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Monthly Archives: June 2017

Average Rent Falls In May

Landlords and tenants may wish to read the HomeLet Rental Index covering May 2017. It provides some interesting information about rental payments being charged by landlords. In respect of new tenancies, the rent being charged on UK investment properties in May was an average of £901 per month. When compared with May 2016, this figure was 0.3% less and is the first time that a reduction in rental income has been seen since December of 2009. It is Greater London that has seen the largest percentage drop with a reduction of 3% when compared with May last year. The average rent being charged in that part of the UK was £1,502 per month. The North East saw a fall in rental income in May of this year with a 2.3% reduction over a period of 12 months to an average of £522 per month. Scotland saw a drop in rental income in May 2017 when compared with the same month last year. Rental income fell by 1.9% to an average of £622 per month. The South East saw rental income drop in May 2017 by 1.5% to an average of £998 per month in comparison to May 2016. Yorkshire and…

Why Is Home Insurance Not Suitable To Cover Rental Properties?

If you are a landlord and own a property that you let out to tenants then you will no doubt wish to make sure that you have adequate insurance in place to cover the likes of the building, fixtures and fittings and contents. A standard home insurance policy that is arranged to cover a residential property is not suitable for rental properties as there are a number of specialist risks that you may want to insure relating to your rental property. For instance, if one of your tenants was injured in the property that he or she is renting from you perhaps due to say a gas explosion then they may try to sue you for damages. Landlords insurance should cover such a situation. In the event that the tenant is unable to maintain their rental payments then landlord insurance would often provide the option of providing some form of rental guarantee scheme. This would at least provide some financial support towards paying bills and may be of particular benefit if the investment property has been purchased with the assistance of a buy-to-let mortgage. Should there be the need to call out the likes of a plumber or electrician in…

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