Posts tagged investing in property
What will rising interest rates mean for the housing market? – iConn Property Management, Canterbury0
Another interesting read from Property Industry Eye:
So what will happen when interest rates rise, as Bank of England Governor Mark Carney has suggested, at around the turn of the year?
Well, putting aside that Carney has said this sort of thing before and it hasn’t happened, the effect could be imminent woe, death and destruction – or not.
The Guardian is fairly confident that the end of the world is nigh.
The housing market could collapse and “it is estate agents who have most to fear”, it says.
The paper reasons that it won’t be so much about mortgages and affordability, but about confidence.
It also predicts that lenders won’t wait until base rates rise early next year, but will start repricing their mortgages “almost immediately”.
As for borrowers, one third will struggle if interest rates rise, consumer spending will fall and there’ll be repossessions.
It all sounds like a terrifying vision of doomsday about which all of us should do something very quickly indeed – such as hand back our keys if we’re borrowers, or go into recession survival mode if we’re agents.
But here’s a mortgage broker with a more reassuring view.
Simon Tyler said rates may not rise for all borrowers, even if the base rate does increase.
“If we see a rate rise next year, those on tracker loans will be hit straight away but many other people may not be affected – at least initially.
“Competition in the mortgage sector is so intense, with so many new entrants vying for market share, that we may find that the first rate rise is hardly passed on at all by many lenders.
“Remember, most lenders’ standard variable rates are already at over 4%, which is miles above the level of the base rate at just 0.5%.
“So we may not see much movement at all, even after a rate rise.”
Long-term, Tyler is not quite so sanguine: “However, if a rate hike is passed on it is going to hurt. Household debt is so high, with so many people stretching to repay their mortgages and other credit, that any rate hike is going to be very painful and have a disproportionate impact.
“Remember, wages have barely been rising for years but many people have stretched to get on the housing ladder, often only with the aid of government assistance.
“These people may find a rate hike hard to cope with.
“House prices are unlikely to be hit very hard given that demand is still so high, but it could dampen the market a little and slow price growth in some areas.
“First-time buyers may find some areas where prices drop back a little which will help them, but at the same time they are likely to find that higher rates mean they won’t qualify for the mortgage that they want.
“As rates begin to rise you could even see a rush of people coming to buy because they fear they will miss the boat if rates increase too far, and that could even push house prices up in the short term.
“In short, raising rates will have to be a very delicate process in order not to derail the economic recovery which is actually paper thin. If they rise too fast too soon it will take away the feel good effect that people are starting to get with rising wages and push the economy backwards. Business borrowing could be hit and that would hit employment.
“The fact is that any big increase in rates is still some years away and competition among lenders should ensure that there are fantastic value deals still around for several years from now.”
And what did Carney actually say? That rate rises will be “limited and gradual” and “proceed slowly” rising to a “level in the medium terms that is perhaps half as high as historic averages”.
We suspect that most estate agents will be telling the public: “There has never been a better time to sell – or buy.”
Samantha Hooper, Lettings Negotiator at iConn Property Management writes;
Autumn season has arrived and we have been experiencing a lot of rain over the last few days! At this time of year, our tenants start drying clothes inside their homes, which later down the line can result in damp / condensation build up in the property. Here’s a few tips on how to avoid this common problem!
Open bedroom windows when you go to bed at night; a 10mm gap will do. If it really is too cold to do this, wipe the condensation off the windows first thing in the morning, but please do not put the cloth you used on the radiator to dry as this will create more condensation.
Ensure full use of extractor or ventilation fans. Where these are not provided, open a window after bathing or showering to give the steam and damp air a chance to escape. Wipe windows, walls and mirrors to remove condensation (a microfiber cloth is the most efficient means of doing this), and dry the shower tray or bath. Keep the door closed while the bathroom is in use to prevent the steam escaping to other parts of the house.
When cooking, cover pans. Use exactor or ventilation fans where provided. If you do not have an automatic kettle, take care to ensure it is not left boiling. These precautions will help to reduce steam and therefore moisture in the air. Keep the door closed while the kitchen is in use to prevent the steam escaping to other parts of the house.
