Landlord looking for help with property management? With our expert services, you can trust us to handle everything from AST agreements to maintenance and legal compliance.

Contact us today at City Realtor and let us take the stress out of finding or managing a rental property in Tower Hamlets. As property management experts in Tower Hamlets, we’re on hand to make your life as a landlord easier and more profitable!

If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.

Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

In the meantime, here are the answers to the most frequently asked questions on this topic.

Frequently Asked Questions About AST’s

1. Can I leave my AST early?

Yes, but only if your landlord agrees or if there’s a break clause in your tenancy agreement. Otherwise, you may be liable for rent until the end of the agreed term. We can assist you in negotiating an early termination if necessary.

2. What should I do if my landlord isn’t protecting my deposit?

You can raise a dispute with a tenancy deposit scheme or take legal action. It’s a legal requirement for landlords to protect your deposit. City Realtor ensures that all deposits are correctly handled, providing peace of mind for tenants.

3. Can my landlord enter the property without permission?

No, your landlord must give you at least 24 hours’ notice and visit at a reasonable time unless it’s an emergency.

4. What happens if I can’t pay my rent?

Speak to your landlord immediately. They may offer a payment plan or some leniency. Persistent non-payment could lead to eviction, but this should be the last resort.

5. What is a Section 21 notice?

A Section 21 notice is used by landlords to regain possession of the property at the end of an AST without having to provide a reason. They must give you at least two months’ notice.

6. Can I make changes to the property?

You usually need written permission from your landlord before making any alterations, even minor ones. Check your AST for specific clauses related to changes.

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7 Steps to Becoming a Residential Landlord in Tower Hamlets

7 Steps to Becoming a Residential Landlord

There are a number of reasons people consider becoming a residential landlord.

Often, it’s because someone wants to do more with their savings and sees property as a sound investment with a regular income. It might also be that a person becomes an accidental landlord after inheriting a property or moving into a house with a partner.

However, while the allure of consistent rental income is certainly appealing, there are several things you need to consider before you begin your property portfolio.

Here are seven things to think about when becoming a landlord in Tower Hamlets.

How to Become a Landlord of a Rental Property in Tower Hamlets

1. Consider set-up costs

Finances matter, the numbers have to stack up. If you’re going to obtain a buy-to-let mortgage, the mortgage lender needs to know about your income and what rent you hope to achieve.

They have to ensure that you can cover the costs. You’ll probably have to pay for surveys, too, so they can be sure the property you have in mind is worth what you think it is.

Then there are the legal fees and the search costs. Many law firms who specialise in conveyancing will be able to give you an early indication of what your final bill will be.

2. DIY or use a letting agent?

You could manage the property yourself – and many landlords consider this as it can help reduce costs. However, you must make sure you have the time to dedicate to the management of the property.

Do you want to choose a letting agency to find you a tenant and arrange the initial agreements? You can then keep on top of things for yourself. Or would you rather hand over all the property management to the agency? This will certainly reduce the pressure on you but there will be costs involved due to letting agent fees. You can view our fees here.

Read our step by step lettings guide here

3. Landlord insurance

When you are renting out a property in Tower Hamlets, you must obtain landlord insurance. This is because a home insurance policy will not cover you for what you need, and also because the right insurance will protect you, your property and your tenant.

Read ‘what insurance should I have as a landlord’ here.

If you’re taking out a mortgage to buy the property, your lender will insist that you have insurance. The costs of insurance will vary depending on the level of cover, such as personal liability, contents cover and buildings cover, and loss of rent cover, in the unfortunate event of unpaid rent. Speak with an insurer or a broker and be absolutely clear about what you need.

4. Furnished or unfurnished?

Whether you rent out a fully furnished property or one that is unfurnished is a decision you need to make early on.

If you’ve inherited a furnished property, then it might well be an easy decision. If this is the case, you might find this suits a potential tenant, and you will be able to get a higher monthly rent.

Obviously, if you rent out an unfurnished property, it means you don’t need to buy furnishings for it. Many potential tenants prefer this as they can add their own furniture and make it their home. Don’t forget; it’s best practice to get an inventory carried out as this will affect your insurance policy and could minimise any disputes at the end of an agreement with prospective tenants.

5. Paperwork

One of our top tips for being a landlord is to be well organised and up to date with paperwork from the start. It may seem daunting having a lot of documents, but organisation is key.

Not only will this ensure you don’t fall foul of any legal responsibilities, but it will also mean that if any disputes arise, you know immediately where important documents are. (It’s also particularly useful when you’re doing your accounts or checking information).

6. Legals & responsibility

There are certain legal obligations and responsibilities that need to be understood. These are in addition to the tenancy agreement that you and your tenant should be signing. For example, before a property is let, you’ll need an up-to-date Energy Performance Certificate (EPC) for it.

A gas safety certificate is required for each gas appliance in the property, each home has to have smoke alarms and a carbon monoxide detector, and any appliances or furniture must meet the required safety standards. There are also rules about a tenant’s deposit and how it is kept in a Government-approved scheme. If you need help with any of these, we can advise you. Simply call us on 0207 790 7702 or read our compliance guide.

7. Right to rent checks

A relatively new aspect of renting out a property in Tower Hamlets is the need to carry out a Right to Rent check. A landlord must, by law, check whether a potential tenant has the legal right to rent a property in the UK.

Failure to carry out the required checks could result in hefty fines so if you need advice on this, then contact us and we will be delighted to help.

For expert property advice and becoming a landlord in Tower Hamlets, contact our team of professionals on 0207 790 7702 or email admin@cityrealtor.co.uk.

Need Help With Your Rental Properties?

As property management experts in Tower Hamlets, we’re on hand to make your life as a landlord easier and more profitable!

If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.

Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

In the meantime, here are the answers to the most frequently asked questions on this topic.

Frequently Asked Questions About Becoming a Landlord and Setting Up Rental Properties

Do I need a license to become a landlord in the UK?

In England, landlords may need to obtain a license for certain types of properties, such as houses in multiple occupations (HMOs), while Scotland and Wales have their own licensing systems; it’s crucial to check local regulations.

What responsibilities do landlords have regarding tenant safety?

Landlords are legally obligated to ensure the safety of their tenants by conducting regular gas safety checks, providing smoke and carbon monoxide alarms, and adhering to electrical safety standards.

How can I set a fair rental price for my property?

Speak with a local letting agent, research the local rental market, consider property features and amenities and evaluate comparable rentals to determine a competitive and fair rental price for your specific location and property type.

What steps should I take if my tenant fails to pay rent?

Follow the legal eviction process outlined in the relevant UK legislation, which typically involves issuing a notice to the tenant and seeking possession through the court if rent arrears persist.