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Your Move Property Blog

Thoughts, Opinions & Analysis of the UK Property Market

Your Move's Guide to Renting for Students

October 9, 2014 13:51 by Your Move Press Office

The new university term has started and although many students are just getting settled into university halls, it won’t be long until they have to start finding somewhere to live for the next academic year. That’s why  Your Move has pulled together a handy guide to renting for students (and parents).

Here are our top tips for navigating a student rental market for the first time.

Cost

  • Can you afford the accommodation? You will need to think how much the rent is and if it’s PPW (price you pay per week) or PCM (the price you pay per calendar month), and what is included in the rent?
  •  Is it just the room in the house, or does it include other bills? In a house share you usually have to pay the household bills on top of your rent (something you might not have had to think about in halls) – this will probably include gas, water, electricity, TV licence and Wi-Fi (remember if you are a full time student you are exempt from paying council tax). These items all need to be budgeted in to your weekly or monthly allowance, there is no point living in fabulous accommodation if you cannot afford it.

Location 

  • How far is your new accommodation from the university? If you have to travel in to university every day think how much this will cost per week, as you will need to include this in your budget.

Space 

  • Does the accommodation have adequate space? Will your room have space for everything you need? A desk, computer, files, books, clothes and any other belongings e.g. skate board, guitar etc. 
  • Will you need to think about furniture? Is the property furnished or will you need to provide your own?    

Who is responsible for the management of your property?

  • If you are renting your property through a lettings agent, find out whether you deal with the lettings agent or landlord if something needs repairing. This information will usually be in your welcome letter, if not speak to the lettings agent to find out.

Safety 

  • Always check that there is a gas safety record for your house; your lettings agent should have this. 
  • Carbon monoxide detectors are not legally required but are recommended.  
  • Smoke alarms and electrical certificates are not legally required (unless the house is a House in Multiple Occupation*) but are recommended. If the house is a House in Multiple Occupation (HMO), there should also be fire doors and fire blankets and you should check with your lettings agent that the landlord has a licence to run an HMO. 
  • Check that your property has good, well-fitting locks on the front and back doors and windows that work. Don’t forget that you will need to get your belongings insured.

Moving in/out and finance

  •  When moving in, think ahead to when you will be moving out and importantly getting your deposit back for next year/beer money. If you receive an inventory, make sure you check it thoroughly and return it to your landlord or lettings agents with any comments and  photos. You cannot be charged for any damage or missing items if your landlord or lettings agent doesn’t provide an inventory.
  •  If your tenancy is an Assured Shorthold Tenancy, it is a legal requirement that your security deposit is lodged in a tenancy deposit scheme (there are three different schemes) and you should receive specific scheme information, a copy of the registration certificate and a scheme leaflet – keep these!  
  • You will also need either a guarantor, who is in full employment in the UK or you will need to pay your rent in advance.

Other than that enjoy your next couple of years at university, hopefully this guide will help you with your search for suitable accommodation, so you can just focus on your studying.

(*) HMO = at least 3 tenants live there, forming more than one household and you share toilet, bathroom or kitchen facilities with other tenants
(**) Calls may be recorded and/or monitored for training and/or data protection purposes




August 2014 House Price Index

September 23, 2014 14:22 by Your Move Press Office

Mind the gap: London and South East skew average house prices by record £89,000

· Overall average house price now £274,302 – but only £185,496 omitting London and the South East
· Represents the biggest price disparity since 1995 due to cooling house prices in regions
· Slowdown outside of London and the South East as annual rise drops to 4.3%
· Contrasts with average house price growth of 10.7% in past year across all of England & Wales

Overview:

David Newnes, Director of Your Move estate agents, comments: “A game of two halves is being played out in the UK property market. In terms of average house price growth, a gap has developed between the South East corner and the rest of the country. If we exclude the key players of London and the South East from the game, a whole different playing field is revealed.

“House prices across the remaining parts of England and Wales have only increased 4.3% in the past year, or less than half of the overall measure of 10.7% when we include London and the South East. In absolute terms the difference would seem to add £88,806 to the average price tag for a home across England and Wales – the highest absolute difference since 1995.

Regional overview:

David Newnes continues: “There is also much more to be said beyond the headlines for London. The annual rate of growth in London house prices is the fastest witnessed since 2000. Most recently we’re seeing asking prices in the capital start to be reined in, which will apply the brakes on annual house price inflation as the market steadies. 

"What’s happening in London may be eye-catching, but it is akin to looking through a kaleidoscope – and skews any view of the current total housing landscape. Peeling back the regional layers gives a much more informed view of the core reality of the current housing market. With evidence of London starting to cool off after strong growth earlier in the year, it is critical that the underlying momentum that has stimulated much needed increased volume in the rest of the market is allowed freedom to keep moving, whilst any price rises are kept steady and under control.” 

       Read the full index




August 2014 Buy-to-Let Index

September 19, 2014 10:07 by Your Move Press Office

 

RENTS EASE SLOWLY UP TO REACH ALL TIME RECORD HIGH AS PEAK LETTINGS SEASON APPROACHES

  • All-time record of £761 per month for average residential rents across England & Wales
  • Monthly rental growth of 1.1% takes annual rent rises to 2.4% over the last twelve months
  • Tenant finances see minor set-back with 8.0% of all rent in arrears, up 0.2% since August 2013
  • Price rises take landlord returns to 12.7%, before mortgage payments and maintenance costs

Overview:

Rents have eased slowly up to reach an all-time record high as the rental market approaches its autumn peak, according to the latest Buy-to-Let Index from the UK’s largest lettings agent networks, Your Move.
The average residential rent across England and Wales is now £761 per month. This is £3 higher than the previous record £758 set in October 2013.
On a monthly basis August rents are on average 1.1% higher than was seen in July – or an increase of £8.
This leaves monthly rents 2.4% higher than a year ago, when in August 2013 average monthly rents previously stood at £743. In absolute terms this annual growth represents an increase of £15.

Commentary:

David Newnes, Director of  Your Move, comments: “Autumn is when more people move to take up new opportunities, to build new careers and to start new chapters. That is what the rental market is all about for many people by providing flexibility and it’s what it does well – at a cost that’s risen in line with inflation for at least half a decade.
“No year is the same, and already 2014 has been like no other. The reawakening of mortgage lending startled the property market into a new spring of life earlier in the year. The benefits have been felt across the board, not just for first-time buyers but for tenants too. Investment means rents are now only 1% higher in real terms than at the start of 2010."

Read the full index




Scotland House Price Index Infographic - September 2014

September 17, 2014 12:07 by Admin

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House Price Index Infographic - August 2014

September 11, 2014 14:33 by YOUR MOVE

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