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"The level of rental properties remains drastically low, according to the latest Housing Insight report from letting agents trade body Propertymark.
The average number of properties available to rent per member branch in September 2023 remained broadly the same as in August 2023 at 11 properties. It should be noted that there has been little fluctuation in supply levels over the last 12 months.
However, this level of supply remains drastically below the current level of new applicants registered.
Although there has been a downward trend over the last few months, demand in the form of new tenant registrations continues to outpace supply.
The average number of new tenancies agreed per member branch is little changed across July, August and September 2023, due to ongoing challenges in supply.
The supply and demand imbalance continues to affect rents, with 52 per cent of Propertymark’s surveyed members reporting that rents had risen in their branch during September 2023.
However, fewer agents reported rents had risen in September 2023 than in either July or August (71 per cent and 68 per cent respectively). The data points to short term restraint in rental growth.
A previous report from Propertymark found a significant factor in the lack of growth in available properties in the UK are the “financial implications and barriers” in purchasing a buy-to-let property.
The report pointed to higher rates of property tax on buy-to-let properties, withdrawal of tax relief on mortgage interest, removal of 10 per cent wear and tear allowance, maintaining Capital Gains Tax for rented property at 18 per cent for rented properties and 28 per cent for higher rate taxpayers and an increase in corporation tax.
Tax relief on mortgage interest has been replaced with a 20 per cent tax credit and at-cost relief is in-place for wear and tear allowance.
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Marketing
Marketing Strategies
Warwick’s has been working in the local area since 1998 and created an extensive database which is able to be utilsed with any new property. We offer comprehensive, multifaceted and innovative marketing strategies that are tailored to each instruction and are reflective of the independent nature of the firm.
We have developed a unique ‘dual approach’; a combination of market-leading technology and traditional marketing methods. Once a listing price has been agreed after a thorough market assessment and appraisal, we will create a bespoke and individual marketing strategy for your property.
We will arrange professional external & internal photography and give advice on how to prepare for the appointment. On request we can also organise Virtual Tours and Drone Photography.
We will write an editorial that will appear on all listing details. This will aim to create a vivid impression of your property.
All our instructions are uploaded to all major property portals, ensuring widespread and maximum exposure. This also enables us to provide vendors with real-time market analytics on performance.
Board
High level of boards, creating condense coverage in the local area, this is the most simple and effective marketing tool, available 24 hours a day.
Wherever possible, all prospective buyers who register with us are asked to provide email addresses in order to ensure that they are notified of any new properties as soon as possible within 24 hours of receiving your instruction.
Website
This is updated daily and full colour details of your home are placed on our website within 24 hours of being placed on the market. We also have an optional 360 degree/virtual tour which can assist to further enhance your property.
Advertising
We provide regular prominent advertisement of your property not only nationally but also locally to ensure that your property is fully marketed.
Besides the exposure on our own website, social media and Virtual Tour, Warwick Estate Agents is also affiliated with the main national property portals which include: Rightmove, Zoopla, Prime location and On The Market etc.
E-Magazine
Sent on a monthly basis, E-Zines feature our most expensive properties, recently added properties, and recently reduced properties
See more on E-Zine RICS floorplans for all properties
Floor plans are scale drawings that show the relationship between rooms, spaces and physical features viewed from above. They provide a way to visualize how people will move through the space and one will be created for each property listing. These give perspective of the property, which is found to be useful.
Office and Window Display
External and internal photographs will be prominently displayed in our premises in order to optimise exposure to the marketplace.
Professional photos
Using professional photography generates up to 5x more clicks on a property listing. The more clicks your listing gets, the more viewings you will book, and the closer you get to letting or selling your property.
Tips on how to prepare for our photography company:
Prepare
- Light bulbs in all lamps / spotlights
- Fresh flowers
- Candles / firewood in the fireplace
- Make the bed / bedspread
Clean
- Floors
- Windows
- Mirror / shiny surfaces
- Table / countertops
- Outdoor areas
Remove
- Personal photography / belongings
- Clothing / shoes
- Towels / cloths etc
- Remotes / smartphones/li>
- Home appliances
- Children's toys and equipment
- Pet bowls / equipment
- Kitchen rolls / toilet paper
- Cords / electrical wires
- Notes and magnets on the fridge
Drone Photography
We can facilitate Drone Photography, should it be beneficial to the marketing of your property.
