Renting your home or property
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- Category: Blog
- Published on Friday, 30 September 2011 11:39
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The housing market is a volatile one at the moment whether you’re trying to get your first foot on the property ladder, moving up, or simply want to re mortgage, the market is slow. It’s not just buying a first time home that’s difficult but the demand on the rental market is soaring as would be buyers struggle to raise mortgages. Young people are finding it increasingly difficult to find a home as rents and deposits reach record highs. However the number of successful mortgage applications reached its highest level for 15 months in August.
Higher deposits mean buying a home is simply not affordable for many people.
Home-buyers are having to raise a deposit 10 times greater than that of 20 years ago, yet incomes are not matching this increase.
The average deposit needed in the first place has risen twice as fast as house prices and almost four times as fast as income. First time buyers are struggling to get on the property ladder. Prospective buyers who are currently renting are now suffering the double blow of while having to save larger amounts for a deposit they are also seeing a sharp rise in rent increases. Rents rose by their fastest rate in a year last month with the average tenant now paying £713 a month.
Things to think about when renting
- Landlords are legally required to organise an annual gas safety check to be carried out by a registered gas engineer.
- Letting agents are keen to let their properties and it’s their job to get you to rent one of their properties. When viewing try and view when the existing tenant is still there you can then find out if they have had any problems
- Take pictures of the house as you move in. It may seem over the top but anything damaged by previous tenants you need to report to your landlord and have evidence you didn’t cause it. This will save your deposit from being significantly reduced by the time your contract ends.
- Read your contract it may be boring but it may hide hidden clauses.
- Have a spare key cut, landlords can charge £25/£50 for replacement keys and may charge upwards of £25 to unlock your door to get you back in.
- When it comes to move out make sure you clean the house thoroughly and remove everything even if there are things you don’t want anymore. Dispose of them yourself. Some property services will charge you £100 or more to dispose of a few items.
