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I was recently reading a report by the Home website which suggested that hordes of landlords are selling their buy-to-let investments due to increasing burdens on them in the buy-to-let market. Their findings suggest the number of new properties that came onto the market nationally (for sale) jumped by 11% across the UK as a result.
Those increasing burdens include new tax rules coming in over the next 3 to 4 years and the announcement that all self-managing landlords (i.e. landlords that don’t use a letting agent to look after their buy-to-let property) will soon need to register with a compulsory redress scheme to resolve tenant arguments and disputes; as Westminster wants to heighten standards in the Private Rented Sector. 
 
Interestingly I was chatting with a self-managed landlord from Canary Wharf, when I was out socially over the festive period, who didn’t realise the other recent legislations that have hit the Private Rented sector, including the ‘Right to Rent’ regulations which came in to operation last year. Landlords have to certify their tenants have the legal right to live in the UK. This includes checking and taking copies of their tenant’s passport or visa before the tenancy is signed. Of course, if you use a letting agent to manage your property, they will usually sort this for you (as they will with the redress scheme when that is implemented).
 
If you are a self-managed landlord though, the consequences are severe because if you let a property to a tenant who is living in the UK illegally, you will be fined up to £3,000. That same Canary Wharf landlord popped into my offices in the New Year, and I checked all his paperwork and ensured he was on the right side of the law going forward – and I offer the same to any landlord in the Docklands area if you want me to cast my eye over your buy to let matters (and at no cost – ok just bring in some chocolates for the girls in the office!)
 
But what of all these extra properties being dumped onto the market in Docklands? When I looked at the records the number of properties on the market in Docklands now, as opposed to a year ago, the numbers tell an interesting story …
 
 
1st Jan 2017
1st Jan 2018
 
Detached
16
8
-50%
Semi
11
10
-9%
Terraced
32
49
53%
Flat
1872
2118
13%
Plots +
Other
31
69
123%
Total
1962
2254
15%
 
 
Overall, Docklands does match the national trend, with the number of properties on the market actually rising by 15% in the last year.  It was particularly interesting to see the number of terraced increase by 53%, yet the number of detached on the market drop by 50%.
 
However, speaking with my team and other property professionals in the area, the majority of that movement in the number of properties and the types of properties on the market isn’t down to landlords dumping their properties on the market. The whole property market has changed in the last 12 months, with the majority of the change in the number and type of properties for sale due to the owner-occupier market, not landlords (a subject I will write about soon in my Docklands Property Market blog later this Spring?). You see, for the last ten years, each month there has always been a small number of Docklands landlords who have been releasing their monies from their Docklands buy to let properties - as is the nature of all investments!
 
Nationally, the number of rental properties coming on to the market to rent fell by 16% in Q4 2017 compared to Q4 2016 .. but that isn’t because there are 16% less rental properties to rent – it’s because tenants are staying in their rental properties longer meaning less are coming on the market to be RE-LET.
 
Nevertheless, some Docklands landlords will want to release the equity held in their Docklands buy to let properties in 2018. All I suggest is that you speak with your letting agent first, as putting a rental property on the open market often spooks the tenants to hand in their notice days after you put it on the market (because they don’t like the uncertainty and also believe they will become homeless!). This means you have an empty property, costing you money with no rent coming in.  However, some letting agents who specialise in portfolio management have select lists of landlords that will buy with sitting tenants in. If you have a portfolio in the Docklands area and are considering selling some or all of them – drop me a line as I might have a portfolio landlord for you (with the peace of mind that you won’t have any rental voids). 

 

I am often being asked by investors and first time buyers alike, where are the most popular streets in the E14 postcode area.

So, I decided to research this very subject. I ended up with so much data, I simply did not know what to do with it! My teenage son, a

regular YouTube viewer, suggested I do a series of videos. It is this very series that I now invite you to watch.

Once a week I will be releasing the next number, counting down from the 30th most popular street in E14, all the way to number one.

I hope you enjoy the videos, please click HERE to watch.

Thanks and kind regards.

Spencer

 

Here in the office, a lot of people ask me about supposed ‘golden rules’ they should abide by to get a quick sale. I often hear comments like ‘catch the property season’, ‘spend money to make money’ and ‘price high and accept low’. Unfortunately, achieving the optimum sale requires you to navigate highly changeable market conditions.

 

 

The local market in E14 changes a lot year-on-year. As the chart above shows, the average price of properties on the market fluctuates a lot more than you might think. But unweighted overall average prices only tell part of the story - sales rates are the thermometer we use to measure the temperature of the market. 

 

So what are active buyers looking for right now? We all enjoy some peace and quiet, no one is denying that. But the idea that property in close proximity to public transport hubs like train stations are harder to sell just isn't true. In fact, if you can hear the trains from your home, that means you are located nearby a station - and properties close to a station are always in high demand.

There are no hard-and-fast rules to how to sell your property - the tone of the market is ever changing and its important you work with a good local agent with their finger on the pulse. If you have any more questions regarding property in E14 or are thinking of selling your home and buying a new one, don't hesitate to get in touch with me.

You can email me via This email address is being protected from spambots. You need JavaScript enabled to view it.

Thanks for reading.

 

I don't know about you, but my commute into the office was a very important factor for me when I bought my last house. While the ever-increasing use of technology has made it easier to work from home, most people living in Britain still take part in the ‘daily grind', with a staggering three-million commuters now spending more than two hours to get to work.

But what does the commuting landscape look like in E14? The first thing we know is that most people have a commute of less than 10km (71.9 per cent of the total work force). This is the case for most of the UK and probably won’t come as a massive surprise. The second most common commute is 10km to 29km which accounts for 9.2 per cent of the total workforce in our area. 

 

Those thinking of buying a property in E14 will want to consider its proximity to local transport. However, with house prices sitting 15 per cent lower for every five miles you move away from a station, the temptation to find a home further afield is certainly strong. The prospect of getting more bang for your buck will make sense for less frequent commuters.

Longer journeys won't be disappearing anytime soon, but we do expect the number of commutes in England and Wales to reduce slightly over the next five years with more virtual offices and technologies like Google Hangouts and Skype. Why don't you pop into my office so I can advise you on all things property, whether buying, selling or renting?

Feel free to email me any property questions you may have, I love to help! This email address is being protected from spambots. You need JavaScript enabled to view it.

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