Drone Photography is a particularly useful marketing technique, especially if you have a large garden and wish to show a view of your estate/plot in full. This is particularly pertinent for large detached houses and the commercial sector.
Virtual tours using the latest technology
Matterport 3D Virtual Tours are the most innovative, realistic and immersive way to experience a property online. A 3D ‘walk through’ is created using 360 degree photography of your property which allows prospective purchasers to ‘enter and walk around’ your property and see it from every angle.
Using the technology can help drive engagement online with your listing. Prospective purchasers/tenants can:
- View the floor plan of the space.
- Launch the space in virtual reality.
- Switch between floors.
- View the property as a rotating 'Dollhouse'.
- View 'matter tags' - tagged specific information within the space.
A key feature of this technology is that certain areas, pictures or objects can be blurred out. We can organise 3D tours of your property upon request.
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Our aim is to establish individual relationships with our clients through a business which is built on energy, professionalism and knowledge. Our enthusiasm shows our clients that we will always do the best for them and with a demonstrable record of success we believe that having local knowledge of the neighbourhoods in which we operate gives us the edge over other estate agents.
Kensal Rise and Kensal Green
In the last decade there have been changes here that have altered the dynamic of the area. The Irish pubs have gone (except one – Maggie’s), the estate agents have moved in and Tesco has planted its foot on Station Parade. A good or bad thing? We were here in the last century and have watched the changes.
They have been for the better. The impassive façade of John Nodes, Funeral Directors, still stands firm across Chamberlayne Road, but the local sandwiches are now in a different league – avocado, French cheeses, the list goes on.
There are butchers, fishmongers and greengrocers, charity shops, corner shops, cobblers, dry cleaners, florists and Warwick Estate Agents. It’s all here, thriving around the nexus of Station |Parade.
The Victorian villas lining the avenues have stood the test of time, with period rooms and gardens, while further north there are ‘30s family houses once owned by All Soul’s College in Oxford. To the south is the extraordinary Kensal Cemetery, a rival to Highgate.
Developers hunt for sites to build state of the art apartments to cope with the demands from south of the Harrow Road, but there are few such sites left. It’s all protected. The character of Kensal is resilient, while accommodating the new. This a neighbourhood, and one that is alive.
Two schools stand out, not just here but in London. Princess Frederica C of E Primary is rated as ‘outstanding’ and ‘good’ by Ofsted, while Capital City Academy, next to the sports grounds and health club, is as high tech as it gets. Transport is good, with excellent buses, Kensal Green (Bakerloo) and the overland from Kensal Rise.
Queen’s Park
The Queen’s Park, named for Queen Victoria, is a verdant enclave between Chamberlayne Road and Salusbury Road that is a magnet for residents in the area.
The café there is probably as sophisticated as in any London Park, though the animal sanctuary, with its saturnine goats, playground, woodland and impromptu football games preserve a ready cosmopolitanism. There also tennis courts, a small golf course and a petanque pitch if you care for such things.
Either side of the park elegant small villas stretch west and east, built by Solomon Barnett between 1895 and 1900.
To the north are large family houses, relatively undiscovered, while to the south the area is bordered by the main West Coast railway line. In Salusbury Road there are eateries, bars and boutiques, quaintly at odds with the character of the area that not so long ago prevailed when it was less salubrious. They sit well together. There is also the police station, the library, a medical health centre, the whole together providing what the locals zealously describe as a village atmosphere.
Transport is served by Queen’s Park Underground (Bakerloo) and a number of buses immediately south that go to apparently unstrategic destinations. Perhaps that’s why Queen’s Park retains its individuality. Residents car permits are issued by Westminster Council to the east and Brent to the west.
