We've let a similar property in this street only this month so know that this 2 bedroom Grindon mid-terrace will be popular
The owner of the property we've just let won't mind me saying that this property looks to be in much better condition with immaculate decoration throughout and stylish modern kitchen and bathroom
We let 'our' property for £495pcm and whilst the fact that this one is of a much higher quality may suggest that more rent could be achieved, that would push it above the 'magic' £500pcm barrier (most Sunderland searches to rent are for properties under £500pcm) and therefore it may result in it taking longer to let
I'd be tempted to put it on at £495, know it will let almost instantly, is likely to be let on a long term basis and it's likely that you'll never have any voids
Even based on £495pcm (which is conservative) it will return 7.2% Gross Yield based on paying the £82,000 asking price
It's on with Peter Heron so click here for details https://www.onthemarket.com/details/2401819 and call them to arrange a viewing
If you'd like to discuss any aspect of the Sunderland property market give me a call on 0191 567 8577 or email neil.whitfield@belvoirlettings.com
From Monday 1st February all UK Landlords will be required by law to ensure that all prospective tenants have the right to rent in the UK - and face a £3,000 fine per tenant should they fail to do so
I was speaking to a local Private Landlord this week who was concerned about the extra burden this may put upon him and he asked my opinion on how I thought ‘Right to Rent’ will affect Landlords in Sunderland and how it will affect the Sunderland lettings market
Casting aside the political motivation for this and whether this is a Good Idea or Bad Idea, it's here so Landlords have little choice but to deal with it
UK citizens or nationals from the European Economic Area (plus Switzerland!) have an automatic & indefinite right to live in the UK - for those from outside the above areas (or even for family members of the above) their right to live in the UK is likely to be granted at the discretion of the Home Office and is likely to be only for a finite period
Looking at the last available figures (using the latest Census figures from a couple of years ago) there are 275,506 residents in the Sunderland area and of those, 264,201 residents (or 95.9%) were born in the UK
Of the other 4.1% I found that 3,206 are from Europe, 1,611 from Africa, 5,019 from the Middle East & Asia, 280 from the Americas & The Caribbean and 161 from Antarctica, Oceania and Australasia
If all of the above residents from outside the UK and Europe weren’t supposed to be living in the UK, that could risk a fine of £21,213,000 coming to the Landlords of Sunderland!
This is small change when compared to other Cities with a much higher proportion of non UK or non European nationals as residents
Looking first close to home, of Newcastle's 280,177 residents, 9.9% are from outside the European Economic Area so might not be eligible to rent in the UK but even this figure is relatively small compared to 17.6% of Birmingham and 18.3% of Manchester's residents who are originally from outside the UK or European Economic Area
Go further South and the proportion of non UK or European nationals increases with Luton having 21.3% of it's 203,201 resident population from outside the EEA and UK - this rises to 28.2% when you look at the population of Slough
So looking at the current profile of Sunderland's population, it could be argued that 'Right to Rent' will affect Sunderland Landlords far less than those Landlords from elsewhere where there are far more non UK or European nationals
This is a dangerous simplification, as for a Landlord not to check the Right to Rent status of ALL potential tenants (even if they are originally from South Hylton rather than South Korea) risks them being accused of racial discrimination!
Obtaining & checking the 'Right to Rent' eligibility status of all potential tenants is now necessary a very complicated procedure, requiring very analysis of the various kinds of ID available - both before offering the tenancy then as required during the tenancy, should the permission to stay in the UK be granted only for a fixed period
In a nutshell, Sunderland Landlords will need to Obtain, Check and Retain copies of certain documents that show a potential tenant has the right to live in the UK
These include ….
- UK Passport
- EEA Passport / Identity card
- Travel document or Permanent Residence Card showing indefinite leave to remain
- Paperwork from Home Office stating their Immigration status
- Certificate of registration or naturalisation as a British citizen
I would strongly recommend all Landlords familiarise themselves on what's required by visiting gov.uk/righttorentchecks or alternatively give us a call as we can help make sense of this - it's no wonder that more Landlords are looking to knowledgeable agents to take care of the ever increasing demands put upon them!!
If you need more detail on how Right to Rent may affect your lettings business in Sunderland, or any aspect of the Sunderland property market please call our office on 0191 567 8577 or email neil.whitfield@belvoirlettings.com
Subject to obtaining the required planning consent this splendid Grade II listed, Art Deco synagogue would certainly provide a fantastic opportunity to create a unique & stylish residential development
It was built in 1928 and is 8900ft2 spread over 3 levels
It's being marketed by Jonathan Lewis at OIRO £239,000 - click here for details http://www.rightmove.co.uk/property-for-sale/property-57426053.html and contact them to arrange a viewing
Clearly it would be impossible to estimate development costs or returns so this is simply to say this may be worth a look!
Call me to discuss any aspect of property investment in Sunderland - call 0191 567 8577 or email neil.whitfield@belvoirlettings.com
These three 5 bedroom houses are being sold as a portfolio and have previously rented to students at the nearby University
Given the uncertainty of the changing student market in Sunderland I wouldn't necessarily advise buying these houses with that market in mind, but given the properties are opposite a Metro station and less than a mile from the Hospital, it may be that they could be let to working sharers
The fact that the current owner is selling them also raises questions over the long term viability of this market, or is that just me being cynical?
The suggested return of £35,000 pa has been calculated on a 40 week student rental (which breaks down to just under £60 per room per week), giving a 13% Gross Yield base on the OIRO £270,000 asking price
I would suggest that if they were offered to working adults at a suitably good standard (which will probably require investment in both internal refurbishment and appropriate furniture if they have been previously let to students) not only could they achieve significantly more than this per room but also they could be let all year round
Given they look to be only 2 storey properties they will be classed as non-licensable HMO's, which is always a bonus
They're being marketed by Paul Airey so click here for details http://www.rightmove.co.uk/commercial-property-for-sale/property-30515511.html and call them to arrange a viewing
This is not for the inexperienced or faint hearted investor but please feel free to call me if you want further advice or to discuss this opportunity, or to chat about any aspect of the Sunderland property market - call 0191 567 8577 or email neil.whitfield@belvoirlettings.com
This 'Ready to Let' two bedroom cottage is in a convenient location close to both Sunderland Royal Hospital and the Pallion shops, it should be popular
It was bought in 2013 for £44,000 and clearly the price suggests the property was in a poor condition with the current owners having improved it to a high standard throughout, meaning it will appeal to a wide range of tenants
Based on paying the £70,000 asking price and a very conservative £450pcm (given the condition it is likely that more can be achieved) it will return 7.7% Gross Yield
It's being marketed by Pattinson so click here for details http://www.zoopla.co.uk/for-sale/details/39291843 and call them to arrange a viewing
Call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com to discuss this or any aspect of property investment in Sunderland
