A modest upturn in the property market should bring more investment to Leeds in 2010, says a major consultant.

CB Richard Ellis says that despite low investor confidence at the start of 2009, the highest quarterly deals figure for the last three years was achieved in the last quarter, including the city’s largest transaction for five years, culminating in over £157m of investment.

Jonathan Shires, director of office agency for CBRE Leeds, said “Sentiment is improving across the region as a whole as Yorkshire demonstrates its resilience against the global economic downturn. There was also an emergence of smaller deals as new, start-up companies emerged and existing organisations downsized.

“Whilst the public sector remains a key source of demand in Leeds, it was in fact the business services sector which took the most significant market share, accounting for 29 per cent of all space let in the 78 deals of 2009.”

Read the full article on the Yorkshire Evening Post’s website

 

After the usual dip in demand for property over the Christmas and New Year period, it is apparent that the demand for rental property is increasing with every week. An exceptionally cold January didn’t stop a 50% increase in viewings year on year. February saw GO Property move in 50% more tenants year on year, with rental levels holding firm and in some instances increasing slightly.

The supply of property in the rental sector appears to have dried up over the past 6 months, which means demand is coming back into line with supply and resulting in stabilising rental levels. These early signs indicate that 2010 could prove to be a far better year for the landlord. There is one thing, however, that we can be sure of - the property market remains volatile and it would be a bold person who said they can predict its development.

The volume of people wanting valuations this year has risen compared to early 2009. This can only be a positive sign that the housing market is beginning to move in the right direction.

Although the First Time Buyer may still need a helping hand with a deposit, the future is improving for them as many lenders are now bringing back products that can be tailored around the customer, making borrowing more affordable.

Read the full article on the RICS website

According to FindaProperty.com’s latest Rental Index, the rental market is dividing in two - the monthly changes in asking rents of flats and houses are starting to differ increasingly.

Nigel Lewis of Findaproperty.com, commented: ‘The consistent demand for flats is largely from those at the lower end of the sales market, who are unable to take that first step onto the property ladder, so continue to rent. While affordability for first-time buyers has improved slightly, the deposit required remains a significant sum and an obstacle for many hoping to move from the rental market.’

He went on to say that, in contrast, ‘many people renting houses have saved a deposit, riding out the recession, and are now buying, as houses have become more affordable and lenders have eased restrictions slightly’.

Andrew Sainsbury, Director at Go Property Services, commented that FindaProporperty.com’s Rental Index reflected the current lettings market in Leeds, with a higher demand currently being seen for flats, which we expect to see continue in the short term.

Click here to view full details of FindaProperty.com's Rental index

Do you dread all the administration involved in moving property? You call the utility companies only to be put on hold for 5 minutes whilst you’re put through to the wrong department. GO Lettings have teamed up with Money Angels to make this process quick and stress free for both tenants and landlords. Money Angels are a one stop shop for registering a new occupier of a property for gas, electric, water, and council tax. They can even set up broadband, home phone and digital TV, and find the cheapest suppliers for each. One short form and they take care of the rest.

Visit the MONEY ANGELS website for more information.

Lettings Agents are required to register all tenant's deposits with the Tenancy Deposit Scheme.  This offers protection to tenants and prevents landlords from using the money however they see fit. There are potential costs to landlords if agents abuse the system.

Read the full article at Estate Agency Today

GO Lettings registers all their tenant’s deposits with The Dispute Service and we currently have no unresolved disputes!

 

Would you believe that an outdoor toilet can add value to a property?  Apparently if it is well maintained, and partnered by an indoor version, it can make your house more valuable than your neighbour’s…

Could be the next big craze - don't bother with a conservatory or loft conversion, just add an outdoor loo!

Read the full article on The Guardian website

Long term private renting is set to make a comeback among young adults as homeowners are looking to sell up and rent instead.  This information is from a survey by unbiased.co.uk.  The article looks at various scenarios and there are some quite heated comments at the bottom – well worth the read just to see what people think of tenants, landlords, and letting agents!

Just to let you know, GO Lettings is a member of ARLA as well as other governing bodies including The Property Ombudsman and the Tenancy Deposit Scheme.

