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Property still beats a pension, new figures show

When it comes to saving for retirement, many of us are split on whether property or a pension is the best way to invest, but while both have their merits, new figures from Key (formerly Key Retirement) would suggest that property almost certainly remains a better option.

Fresh analysis from the independent equity release adviser shows that mortgage free retired homeowners saw their homes increase by almost £1,000 a month over the past six months despite housing market uncertainty.

Total property wealth owned by over-65s who are mortgage free is at a new record high of £1.118trn with the average homeowners seeing the value of their homes increase by £28bn.

Across Great Britain, average gains for the over 65s in property wealth are worth £5,998 each with all areas of the country benefiting in the past six months. 

Homeowners in Yorkshire and Humberside (+£8,607) have seen the biggest increases followed by those in Wales (+£7,875) and the North West (+£7,546) have also done better than average (+£5,889).

Retired, mortgage free homeowners in London (+£1,655) have the least to celebrate and have only just matched over six months the same amount over-65s in Yorkshire & Humberside have achieved in a month (+£1,435). 

Since Key started analysing the un-mortgaged property wealth of the over-65s in 2010 retired homeowners have seen growth of nearly £340bn in property wealth – equivalent to an increase of 43%.

Will Hale, CEO at Key, commented: Retired homeowners who have paid off their mortgage have made on average nearly £1,000 from their homes per month with over-65s in some parts of the country experiencing even bigger gains.  Those in Yorkshire and Humberside have seen the biggest increases while those in London have seen more modest gains.

“The numbers are fascinating but the basic fact is that no matter what happens year to year to house prices many over-65s will have considerable property wealth which can transform their standard of living in retirement and help family members. 

“Increasingly equity release customers are able to make substantial gifts to family members including their adult children or even grandchildren with money being used to clear debts, fund university fees and pay for house deposits and weddings. Customers can also use the money to ‘age-proof’ their own homes and preserve wealth for the family.

“While equity release is not right for everyone, it is clear that if your home is your largest asset in retirement, you should take some time to think through when and if you might need to access this wealth. Speaking to a specialist adviser is key to making smart choices.”

The table below shows the detailed picture across Great Britain with all areas seeing growth.

 

Region

Average change in value of home equity for homeowners aged 65+ (past six months)

Combined change in value of home equity for homeowners aged 65+ (past six months)

South East

Up £6,103

+£4.003 billion

London

Up £1,655

+£609.39 million

South West

Up £6,328

+£2.003 billion

North West

Up £7,546

+£5.063 billion

East Anglia

Up £3,133

+£1.478 billion

East Midlands

Up £7,527

+£3.129 billion

West Midlands

Up £7,376

+£2.643 billion

Yorks/Humbs

Up £8,607

+£2.483 billion

Scotland

Up £5,499

+£1.550 billion

Wales

Up £7,875

+£2.083 billion

North East

Up £4,103

+£1.128 billion

GREAT BRITAIN

Up £5,998

+£28.139 billion

The table below shows over-65s in the North West are most likely to own outright with 671,000 having paid off mortgages compared with 656,000 in the South East. However nearly a fifth of all property wealth held by retired homeowners is in the South East.

 

Region

Estimated property equity in homes owned outright by people aged 65+

Estimated percentage of total value of property equity belonging to people aged 65+

Number of households in the region owned outright by people aged 65+

South East

£214.370 billion

19.16%

656,000

London

£173.340 billion

15.49%

366,000

South West

£160.514 billion

14.35%

626,600

East Anglia

£139.026billion

12.42%

472,000

North West

£110.719 billion

9.89%

671,000

East Midlands

£82.787 billion

7.40%

431,200

West Midlands

£70.272 billion

6.28%

358,400

Yorks/Humbs

£47.289 billion

4.23%

288,600

Scotland

£42.725 billion

3.82%

282,000

Wales

£42.567 billion

3.80%

264,600

North East

£35.333 billion

3.16%

275,000

GREAT BRITAIN

£1.118 trillion

 

4,691,400

 


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!


Fraudsters claiming to be landlords leave tenants £20k out of pocket

Fraudsters posing as landlords have conned prospective tenants out of £20,000 over the past couple months by persuading them to pay rent in advance, according to a government body.

Action Fraud said it received 28 reports of scammers claiming to be online landlords between December 2018 and February 2019, tricking prospective renters into collectively sending £19,990 under the guise that they have secured a home to live in.

The scammers, pretending to be landlords of properties seen online, claimed that the money paid as a deposit – plus in some cases a month’s rent – would be placed into the Tenancy Deposit Scheme (TDS).

After receiving the money, the fraudster would send a fake email claiming to be from the TDS and confirming they have received their deposit.

Victims who thought that they had secured a property later discovered that the money has been sent directly to the fraudster and they had been left out of pocket and with no home to move into.

Pauline Smith, director of Action Fraud, commented: “Devious fraudsters are targeting a whole host of victims, from university students to professionals, for their own selfish gain.

“Falling victim to rental fraud can have a huge impact on your finances at a crucial time where every penny counts. This is why it’s so important to follow our advice to protect yourself.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!


Agency embarks on TV advertising campaign to promote ‘guaranteed rent’

Northwood, part of the Belvoir group, has launched a new TV advertising campaign to highlight its guaranteed rent scheme, in response to landlord concerns about the rental market.

Phil Gee, managing director of Northwood, insists that his firm recognise that many landlords currently have “concerns”, including worries over the impact of Brexit, the economy and the future of the rental market, which are factors that are having a negative impact on growth rates.

He commented: “Our franchisees are reporting that landlords are expressing considerable interest in Northwood's Guaranteed Rent Scheme, and as a result we have commissioned a TV advertisement, which will be live on the ITV Hub until the end of this month.

“Northwood's guaranteed rent scheme assures landlords that they will get paid on time every month, without fail. There are no set-up fees, monthly commission, or hidden extras to worry about, and over 20,000 landlords across the country are worry free because they use Northwood. We felt the time was right to raise awareness of our Guaranteed Rent Scheme to help even more landlords.

“This is not the first time that Northwood has used TV advertising, but it has been three years since we last committed to this type of proactive marketing.

“The TV advert will run on ITV hub up until to the end of February and is likely to receive a total of 700,000 views. It will be shown in all regions that ITV cover and we have also arranged for the ad to shown on STV Scotland so that our franchisees in Scotland can also benefit from the campaign.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!