National Landlords Association supply warning to potential landlords

January 10, 2012

CIA Let Property Blog

The NLA (National Landlords Association)

The NLA (National Landlords Association) have issued guidelines for homeowners who would like to go into the let property market instead of selling.

NLA chairman, David Saulsbury has said that while homeowners are waiting for the sales market to stabilise, they are letting out their properties.

“There are currently a record number of people searching for rental properties, meaning would-be landlords would have no problem finding a tenant.

“Letting a property can be a rewarding experience and an effective way of providing additional income, but prospective landlords will need to remember they are effectively starting a small business.

“They must ensure they are well aware of the rules and regulations governing the letting of private residential accommodation.”*

The National Landlords Association are warning potential landlords to follow regulations as house prices are falling this year and the let property market is growing.

Potential landlords must provide a proper tenancy agreement, they must also protect their tenants deposit by using a government – authorised scheme.

The property must be in good condition, any major repair work must be fixed right away and urgent repairs must be dealt with.

Landlord insurance must be one of the first things landlords look into, it is paramount when letting out your property.

Areas that have higher levels of unemployment due to these areas being reliant on manufacturing or the public sector, will more than likely see their property value fall 5% or more in 2012.

Assetz have warned property buyers to look into the areas in which they are investing in this year.

Chief executive of Assetz, Stuart Law has said:

“Now is not the time to take a punt on potentially ‘up and coming’ locations, or those that are dependent on sectors which are at risk from high levels of unemployment.

Landlords must make sure they look after their property and tenants

“The deepening euro zone crisis is far from over and it will no doubt continue to impact the property market here in the UK by limiting the amount banks are able to lend and stifling consumer confidence.”*

He ended by saying the buy-to-let market will remain strong in 2012. If you buy your property in a good area you will see a good reliable income and will hopefully have a large supply of high quality tenants.

*Quotes from mortgagestrategy.co.uk

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