Read the full article and comments on The Guardian website

“Tenant defaults could soar over the next year amid reports that up to one million households have borrowed money on a credit card to pay their mortgage or rent over the past year…”

Read the full article on WiltshireBusinessOnline.co.uk

We offer Rental Guarantee insurance for our landlords to help soften the blow in these instances - more information can be found on our Landlord Information page.

 

The new government sponsored scrappage scheme that gives households in England £400 off the cost of a new boiler has now been launched and is open to landlords.

The boiler scrappage scheme was announced in the pre-Budget report in December and according to the government it will help households cut energy bills, reduce CO2 emissions and help support industry jobs. It is claimed that over 100,000 homes in England could benefit from the scheme.

There are about 3.5 million homes in England with working G rated boiler that may qualify for the scheme. Clients that have older boilers in their properties should contact us if they believe their boiler may qualify for the scrappage scheme and we can contact the Gas Safe installers that we work with who can provide quotations to replace if required.

For more details see the attached link http://news.bbc.co.uk/1/hi/business/8440557.stm

 

After several months and some very overly complicated legalities, several large unexpected bills, a wild goose chase trying to do our bit for the environment, and a frantic time getting our IT connected up - thanks Virgin Media, we'll recommend you to everyone, honest  - we've finally moved in to our new home.

2B - 4B Hucknall Road in Nottingham is our new address and you can't miss us if you're driving past. We're at the city end of Hucknall Road, next to the Nat West Bank as you turn off the Mansfield Road.

2B_-_4B_Hucknall_Road_Nottingham

There's still work to be done, but nothing that's going to get in the way for the start of the new decade. Our thanks go out to our team of workmen who have grafted to get us moved in before Christmas; Dani in our office who has measured, planned, and generally made the move go ahead last weekend; and Jackie Pabla at Yates & Co who soldiered through the legal minefield to complete the purchase. Thanks do not go to Virgin Media who couldn't organise the proverbial and The Carbon Trust who led us on a merry dance and then didn't come up with a penny.

Cheers Everybody, here's to a prosperous 2010.

 

 

January 1st 2010 will see the threshold for stamp duty return to its previous level of £125,000 down from £175,000.  Whilst the reduction was widely predicted, it has been criticised widely by those in the industry. In particular, Estate Agents are now calling for new measures to help First Time Buyers.

ARLA also expressed their disappointment, claiming the minister had not included ‘any initiative that will make any difference’ to the housing market.

There may be some good news for landlords however as the lettings market may benefit from the reduced stamp duty threshold. Some in the industry are expecting to see an increase in tenant demand early next year. Andrew Sainsbury of Go Property Services said ‘those living with their parents whilst saving for a deposit for their first home may now consider renting for the medium term instead. Current tenants who had been considering a purchase are now more likely to continue renting. Both factors should see tenant demand rise when the lower threshold comes into effect.’

Over a third of tenants that recently responded to a Rightmove Survey are expecting rents to rise in 2010. The results from the survey in Q4 of 2009 suggested that just 7% of the 35,000 respondents were expecting rents to fall. Of those expecting an increase, a third thought that prices would rise by over 10%.

The survey reflects the RICS Rental Market Report which found that surveyors expect rental prices will go up in 2010 due to increasing demand and a reversal of the oversupply witnessed over the past year.

The Rightmove Consumer Confidence Survey also found that 58% of people who will rent in 2010 would prefer to buy but cannot afford to – a situation that doesn’t seem likely to change overnight.

Jonathan Detheridge, Managing Director at GO Property Services comments “the last 3 Qtrs of 2009 have seen unprecedented occupancy rates across our rental portfolio with Apartments & Flats being the real winners. In Nottingham City Centre, buy-to-let landlords are starting to enjoy rent increases for the first time in recent history and we think this will continue into 2010. Traditional houses, on the other hand, are still suffering from a degree of over-supply with the many ‘reluctant landlords’ still stuck in the rental market due to selling prices being suppressed”

“We’re predicting that the supply of property for sale will increase in 2010 as a degree of confidence returns to the market. The anticipated election in May could prove a real fillip to the market with Conservative Party plans to scrap HIPS being closely watched by potential sellers.”

Landlords with property to rent should contact GO Lettings today for a free realistic appraisal of the rent they are likely to achieve for their property.

