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Monthly Archives: November 2016

Landlord Repossessions Drop

According to the Ministry of Justice Statistics bulletin published on 10th November 2016 entitled “ Mortgage and Landlord Possession Statistics in England and Wales” covering the quarter July to September 2016 there has been a fall in the number of repossessions carried out on behalf of landlords when compared to the same quarter in 2015. County Court bailiff repossessions were 9,689 that was a drop of 14% in comparison to quarter 3 of 2015. Warrants of possessions amounted to 18,450 that was a fall of 8% in comparison to the 3rd quarter of 2015. Orders for possession totalled 26,157 that was a drop of 10% in comparison to Q3 of 2015. Landlord possession claims amounted to 34,414 that was a drop of 11% in comparison to the 3rd quarter of last year. It is interesting that of the above landlord possession claims, 23% resulted in county court bailiffs repossessing the property. Of course, no landlord wishes to be faced with having to go through repossession proceedings to have one of his or her tenants removed from the property. There are no doubt a number of reasons for having to repossess a property. For instance, one of the most common reasons…

Rents Growing Faster In Northern Cities Than Down South

If you are a landlord who is considering increasing his or her portfolio of investment properties to let out or are considering becoming a landlord then you may find the Countrywide PLC Monthly Lettings Index for September 2016 of interest. The index shows that, in the 12 months to September 2016, in northern cities (Yorkshire and Humber, North East, North West and Scotland) rental growth went up by 6.4% from an average monthly rent of £790 in September 2015 to an average monthly rent of £841 in September 2016. However, in Southern Cities (East of England, South West, South East and London), over the same period, rental growth only rose by 1.8% from an average monthly rent of £1,060 to an average monthly rent of £1,079. That is a variance of 4.6%. Manchester witnessed the biggest % growth in rental over the above 12-month rental period with an average rise of 7.1% for new lets. The average monthly rent in Manchester was £802. 12% of homes in the city were let within 24 hours. In second place was York with an average % increase of 6.8%. The average monthly rent in York was much higher than Manchester at £1,054. 15%…

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