Where there are chimneys, do not block them up. If a wall appears to be damp, do not put furniture right up against it; allow some circulation of air.
Make sure that any ventilation bricks or openings in the building are not obstructed.
Keep glass as clear of condensation as you can. Wipe away any moisture that has formed using a soft cloth. Leave open any ”trickle” vents in double glazed units. Get into the habit of opening windows to keep moisture content in the air down and to air the property when you can.
Avoid drying clothes on radiators. Tumble dryers should be vented to the outside, unless fitted with a condenser.
Provide a reasonable level of heating (no less than 10°C in an unused area, or 16C if in use); cold rooms are susceptible to condensation. Remember, the best way to heat a room and avoid condensation is to maintain a low level of warmth throughout the day rather than to turn the heating off while you are out and put it on at a high level when you return home.
Portable gas and paraffin heaters can create a significant amount of damp and condensation within properties. Please do not use these types of heaters unless you have permission from your landlord or property manager.
Mildew may be removed from clothes by using a dry cleaning process.
Remove and kill mould by wiping the affected area(s) with a fungicide which carries a Health and Safety Executive approval number, precisely following the manufactures instructions. Alternatively a mild bleach solution will have the desired effect, but do test on a small area first.
Do not disturb mould by vacuuming or brushing as this can give rise to respiratory complaints.
Iris O’Connell, Managing Director at iConn Property Management writes;
A huge congratulations to our Accounts Coordinator, Samantha Douglas who tied the knot to Shaun Burgess this month! We hope you had a fantastic day, and we wish you lots of happy years together!
Iris O’Connell, Managing Director at iConn Property Management writes;
We are pleased to announce that our Property Manager Tanya MacLeod has recently passed all four units of the NFOPP Level 3 Qualification for the Technical Award in Residential Letting & Property Management, and our Lettings Negotiator, Sam Macdonald is also on her way and passed the first unit towards her qualification last week! Well done to both of you!
Iris O’Connell, Managing Director of iConn Property Management writes:
I am pleased to introduce a new member staff who will be working alongside Sam Macdonald in the lettings team. Amy Chilvers is our new Lettings Negotiator and has previously worked in Lettings & Property Maintenance for over 18 months.
If you have any tenancy queries, you can contact Amy on: email@example.com
Tanya MacLeod, Property Manager at iConn Property Management writes;
Canterbury City Council have introduced some changes to the collection of waste in Canterbury recently.
The Canterbury City Councils website states;
Changes to your waste collection service
In the summer we will be making some changes to the waste collection service. We will be picking up your food waste every week and collecting glass every two weeks. To complement the new service we will be giving you some new bins and boxes.
Once we’ve delivered your bins, your first collection will take place on your next scheduled recycling day. That week, put out your blue lidded bin (glass, tins, cartons and plastics) with your red insert box (paper and card) inside along with your food waste caddy. If you have a garden bin, put that out too.
Here is some useful information taken from the Canterbury City Council’s website which may help you with the new system;
What goes in my bins?
Black household waste bin
Your black wheeled bin is for household and food waste, and items which cannot be recycled.
You can recycle the following items in your clear sacks:
- Cans, aerosols with nozzles removed and aluminium foil.
- Paper, magazines, newspapers, catalogues and phone directories.
- Wrapping paper (remove Sellotape).
- Cardboard food boxes and egg cartons (flattened).
- Toilet or kitchen roll inner cardboard.
- Plastic drinks bottles, shampoo bottles, and washing up liquid bottles.
If the wrong materials are found in the sack, it will not be collected.
Please remember to flatten boxes, wash and squash plastic bottles and remove lids, empty and rinse food containers, put materials loose in your clear recycling sack and tie securely. Secured bundles of cardboard and newspapers will be collected if placed beside recycling sacks.
Green lidded bin
You can place the following items in your green bin:
- Grass cuttings, hedge clippings, dead plants and weeds.
- Cut flower and shrub prunings.
- Bark, leaves and small twigs.
- Branches (Up to 4cm thick).
We will not empty bins which contain the following:
- Stone, concrete, timber or builder’s waste.
- Glass, plastic, metal, paper or cardboard.
- Plant pots, soil or turf.