Ladbroke Grove and North Kensington
Ladbroke Grove is an area and a road in North Kensington in the Royal Borough of Kensington and Chelsea, passing through Kensal Green and Notting Hill, running north–south between Harrow Road and Holland Park Avenue
Ladbroke Grove is the nearest tube station to Portobello Road Market. The adjacent bridge and nearby section of the Westway were regenerated in 2007 in a partnership including Urban Eye, Transport for London and London Underground. It is the main road on the route of the annual Notting Hill Carnival. The northern end between the Harrow Road and Kensal House is located in Kensal Green, the middle section between Barlby Road and the A40 flyover is in North Kensington with the southern end between Lancaster road and Holland Park Avenue situated in Notting Hill.
The area and the street are named after James Weller Ladbroke, who developed the Ladbroke Estate in the 1840s. It was originally a predominantly rural area on the western edges of London. Construction at the southern end by Holland Park Avenue began in the 1830s, but the road was not fully developed to Harrow Road until the 1870s.
Hablot Knight Browne, the cartoonist who illustrated Charles Dickens' novels as "Phiz", lived at No. 99 in 1872–80.
Harlesden and Willesden Junction
As Notting Hill and the Portobello once was, so is Harlesden now. It has a rich Afro-Caribbean culture, dappled with Irish, Indian, Portugese and Brazilian, and has the essential qualities of vitality that so marked out W11.
We all know what happened in Notting Hill. The same is happening in Harlesden, already attracting young professionals who prefer not to afford Kensal Rise or Queen’s Park.
To the north and east stretch quiet Victorian cottages in avenues towards Willesden, and are already the target of those with foresight.
The architectural critic Tom Dyckhoff of The Guardian recently wrote:
It is only a matter of time before this dusty corner becomes the Next Big Place.
There are good libraries, while Roundwood Park, Grade II Listed, is regarded as a gem by the locals. They would rather keep it quiet, but the circus comes once a year.
The local schools are rated ‘good’ by Ofsted – two primaries are Roman Catholic and C of E – while transport is soon to be revolutionised by the development of Willesden Junction to accommodate both Crossrail and the High Speed 2 link from the North. That too, apart from the shrewd attention of those with an eye for the Next Big Place, will have a significant effect on the area.
Brondesbury Park
Brondesbury Park is a suburb and electoral ward of the London Borough of Brent. It is the part of Brondesbury which is not interwoven with Kilburn due to the naming of a major tube station (Kilburn) and is centred on Brondesbury Park railway station and the street, an avenue, which shares its name. The area has a number of open spaces, primarily Queen's Park and Tiverton Green. Attractive long open tree lined avenues with a lot of art deco style buildings and Mansion block’s, considered a good area to bring up ones family, bearing in mind some there has been some rather good reports by Ofsted on some of the local schools.
Brondesbury Park is an alternate name for its manor, a specially empowered division of the large parish of Willesden as one of its eight prebends. The manor house is long-demolished. Landscape designer Humphry Repton transformed the focal 10 acres (4.0 ha) of Brondesbury Park, a varying demesne but in most years 54 acres (22 ha) in the 18th and 19th century, when he designed the garden. The house had been bought by his client Lady (Sarah) Salusbury's in 1789. Repton produced one of his famous 'Red Books' for the manor house, which has been republished, along with his Red Book for Glemham Hall in Suffolk.
Repton planned a garden with views across London, but Lady Salusbury wanted shade rather than sweeping views. The grounds of Lady Salusbury's house only amounted to 10 acres (4.0 ha). Repton found very few trees, so had planted hundreds of mature trees and shrubs. Lady Salusbury was so delighted with the work that she gave Repton a bonus of £50.
Some street names allude to the enclosed private park (garden) dominating the north of the area and notable manorial owners. The street named Brondesbury Park leads into Salusbury Road.:
Repton also worked on Wembley Park including what became Wembley Stadium today in the same borough.
Mapesbury Estate
The ward covers parts of the Kilburn and Cricklewood areas. Mapesbury ward is bounded to the north by Dollis Hill ward, to the west by Dudden Hill ward, to the south west by Willesden Green ward, to the south by Brondesbury Park ward, and to the east by the London Borough of Barnet and (further south) the London Borough of Camden.
The area formed part of the Middlesex parish and manor of Willesden, which was held by the chapter of St Paul's Cathedral by the time of the Norman Conquest. The manor was divided into eight prebends to support the various members of the chapter. One of these duly gained the name "Mapesbury" after Walter Map, prebendary from 1173–c1192. Willesden Lane was known as Mapes Lane until the 1860s.
