I'm predicting 328 majority

Sat here watching the 2015 election the BBC are predicting a majority of 331 and I'm predicting 329 - Lets see who is right :)

Legionnaires Disease - Risk Assessments For Rental Properties

If you wish to discuss this article, or if you would like to have a risk assessment completed on your property, please get in contact - Ring me on 01296 20 1234

Let me start by asking you a few questions.

1. Have you ever heard of Legionnaires Disease and what the causes are?
2. Do you know how it can effect your tenants?
3. Do I as a landlord really need to have a risk assessment completed
4. Can I do it myself

Lets deal with each of these questions in order.

1. Only you can answer this but essentially it is a pneumonia type illness, contracted by inhaling "aerosols" produced by showers and other outlets. You can not contract legionnaires disease by drinking water, neither can you pass it from person to person.

2. In most domestic properties the turnover of water is so great that the risk will very often be low. However, if Legionella is present in the system at dangerous levels your tenants can contract the disease and could die

3. The simple answer to this is yes you do. It is a legal requirement under the Health & Safety Legislation and as a landlord you can find out about your duties here. Failure to have a risk assessment completed can land you in hot water! - Thankfully if the hot water is 50 degrees C or over then you won't be at risk of breathing in the bacteria ;) 

On a serious note you are at risk of being fined heavily or even imprisoned. The level of fine and imprisonment will vary from case to case but fines can go up to £20,000 and 2 years in prison if you are found to be at fault.

4. Yes you can. However, you will need to be comfortable that you are competent to complete the assessment and manage any risks identified. The HSE consider a competent person to be as follows

A competent person is someone who has sufficient training and experience or knowledge and other qualities that allow them to assist you properly. The level of competence required will depend on the complexity of the situation and the particular help you need.

To summarise, if you are renting properties out to private residents, you are required by law to have a risk assessment completed and whilst you are able to complete that yourself, I would suggest you to have one completed  by a third party even if you are competent. This will eliminate any bias argument in the event of a claim.

Check your knowledge here

An interesting read Deaths In Scotland

My prediction for the 2015 election

like all property professionals, I am following this election very closely. Mainly because the feeling across the industry is that if the Labour Party come into power, the housing sector will be badly affected. We all know, or are at least are aware of their policies so I will let you make your own mind up about them!

What I want to touch on today is, following the appearance by David Cameron last night on Question Time, I am firmly of the belief that we will not see a hung parliament, yes you heard right, the Tories I believe will win. By how much remains to be seen but I firmly believe that the Tories will win with a majority vote.

I am going to hazard a guess and say we may see a 5 seat majority. I am going against all the pundits and experts because I believe that Cameron is holding firm in his policies and is not swaying. If you change your mind and change your manifesto on a daily basis then you are likely to lose the confidence of your audience. In my personal view Ed Milliband has been doing just that and appears a desperate man.

We will see on the 7th May 2015...

How about this as an investment property?

Just sometimes a little nugget comes onto the market that may well be prime for the investor. I have been quite busy the last few days but I came across the following property and I'm a bit bemused why it is so cheap!

The property

I have spoken to the marketing agent and they tell me that it needs about £15,000 spending on it to bring it up to standard but I think this could be a very decent investment property.

The property comes with a 125 year lease (owner advised) but with the right approach you could gain a decent capital gain.

So what about the figures - If it all stacks up you could be returning a 7% yield on a rent of £725 per month.

Not sure this will be on the market very long so I would get in there fast if you are looking to invest!

Leighton Buzzard 2 Bedroom House - Close To Town centre

Doing my normal Monday morning scanning, I came across this property for sale in Leighton Buzzard on Rightmove - I have not looked at it myself but you may wish to.

http://www.rightmove.co.uk/property-for-sale/property-51272780.html

It came on the market on the 21st March 2015 and is on the market for £150,000 throughout that period with no variations in price. Advertised as a renovation project and is for cash buyers only which would suggest that it is unmortgage-able. But the winner with this property, is that it is a blank canvas and with a little imagination you can bring this property into it's own.

Return On Investment

Depending on how much you buy the property for and how much your renovation costs will be, you could buy and renovate the property for about £160,000. The rent is estimated as being in the region of £780 per calendar month giving you a 5.8% yield on your investment.

Valuation Estimate: £174,000

Valuation Range: £157,000 to £192,000

Rental Range: £700 - £860 pcm

Rental Estimate: £780 pcm

EPC: G!!

Demand

Rental demand in this area is very high, so you will have no trouble renting this out once it is renovated. You will, more than likely, rent this property out to a couple or single professional person for medium to term.

If you are one of the many readers of this blog looking for investment property, why not give us a call today and we can talk you through your options and help you find your next investment property - Like the one above! Call Mark on 01296 20 1234

Are We In A Buyers Market Or Sellers Market?

I suppose the answer to that question very much depends on whether you are a buyer or seller, but think about this.

The election is looming and we are just 3 weeks away from the one of the most tightly contested elections for many many years with much uncertainty on the horizon

So, just how is the election effecting the property market in Leighton Buzzard?

Take a look at this graph. 

I got this information from +Rightmove  this morning and found the result not surprising. I have said for a few weeks now that the election is having an effect on the property market, I even said to a friend of mine last night that we have seen a flurry of activity in February and the market has dropped off with regards to new instructions.

The last quarter of any year will always see a drop in properties coming onto the market as Christmas approaches. Traditionally, we then see the market start to pick up again and when spring is upon us the market is starting to get into full flow.

But not this year

From the graph above you can see that the Leighton Buzzard property market in the area has been gradually declining, but what will happen post election?

I personally believe that once the election is out of the way, we will see a flurry of properties coming onto the market which will make the market a buyers market. But what market do we have at the moment?

Let me have your thoughts below in the comments section if you think the Leighton Buzzard Property Market is a buyers or sellers market.

With the lack of instructions I believe it is a sellers market

Minimum 6% Yield On This 3 Bedroom House - Leighton Buzzard

Like every town, Leighton Buzzard does have areas where property prices are lower - These areas will always attract the investors who are seeking a buy to let opportunity and here is one such property on the market with Quarters Estate Agents

http://www.rightmove.co.uk/property-for-sale/property-48434599.html

It came on the market on the 18th February 2015, yesterday and I have no doubt it will be snapped up!

Return On Investment

This is a 3 bedroom property is a very popular area of Leighton Buzzard. If you bought this property to rent out you are likely to see a rental figure of £750 per month and even if you bought it at the full asking price that gives you a rental yield of 6% - Not bad for a commutable area of Leighton Buzzard

Valuation Estimate: £178,000

Valuation Range: £161,000 - £196,000

Rental Range: £700 - £800

Rental Estimate: £800

If you bought this house for £150,000 but you achieved £800 rent the estimated yield would be 6.4%

This area proves very popular with young families as the area has good amenities and schools close by, so I would not expect the property to be on the market very long at all, for either purchase or rent so be quick!