- Household rubbish and food waste.
You can also find more information regarding this matter on their website, https://www.canterbury.gov.uk/bins-recycling/
Sam Macdonald, Lettings Negotiator for iConn Property Management writes:
ARLA (Association of Residential Letting Agents) supplies lots of answers to common questions which tenants might need to know.
This link takes tenants direct to their website: https://www.arla.co.uk/information/tenants/rights-of-access/
Here is one of the questions I spotted earlier which I thought would be useful to know:
What About Rights Of Access To The Property, What Are The Rules?
A landlord, or his agent, or someone authorised to act on his behalf has a right to view the property to assess its condition and to carry out necessary repairs or maintenance at reasonable times of the day. The law says that a landlord or agent must give a tenant at least 24 hours prior notice in writing (except in an emergency) of such a visit. Naturally, if the tenant agrees, on specific or odd occasions to allow access without the 24 hours prior written notice, that is acceptable. [A clause in the tenancy agreement which tries to diminish or over-ride a tenant’s rights in this respect would be void and unenforceable.]
We are pleased to announce that iConn are sponsors of the ‘Kent Student Law Society’
They are one of the largest societies on the University of Kent’s Canterbury Campus and represent students who study Law.
What do we do about house bills?
Often students will ask us how much their bills will be, it is very hard to say as obviously your bills are based on your usage….so if you have the lights on a lot, a telly in each room, heating on constant and nice hot baths everyday your bills are going to be higher then the house that are more conscientious of their usage.
Our advice would be to all sit down when you arrive and work out a budget to all put in a pot each month. You will need to consider your gas, electric, water rates and TV license payments then any additional extras you would all like…telephone, internet, Sky TV, regular window cleaner or gardener?! Work out how much this will cost you on a monthly basis and then divide it by the number of housemates. Then as the bills come in you can review and adjust your costings accordingly. It’s a good idea to pay the same amount for your gas and electric each month as although you may not use the heating in the summer months your winter bills will be higher so it will even out over the year instead of being caught with a large bill at the end of winter. If you do want to pay more on a pay as you go basis then remember to always take meter readings as the bills comes in. Companies will often estimate your usage and so if you haven’t been there they may be charging you for more usage, if you call them with your actual meter readings they will adjust the bill and you will only ever pay for what you have actually used.
When your tenancy starts either your landlord or iConn will take meter readings for your gas and electric meters. If we complete your inventory we will notify the utility companies of your details and the bills will begin to arrive at the property in your name. If your landlord completes your inventory, either they will notify the companies or they will provide you with the details of who to call to complete this yourself.
Remember that you are responsible for bills from when your tenancy starts so just because you pay half rent over the summer months does not mean that bills will not accumulate over the summer months. Obviously your gas and electric bills will be minimal if you are not in occupation but other utilities like the water companies have a standard charge for the year and so there bill will still be payable.
If you are all students in your household you will be exempt from Council Tax. We will notify the council of your details but they will write to you separately when you arrive to confirm your details.
The Television Licence Fee is the responsibility of the tenant. You can arrange payment of a new license or transfer an old one by telephoning 0300 555 0281 or online at
Some properties have Sky Dishes installed; however they will not be activated. If your property does not have a Sky Dish and you wish to have one installed, you must get permission from the landlord first by contacting us. Once permission is granted, you are responsible for any installation costs, ongoing bills and any contract you have with sky. You can contact Sky on 08705 800 874 or apply online www.sky.com
Most properties have telephone lines / internet connection already installed but they may not be activated when you arrive as the current tenants may take their line with them. Due to data protection we are not allowed to organise the connection of the phone line for you. Telephone lines are installed by BT and you can arrange connection/activation with them by calling 0800 800 150 or online at www.bt.com/Choices . This also applies to internet/Broadband connections. There are many different providers some include, BT Internet, AOL, Tiscalli and Freeserve.
Sam Douglas, Accounts Co-Ordinator for iConn Property Management writes:
We have an Emergency out of hours service set up to cover our office when we are closed over a weekend or a bank holiday.