Mapesbury remained countryside until the 1860s, when residential development began. By 1875 there were a number of large suburban villas. Four years later the Metropolitan Railway opened its line in the area, and building lots were let for "first class residences" Mapesbury Farm was leased to builders in 1893, and Mapesbury Road constructed in the following year. The main development took place between 1895 and 1905, consisting of brick-built houses with extensive tree planting. In 1982 Mapesbury was designated a conservation area.
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Warwick Estate Agents provides a range of letting and management services based on the experience, skills and expertise of our lettings team. As members of The Property Ombudsman & Safe Agent, you can be assured that we have a detailed understanding of the lettings and management sector and will ensure that you are given the best possible service.
Over the last few years and, following the introduction of the 1988 Housing Act which offers greater protection and possession rights to Landlords, there has been resurgence in the lettings market.
People from all walks of life are looking to become involved in the rental market whether Investors, Companies, people who need to relocate with their work or homeowners who are having difficulty in selling their own properties, Increasingly, large numbers of people are entering the ‘Buy to Let’ sector as an opportunity for investment.
As a result, Landlords have come to expect extensive knowledge and expertise from the Agency they choose to act in their interests.
Where to Start?
1. Local Lettings Agent
we would suggest you find a local agent who is associated to a Trade Association such as TPO and Safe Agent, which are government backed accreditation schemes providing peace of mind to both Landlord and Tenants through the knowledge that firms within TPO and Safe Agent offer high levels of customer service.
2. Having chosen your agent, you will be required to prepare you property for rental and below we list a few guidelines to assist you
The rental market as with any other is competitive therefore, in order to obtain the best possible Tenants; you must present your property in the most effective way, here are some of the measures we suggest:
- Interior walls should be neutral colours and carpets plain
- Fabrics and Furnishings (if any) should be able to withstand reasonable wear and tear and be of suitable quality
- Animals and their odours should be eliminated
- The front door should be clean, and the Entrance Hall clear of any obstructions as first impressions are important
- The entire property should be clean and well-aired and the garden tidy. If the weather is cold, heating should be turned on and, in warmer conditions, windows opened.
3. Other important considerations for Landlords before Letting
Written consent must be obtained from your Mortgage Provider/Freeholder (if property is leasehold).Your Insurance Company must be notified that the property is to be rented out and appropriate insurance obtained for a tenanted property. There are specialist insurance companies who can provide this and we would be happy to assist you.
- The Inland Revenue must also be informed within 6 months of letting your property, flat or apartment in the UK and failure to do so will incur penalties, interest and other consequences. The Inland Revenue are apt to deal harshly with Landlords who do not declare rental income and it is always best to seek advice on tax planning and Capital Gains Tax from a fully qualified Accountant.
- Mail should be redirected with the Post Office.
- Further copies of keys will need to be provided, at least two if you have Management Agents acting for you.
- Utilities such as gas/electricity/water/telephone & Council Tax will have to be transferred to the successful Tenant.
- An Inventory and Check In should be drawn up. This is an important legal document which forms an integral part of the Tenancy Agreement and, as such, it is a false economy to prepare your own in most cases. The Inventory is required whether the property to let is furnished or unfurnished and accurate descriptions of the overall condition of wall/floor coverings, kitchen and bathroom fittings to name but a few are essential. Amounts cannot be withheld from the Tenant’s deposit unless the loss or damage is proved to have been caused by the Tenant. In the event that any dispute concerning loss or damage to your property is not amicably resolved then the matter will be referred to the Courts and arbitration but should be noted that any judgement will be on the basis of written documentation – the Inventory
4. Tenancy
The Housing Act 1988 (amended 1996) has given rise to two types of Tenancy: Assured and Assured Short hold Tenancy as well as the existing Company Tenancy and Contractual Tenancy.
A) Assured Tenancy
Certain criteria have to be satisfied for a tenancy to qualify for assured status. Assured Tenancy gives the Tenant security of tenure but at a market rent negotiated between the parties. The Landlord may request back possession of the property let on an Assured Tenancy but must obtain a COURT ORDER. This has its advantages but is not as flexible.
