What is your current role and what does a typical day entail?
I am currently employed as Lettings Area Manager for Your Move Chris Stonock. In fairness two days are never the same which makes the job very interesting, however I would say my primary role is ensuring the local branches and my property management department provide and exceed the high standards expected from our landlords and tenants.
What are the biggest issues facing the lettings world?
No tenancy is without issue and landlords should seek out “experts” to deal with their properties. Legislation surrounding lettings is changing so fast it feels like there is something new on a weekly basis. If Landlords don’t keep up with the changes they can find themselves in difficulty when it comes to repairs, issuing possession notices and dealing with deposits at the end of tenancies.
What’s happening in the market? A good time to be a landlord?
Depending on which local or national survey you read rents are going up one day and down the next. We have seen demand rise and fall on a monthly basis across our 8 branches but generally an average to good property will still let within 2 to 3 weeks.
What would you tell prospective Landlords to buy?
2/3 bedroom flats, terraces and semi detached houses throughout the north east make good investments. Research the local area to ensure demand is good for rental and aim for a yield around 6% to 8%.
Best areas in the North East for Landlords to buy?
We have excellent success in all our 8 branches with every sales manager reporting several potential tenants for each property if priced and presented properly. I am seeing some superb investment in local areas in the way of infrastructure in Durham City for example. If I had to pick one area I would suggest the Low Fell/Gateshead area. The local amenities and transport links are superb coupled with reasonable house prices and a very high demand.
Your advice to tenants?
Use and trust estate agents. Applying for a property via an agent allows some degree of security and should ensure the standard of accommodation has been assessed and passed as fit for purpose. Read the tenancy in full before signing it and ensure you have fully understood your responsibilities.
Your favourite place in the North East?
South Shields - having lived just outside Durham City for most of my life I have just moved to the coast which is proving very popular with the family.