During this period faults should be reported as follows:
Plumbing / Gas Heating / Electrics / Appliance Breakdown
CHP Electrical 07809728721
Locks / Keys to
APT Howfield 01227 458999
Please note that if you have a British Gas CELSIA / Homecare contract in place you should call them in the first instance as usual.
Alternatively if your message is not urgent then please leave a message on our answerphone on 01227 765008 and we will respond to your message our return.
Iris O’Connell, Managing Director for iConn Property Management writes:
We are pleased to welcome the new member of our team….. Elvis!!
He’s all shook up in his new heartbreak hotel fish tank but I’m sure he will settle in soon.
Feel free to pop in to say hello!
Vicky Cranthorne, Office Manager for iConn Property Management writes:
For new students for 2012:
Hope you are all enjoying your summer; Just so you are all aware what is required from you in order to collect keys for your student property in September, I have included a tick list for you to use to check, below.
Obviously, if you have already collected your keys you can just ignore this message.
Key collection is available from the 1st September 2011 from our office 26a Castle Street, Canterbury, Kent CT1 2PU.
Our office hours on a Saturday are 9am – 1pm. If you are going to arrive later please contact me, in advance, and we will see if we can arrange something for you.
- If your property keys are issued by your landlord you will be emailed separately to confirm this but you must still attend the office before going to the property to collect your welcome packs
- If your tenancy is starting after the 1st September your keys will be available from the date on your tenancy agreement.
If any of you have any questions or queries please contact me.
Each tenant must have a signed guarantor agreement in place.
NO KEYS RELEASED TO ANY TENANT
RENT AND ADMIN FEES
There must be no arrears on ANY tenants account.
This includes Summer rent, Admin fees and September rent.
NO KEYS RELEASED TO ANY TENANT
Can be signed in the office on key collection
NO KEY RELEASED FOR INDIVIDUAL TENANT
STANDING ORDER FORM
Complete in office on key collection.
Those without one already in place will be asked to pay their September rent or prove payment. (see above note for Rent and Admin)
NO KEY RELEASED FOR INDIVIDUAL TENANT
Photocopy will be taken on key collection.
NO KEY RELEASED FOR INDIVIDUAL TENANT
Vicky Cranthorne, Office Manager at iConn Property Management, Canterbury writes:
When reading the paper this week I noticed an advertisement to remind residents in our area to re-tune their TVs as changes are being made to the transmitter on the 27th June 2012.
Thought this information may be useful to some of you too:
Full details are on the website: http://www.digitaluk.co.uk/how_do_i_switch/connections__and__retuning/retuning_instructions
Vicky Cranthorne, Office Manager from iConn Property Management writes:
Our friends from Propertyads have provided us with their top tips for Landlords – Hope you find them useful.
Top tips for landlords considering buy-to-let properties
Buy-to-let properties can be an excellent way to supplement your income or your pension, and a little research and a bit of clever property market know-how can help you make the most out of your buy-to-let property. So if you’re considering adding a little extra to your pocket each month, here are our top tips for potential landlords looking at getting into buy-to-let properties.
1. Investigate the best area for good investment Before you buy a property, you have to think about what kind of tenant you want, and where you want to buy. Your rental property doesn’t even need to be in the same city! For example, buy-to-let properties in Sheffield and Canterbury, student cities, are a great investment. Each year new students arrive to study, and each year they need additional accommodation. Investing in a student area is an excellent idea when you’re looking for almost-guaranteed income. Much like student rental properties, investing in a business-oriented city near a financial district such as Canary Wharf in London will be a costly venture, but will also help you to secure a tenant relatively easily.
2. Decorate for demand to cater to your tenants Decorate and furnish your home according to your ideal tenant’s requirements. If you’ve bought a buy-to-let property in Canterbury, for example, make sure that each bedroom is furnished with a bed and a desk to allow multiple students to rent out the rooms. A large living room and plenty of storage space in the kitchen are also preferential, so make sure you don’t clutter it up with unnecessary décor.
3. Plan for empty flats As a landlord with a buy-to-let property, it’s important that you make financial provision for empty flats. If you’re unable to find a tenant you will still need to make mortgage repayments. Make sure you have access to funds if you need to do this. Another option would be to sign with a rental agency that guarantees rentals for your flats so that you’re always covered, or take out an insurance policy that insures you against non-payment of rent during a rental agreement.