B) Assured Shorthold Tenancy (AST)
This Tenancy is attractive to Landlords as it offers market rents without security of tenure beyond the contractual term and the majority of Tenancies are based on this format. However, certain criteria must first be met:
- a) The Tenant must be an individual
- b) The property must be the Tenant’s main residence/home
- c) The rent cannot exceed £25,000 per annum
- d) The Landlord must not occupy the same property
If the property is let under an Assured Short hold Tenancy, the Landlord can issue a Section 21 Notice to guarantee possession provided the term of the Short hold is expired and not less than two months notice has been given by the Landlord stating he requires possession. If court action is needed, this can be obtained on a number of different grounds against the Tenant. However, it should be noted that is a criminal offence under the Protection from Evictions Act 1977, for a Landlord to threaten or forcibly evict a Tenant from their property.
C) Company Tenancy
This is governed by contract law and is not regulated by the Housing Acts of 1988 or 1996. It is used when a Private or Public Limited Company (excluding partnership or sole trader) want to enter into a Tenancy.
There is no security of tenure and rental payments are often made on a quarterly basis by prior agreement.
D) Contractual Tenancy
Contractual Tenancy also falls outside the provisions of the Housing Acts of 1988 and 1996 and is not regulated by statute. It is most commonly used where the rent exceeds £25,000 per annum and both parties have the freedom to contract as they choose, but must then rely solely on the provisions of that Agreement.
5. Furnished or Unfurnished
Most professional Tenants prefer the property to be unfurnished and it has been found that a Tenant is likely to respect the property more if they have their own possessions. Moreover the difference between rent for furnished or unfurnished is negligible and the Landlord remains responsible for the repair of replacement of any furnishings which become broken or worn (unless this was caused by a deliberate act of the Tenant – see Damage Deposits).
6. Marketing/Finding a Tenant
You will need to decide whether you require your agent to simply market your property and find a Tenant or whether you would prefer to engage the services of their Managing Agents.
Whether you chose to opt for a Managing Agent or not, Warwick Estate Agents as your Letting Agent will firstly provide colour property details and a rental valuation which will be based on the popularity of the area, proximity to transport, rental price of similar property handled and decorative condition to name but a few.
It is important to price your rent fairly but realistically in order to attract the most suitable Tenant.
Your rental property will be regularly advertised in the local press and publications dedicated to the letting industry as well as displayed in our offices and feature on our website and main portals such as rightmove, zoopla & primelocation to ensure maximum exposure. We also contact any listed prospective Tenants, local companies and relocation agents.
Should you decide to employ us as your Managing Agent, we will also field calls, arrange viewings, vet prospective Tenants and obtain references, draw up contracts and advise you on your Safety and Repairs obligations (see LEGAL DUTY OF CARE).
7. Full Credit Checking
Thorough credit checks are carried out on all prospective Tenants as we can reserve the right to decline an application where necessary in the interests of protecting the Landlord’s investment.
8. References
These can be obtained through us as your Managing Agent and include references from the Tenant’s employer and previous Landlord. We can also provide you with/assist you in obtaining a linked insurance policy to safeguard your rental income and provide legal protection (RENT GUARANTEE).
9. Drafting of Tenancy Agreement/Leases
The Letting team at Warwick Estate Agents can prepare and supply you with all legal documentation and give practical general legal advice.
10. Damage Deposits
This is usually equivalent to one month’s rent and is taken from the Tenant to be held in our Client Account until the end of the Tenancy. Upon vacation of your property, there will be a re-inspection and any refunds will be made within a maximum of 28 days, provided that there are no disputes and all utility accounts have been settled. The costs of everyday repairs and maintenance are the responsibility of the Landlord but, if we are instructed to manage your property on your behalf, we will pay the contractor out of the Tenant’s rent. We can also organise quotes for approval on any major repair as this becomes apparent. Under the Landlord and Tenant Act 1985, Landlords are responsible for repair of the structure and exterior of the property, together with installations for the supply of gas, electricity, water and sanitation.
If the property is not in a good state of repair at the commencement of the Tenancy, the Tenant has the right to insist that repairs are carried out and, in the event that the damage is serious, the Tenant will be entitled to consider the letting as terminated as the Landlord will be in breach of his obligations.