GO Lettings specialises in letting and managing professional property in Nottingham & Leeds. We are members of ARLA & the NAEA and our deposits are administered by TDS.

After 6 succesful years letting property we are branching out into Home Sales so we've taken the step of changing our name at the same time.

We've been Lettings Direct for over 6 years and in that time we've had many a bright spark pop-up with a similar  name and we didn't want our clients getting confused. We also had to choose a name for our Estate Agency, so we thought now was as good a time as any to rename the whole bang shoot  so that we trading as one entity.

After several months head scratching and a lots of screwed up balls of paper, we decided on GO - we hope you like it.

To reflect our specialities we have split the business into defined areas as we think you want to talk to a local specialist rather than a general property company. So, for Lettings in Nottingham, we have GO-Lettings-Nottingham, or in Leeds, we have GO-Lettings-Leeds. The idea being that  you can get straight to the horses mouth without going round the houses to get there - 2 cliches in one sentence! Not Bad!

To match our new name, we'll shortly have a New Office to boot. We have purchased premises at 2B - 4B Hucknall Road in Nottingham. Next to the Nat West Bank & The Grosvenor public house we have a huge 15 meter frontage with our branding all over it so you don't miss us.  We're just frantically refurbishing the building and the plan is to open before Christmas so we're ready for a prosperous 2010.

If you're looking to sell a property in Nottingham you should give us a call. We have a fantastic opening offer of a fixed selling fee for all instructions recieved in December, January and February.

If you're passing the new office in December pop-in and say hello.

 

 

We're pleased to announce the launch of GO Estate Agents Nottingham.

GO Estate Agents is the home sales arm of GO Property Services, the new name for Lettings direct.co.uk. After 6 succesful years letting property we are branching out into Home Sales so we've taken the step of changing our name at the same time.

We've been Lettings Direct for over 6 years and in that time we've had many a bright spark pop-up with a similar  name and we didn't want our clients getting confused. We also had to choose a name for our Estate Agency , so we thought now was as good a time as any to rename the whole bang shoot  so that we trading as one entity.

After several months head scratching and a lots of screwed up balls of paper, we decided on GO - we hope you like it.

To reflect our specialities we have split the business into defined areas as we think you want to talk to a local specialist rather than a general property company. So, for Lettings in Nottingham, we have GO-Lettings-Nottingham, or in Leeds, we have GO-Lettings-Leeds. The idea being that  you can get straight to the horses mouth without going round the houses to get there - 2 cliches in one sentence! Not Bad!

To match our new name, we'll shortly have a New Office to boot. We have purchased premises at 2B - 4B Hucknall Road in Nottingham. Next to the Nat West Bank & The Grosvenor public house we have a huge 15 meter frontage with our branding all over it so you don't miss us.  We're just frantically refurbishing the building and the plan is to open before Christmas so we're ready for a prosperous 2010.

Home Owners that are thinking about selling their proprerty in Nottingham should give us a call. We have a fantastic opening offer of a fixed price selling fee for all instructions recieved in December, January and February.

For £750 we will be providing a full Estate Agency service that will not only give your property maximum exposure to the market, but also provide the back-up our trained Estate Agency staff to help ease the sale through to completion. We aren't just putting a board up and leaving you to do the rest.

If you fancy a fresh start to 2010, give GO Estate Agents a call today to arrange a FREE Market Appraisal.

 

 

While the rest of the country’s employers seem to be laying people off, Lettings direct.co.uk continues to expand and we are now recruiting for a new lettings administrator for our office in Leeds.

More information about the position and how to apply can be found here.

We have a winner...

A recent competition for residents of City Island, Leeds run by Lettings Direct has had an overwhelming response. Over 30 entries were received and the talent on display was unexpectedly professional!

The winner, chosen this week, is Andy Smith with his striking panorama image of City Island. The image is shown below, along with the 2nd and 3rd place entries.

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Winner - Andy Smith
 
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2nd Place - NikolaosVouis
 
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3rd Place - Loraine Holmes

Andy will also receive a meal for two at Mio Modo on Britannia Street to the value of £100. Mio Modo restaurant, bar and gallery offers the best in contemporary Italian cuisine with traditional Italian favourites and mouth-watering charcoal grilled meats.