4. Write in increases to your tenancy agreements and set up a direct debit Make sure that you write in annual increase agreements in your tenancy contracts to make the most out of your rental property. Setting up a direct debit agreement will guarantee the rental income on a particular day (instead of collecting funds on different days each month when the tenant remembers to pay)
5. Protect your property with insurance Landlord’s insurance can help you protect yourself against unpaid rental, theft by tenants, or damage to a property due to tenant negligence or weather damage. A good insurance policy is a good investment when you’re in the landlord market to make money out of your buy-to-let property – especially if it is situated in a different city to your own residence
If you are looking to grow your portfolio or first time invest into the property market in the Canterbury area please contact us for free independent advice.
We have worked with iConn for a number of years during which they have let our properties in the Canterbury area. We are enjoying excellent service form the agent and the team members with speedy responses to our queries, prompt appointments and viewings and an efficient execution of referencing and contract provision. The staff are always friendly and polite which makes it a pleasure to do business on this basis.
The service I have had from iConn has been excellent.
What I rate most highly about iConn is their punctual correspondence, their ability to take the initiative in my interest, and their help with difficult problems. Monthly statements from iConn have never been late and are always well explained, particularly when there are delays in payments from tenants or additional costs due to work on the flat.
Sometimes they need to act quickly, and as I live in London, they have acted very effectively with only a quick nod from me, saving me considerable time.
A year ago, I had a difficult tenant who refused to pay rent. iConn was enormously helpful in leading me through the legal process that recovered my money. They also provide me with very helpful information regarding my tax statements, and always respond promptly.
I have had the pleasure of working with the whole team at iConn, who work together in a very efficient manner, and would recommend them strongly to anyone seeking an efficient and friendly letting agency.
I have used iConn as my letting agent for over ten years and during that time I have been delighted with the level of service I have received. Over those years I have been consistently impressed with the professionalism and expertise shown by all iConn staff. I take the view that iConn has a very clear philosophy which includes providing a service second to none. I would recommend iConn to anyone with property to rent without reservation.
We came to iConn from an agent that was always asking us to reduce rent and offering incentives to the tenants; because of this attitude we always felt that the agent was working for the tenant rather that us. We were pleasantly surprised with the complete reversal in the attitude to us with iConn. They are most professional in their attitude, but always there to help and give us advice, and nothing is too much trouble. They keep us up to date with emails and phone calls; the money side of the company is always professional and correct, which was not so our previous agents. We have never had a year when our houses are not let. Thanks to iConn we can relax and definitely get our ‘moneys worth’.
iConn and their predecessors have marketed our property for six years. They have always given us sound advice and Vicky Cranthorne in particular has always gone “the extra mile” to help. The new e-mail Bulletin has regular updates on matters of interest to landlords and tenants as well as more light-hearted items, which make it palatable.
We have been using iConn Property Management Ltd for the past three years. We have always found the staff incredibly helpful with all enquiries we’ve had.
They provide a very professional and friendly service. If ever we have a problem or issue it is always resolved in a matter of hours where other agencies in the past have taken much longer even to acknowledge the issue. Having built up a rapport with the staff, it makes it easier for all when looking for a new property as the team already know our likes and dislikes.
We have always received a quality service from iConn. They care about you, your situation and how you want to live, they don’t just forget about you when you sign the contract. We would recommend them to anyone looking for a Property Management / Lettings company
From the start I have been impressed with the efficiency of iConn. Tenants were found within a couple of days for our property and all matters relating to it have been dealt with efficiently and well. I would have no hesitation in using iConn again in the future.
I was unhappy with their services of another agent and came across iConn. I spoke with Iris O’Connell and was very impressed with her professionalism and experience and took the decision to instruct iConn as the new Agent for the property.
In comparison to a similar level of service received elsewhere, I can honestly say that I am very confident that iConn work hard to ensure that my flat is occupied and well maintained and always seem happy to go that little bit further. I am secure in the knowledge that my flat is in “safe hands” which affords me the luxury of having a rental property that I don’t really have to worry about. They keep me regularly updated on both my flat and industry requirements/standards and endeavour to go further by providing handy hints and tips via newsletters etc. Any items that are required are fully investigated and I do feel that they try to get the best deal for me when it comes to any maintenance costs. Their fully managed service provides exactly that: a very high standard in managed service requiring very little input from me.
