Let property in Southampton – one of the UK’s ‘coolest’ cities

Not only is Southampton a great buy-to-let investment location, but research from home furnishing company Web-Blinds has named the city as one of the coolest in the country; an indication of its appeal for potential buyers and renters alike. 

This comes as no surprise to us here at ChimneyPots, as we've been successfully letting property in this fantastic location for many years.

Southampton has steadily become an investor hotspot and a place where landlords can flourish and grow their rental portfolio, thanks to an overspill of demand from those who are struggling to get on the housing ladder.

The south coast hotspot is also a superb place to invest in property as average prices here aren’t too steep either. Meanwhile, the average rental return for landlords in the area stands at £1,323pcm; higher than the typical figure across the UK.

In the recent study, Southampton was named as one of the UK’s ‘coolest’ cities alongside Manchester and Brighton. The study was based on how metropolitan an area's lifestyle is as well as its attractiveness to renters.

A high proportion of the city’s population falls into the 18-35 demographic. Many of these residents are young professionals – a group who are extremely likely to be living in the Private Rented Sector (PRS). This really is encouraging news for landlords who are considering letting their property in Southampton.

Southampton is also home to the headquarters of several blue chip companies and its own airport – again great for professional tenants in the area.

Having two top quality universities means Southampton is now also home to a high student population – another indicator of its 'cool' status.

If there is a high proportion of students living in a city – it is likely to mean that it has an attractive social scene – and it's been reported that Southampton is one of the top five cities in the UK with the most bars and art galleries per 10,000 people.

Therefore, if you’re a landlord who is unsure of where to invest in the UK, starting a buy-to-let portfolio in Southampton, or any of the southern lettings hotspots which we operate in here at ChimneyPots, is guaranteed to provide you with great returns and minimal void periods.

If you have any questions about letting property in Southampton, or any of the other southern locations, then get in touch with our team of trained property experts today.

Alternatively, we also offer landlords the opportunity to discover how much rent they could potentially obtain from a property with our free online rental valuation.

http://chimneypotsestateagent.co.uk/let-property-in-southampton-one-of-the-uks-coolest-cities/

Why landlords must get themselves in gear for Right to Rent

Your minds may be awash with all things Christmas, but post-festivities, one of the biggest things that will be on landlords' minds will be ensuring that they are ready for the Right to Rent scheme.

Part of the Immigration Act 2014, the Right to Rent scheme – which requires landlords or their agents to check the immigration status of prospective tenants – was originally implemented across the West Midlands.

After this initial pilot project, the government announced in October that the scheme will be rolled out nationwide, meaning landlords in southern UK locations such as Portsmouth and Southampton, which estate and letting agent Chimneypots Estate Agents operate in, will have to comply.

Right to Rent requires landlords or their letting agents to check the immigration status of any adult who is about to or is currently living in one of the landlord’s rental properties.

The purpose of the scheme is to ensure that all tenants are authorised to rent in the UK. Ways of checking the tenants vary, but a passport, birth certificate or an identity card are likely to be the most common identification documents used.

This new law is set to come into force on February 1^st, and applies to all residential tenancies. It’s important for landlords to be aware not only of the adults living in the property, but to be wary of any children who could be about to turn 18 and therefore become classed as an adult living in the property. 

At the moment, February 1st may seem way off. However, landlords are being advised that checks begin to be completed 28 days before the February deadline to allow for any hiccups.

Therefore, ensuring you implement the checks into your routine within good time should be your number one New Year's resolution. Getting the right documents and making sure that they are verified and that you have copies takes time, so get cracking!

Failure to complete these crucial checks won’t just lead to a slap on the wrist, either. There will be serious consequences for landlords that don’t comply. Any offending landlords could receive a fine of up to £3,000 per illegal tenant living in their property. For repeat offenders, criminal action may also be taken.

When letting a property is done well, it’s a highly profitable venture; so ensure you don’t lose out by failing to complete these checks accurately.

A lot of responsibility now lies with landlords, and if this sounds like a lot of extra work then don’t fear. Landlords are able to hand the responsibility of the Right to Rent checks over to their local letting agent such as Chimneypots.

If this is something that interests you, it’s crucial that a written agreement is constructed between the two parties so that the area of responsibility is crystal clear.

At Chimneypots, we’re a team of property experts who are skilled in obtaining this kind of data quickly and accurately. If you would like us to take charge of this part of the rental process, then get in touch with us today.

If you have any questions regarding any part of the letting process, then we’re also on-hand to help.

We also offer landlords the chance to find out just how much rent they could earn from their property with our free instant online valuation, try it today! 

http://chimneypotsestateagent.co.uk/why-landlords-must-get-themselves-in-gear-for-right-to-rent/