Our 1st Competition is now open for entries!

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Win a meal for two, to the value of £100, at Mio Modo restaurant.

{mosimage}

Please see the PDF below for full details.

City Island Leeds Photo Competition

A proportion of the new band of reluctant landlords are heading for trouble by using their traditional Estate Agent to rent out their property rather than appointing a specialist lettings agent, The Observer reported this weekend.

The fall in house sales has resulted in many High Street Estate Agents turning their hand to Lettings in a desperate attempt to keep their doors open. This has resulted in a major rise in complaints to the industry ombudsman, who has seen disputes rise at a rate of over 200%.

Many Estate Agents are not trained in property lettings and do not have the systems in place to cope with the extra workload involved in the day-to-day paperwork and legalties of managing property, yet this hasn't stopped hundreds of agents across the country from adding Letting Agents to their business cards.

An easy comparison to make is in the assumption that your builder can also take care of your plumbing or your electrics - they're all part of a house after all aren't they....  You'll find that some are trained and can easily take care of it. Some have done it before and will give it their best shot. Whereas some have no idea but can see a few quid in it. Do you really want to take that chance?

Any new landlord should do their homework and check out who they are appointing. As with most businesses, you can pay Letting Agents a variety of prices, starting as low as 6% and going as high as 15% - you'll probably find that you are best off somewhere around the middle.

Find out who it is who will be doing the work - your High Street Estate Agent might have just one person looking after lettings - you should ask what happens if they are ill or on holiday. The same goes for back bedroom operators. You might get excellent initial service when you're one of only a handful of customers, but what happens if they get flu, need a holiday, or have to rent an office and employ others?

Always ask for testimonials and see at least 3 agents. Ask the pertinent questions. What are your occupancy rates? Who will be managing my property? Who will be my point of contact? Is my tenant's deposit money protected? Are your staff qualified, and by whom? Are you regulated? Don't just go with the cheapest or easiest solution without doing your homework first, and as Bodie & Doyle used to say, if you want the job doing properly, leave it to the professionals.

Read the full Observer article here

Located on Huntingdon Street in Nottingham, Marco Island is a purpose built conversion of a former post office building, which now provides 341 one & two bedroom apartments and studios. The development covers 14 floors and offers 2 floors of car-parking for tenants and visitors.
marco_island_nottingham.jpg
Marco Island provides great quality accommodation to rent at a price that you struggle to beat in Nottingham City Centre.  The development is located on the edge of Nottingham’s fashionable Lace Market and a short walk to the main shopping centres, bars and restaurants.

Predominantly let to young professionals, Marco Island apartments benefit from a 24 hour concierge, who can also receive mail and parcels while tenants are out. The building is designed to resemble a cruise liner and has double glazing throughout. Each apartment comes with wood flooring, a well equipped kitchen including oven, hob and extractor, full sized dishwasher, and fridge with freezer compartment. Views from the building are either to the West overlooking the city centre, or East looking up away from town towards Mapperley.

Lettings direct.co.uk already manages a number of apartments at Marco Island and we have a fantastic record of occupancy at the development. In a recent study of our occupancy rates we found that for the properties managed at Marco Island, we achieved a rate of 99% occupancy over a 12 month period from March 2008 to March 2009.

If you are a landlord with property to rent at Marco Island, call us today on 0845 226 0345 to find out more about the express letting and property management services we provide.

We have just finished putting together our first quarterly e-Newsletter for 2009.  Be one of the first to read the full version here!

Highlights include:

  • the new City-Island.co.uk website
  • Landlord and Tenant Satisfaction survey results
  • new taxi advertising
  • our above average occupancy rates

If you would like to be included on our e-Newsletter mailing list, This email address is being protected from spambots. You need JavaScript enabled to view it..

The Find A Property rental index published in March suggests that the over supply in the rental market is now starting to dry out. Nation wide, instructions for new property To Let rose by a staggering 164% year-on-year to January, leaving the rental market drowning in too much property and tenants literally spolit for choice.

Figures for March suggest that the market is now stabilising. For the full report click on the link here

If you’d like to know how this affects your property, please drop your Property Manager a line and we can give you more details.

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