I couldn’t be happier with the service I receive and furthermore, the level of service has not waned or declined at all and remains at the same high standard as when I first instructed them.
I would give them the highest possible rating based on the fact that 1) I receive an impeccable service 2) I have had no reason for complaint 3) my flat is kept in good condition by tenants 4) I receive a good deal of relevant communication in a timely fashion 5) my flat is regularly occupied despite quite a high turnover of tenants 6) a pretty seamless service between rental and maintenance departments 7) they don’t have a call centre.. if I need to speak to someone about my flat I just call iConn and speak with someone that actually knows the property and finally 8) they answer their phones quickly and if the individual I need to speak to isn’t available I know that someone else can help or that the person required will get back to me in a timely fashion.
iConn definitely receive my seal of approval (and I can be a fussy customer!)
We have 2 properties which have been let by iConn since around 2005. I only have positive words to say about iConn, the staff that we have contact with (namely Vicky) is always helpful, friendly and efficient. Any problems have been dealt with professionally and swiftly and therefore we have the utmost confidence in them. I also know that they are helpful to our tenants. We have the pick of lettings agents here in Canterbury, but as we receive such an excellent service, I have no reason to move my business elsewhere – a completely satisfied customer on all counts!
The service level of iConn in terms of professional communication on all matters from tenancy agreement, proactive property inspections, quotations for works required etc. and looking after the landlords interest as if the property is their own is better than I have experienced from any other letting agent. With iConn’s managed services package I’m confident our properties are in good hands and therefore have not had to visit our properties that are managed by them for the last 8 years.
I have a small portfolio of buy to lets and over the years I have dealt with many estate/lettings agents. The reason I have had experience of several lettings agencies is that I have invariably found that although they have initially been keen to make a good impression, their management of my properties has deteriorated over time. This has resulted in me switching agents, and so the cycle would be repeated …..until I discovered iConn.
Iris O’Connell leads a dedicated team who have managed my properties as if they were their own. They have offered sound, impartial and professional advice and competitive fees. They provide a Rolls Royce Service and I have had no hesitation in recommending them to other landlords. They most certainly deserve to win the Lettings Agency of the Year Award. Whether they win or not, they will always be Number 1 Letting Agent for me. I commend them to you.
We have been associated with iConn for four years and have found the company to be very efficient and professional. Any queries we have had have always been promptly and clearly answered. On visiting your office one is met by a warm and business-like atmosphere. It is good to know that, if one asks iConn staff to sort a problem it will be diplomatically dealt with. All communications from the company can be relied upon with confidence.
Although we are new clients of iConn Property Management we have been impressed by their knowledge of legislation governing the rental market.
Having been badly let down by our previous agent we immediately felt that iConn offered a professional and more importantly a ‘caring’ service. The advice and assistance (given free) in resolving our previous difficulties was first class and enabled a smooth transition in the takeover of our property. The staff are well versed in customer relations and provide a competent efficient and friendly service. In comparison to the services other agencies provide iConn are market leaders. We look forward to enjoying a long and happy business relationship with them
iConn Property Management have always provided a top quality service, I have let my property through them for over four years and I hope there will be many more years to come. They maintain an honest approach and always keep my informed as to the progress of letting my property. Over the four years there has never been a void period and this is down to hard working fully trained staff and quality marketing. I will certainly not be using any other agent and would recommend iConn to any Landlord.
I was very impressed with the initial outline of the service offering from iConn which I thought was fair and reasonable. I am pleased to say that their service has enhanced our initial perception of them as a company. Everyone is extremely efficient and helpful and “things just get done” without any hassle to me at a reasonable cost. I am sure the tenants are a lot happier now we are using iConn. We recently marketed the property for next year’s intake of students and iConn filled the house quickly and organised all references to verify the tenants.
We are delighted with the service we have received to date and I wish they had an office closer to some of our other properties!