11. Collection of Rent
This is usually done on a calendar monthly basis and is forwarded to the Landlord via any previously approved method after any agreed deductions have been made for contractors etc.
12. Legal Duty of Care
Under common law, the Landlord must ensure that properties to let are safe and failure to comply with Safety Legislation is considered a criminal offence resulting in legal action and prosecution.
13. Overseas Landlords
You are considered an overseas Landlord if you live abroad or go to work abroad for lengthy periods of time.
It is important to firstly note that Inland Revenue regulations apply even if you are a non-UK resident. Moreover, non-resident Landlords must apply to the Inland Revenue Financial Intermediaries Claims Office (FICO) for authorisation (by way of an exemption certificate) to receive payment of property rental “gross”, that is without deduction of Income Tax by the letting agent or Tenant as required by law.
NB: The above is merely a guideline and for fully qualified advice, you should contact an appropriate Accountant or Tax Expert.
14. Gas
(The Gas Safety (Installation & Use) Regulations 1994 (amended 1998)
The Landlord must maintain gas installations and all gas appliances through annual inspections and safety checks carried out by a CORGI registered engineer and a copy of the Current Inspection Certificate must be left at the property.
15. Electricity
(The Electrical Equipment (Safety) Regulations 2020 & Electricity at Works Regulations 2020)
The Landlord must ensure that all mains voltage household electrical appliances and equipment is tested and safe to use. Any non-repairable items must be replaced and removed.
An NICEIC or similarly qualified electrical engineer must carry out these tests on an annual basis and we would also recommend this is done upon change of Tenancy.
All operating instructions must be left in the property for the Tenant’s benefit.
16. Furniture and Furnishings
The Furniture and Furnishings (Fire) (Safety)Regulations 1988 (amended 1989 & 1993) - Soft furnishings (such as mattresses, settees, bed bases, cushions and padded headboards) must meet fire resistance standards and bear a permanent label confirming this. If compliance cannot be proved, the item must be removed and replaced.
17. Smoke Detectors
(Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022)
Ensure at least one smoke alarm is equipped on each storey of their homes where there is a room used as living accommodation. Ensure a carbon monoxide alarm is equipped in any room used as living accommodation which contains a fixed combustion appliance (excluding gas cookers). Ensure smoke alarms and carbon monoxide alarms are repaired or replaced once informed and found that they are faulty.
NB: The penalty for failure to comply with statutory safety legislation is currently a maximum of £5,000 and/or 6 months imprisonment for each offence. This can be harsher in the case of injury or fatality
The above is only a guide to the legal safety requirements and should you have any further enquiries, we would recommend that you contact a qualified solicitor who will be able to verify these in full.
Landlords Fees
Pricing information
Let Only (with rent collection) starting from 8% plus VAT (9.6% including VAT)
(Calculated by multiplying the annual rent by the agreed percentage)
Full Management starting from 10% plus VAT (12% including VAT)
(Calculated by multiplying the annual rent by the agreed percentage)
A bespoke package will be created for you depending on your requirements and will be priced accordingly. Below is a brief guide to services included.
Brief Guide to Services
- Advice on letting your property
- Rental evaluation, provision of property details with colour photographs
- Advertising of your rental property in local publications/on our website
- Accompanied viewings and finding of a suitable Tenant
- Status enquiries/reference and credit check of prospective Tenants
- Obtaining security deposit/rent guarantee
- Obtaining competitive quotes for insurance
- Organising/preparing the Inventory and Check-In (additional charge)
- Preparing Tenancy Agreement and Legal Notices
- Arranging transfer of Utilities to Tenant’s name and establishing Council Tax and Water Rates in Tenant’s name
- Advising on compliance with Safety Regulations for Gas/Electricity supplies etc.
- Collecting monthly rental payments and providing monthly accounting to Landlords
- Arranging annual gas safety checks (chargeable)
- Periodic inspection of the property and reporting of any problems
- Obtaining competitive quotations and, upon approval, arranging for necessary repairs/maintenance to be carried out
- Contacting the Tenant and arranging for renewals and/or check-out as necessary.
Please contact us for more information.
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