Nov
26
Short term renting offers flexibility
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There is a growing market for individuals and families wanting to ditch the traditional package holidays and hotels for renting short term holiday property both in the UK and abroad.
In particular, families prefer the space a holiday property provides instead of cramping the whole family into a hotel room or two. There may be space for a garden, or they could even bring the dog for long country walks. It also provides the home comfort that a hotel might not be able to offer while still giving the short term tenant the luxuries of getting away.
Colette Murphy of letting agency Braemore Property Management said, “Many people prefer the comfort and privacy a short let property provides, particularly as it usually means you get better value for money when staying in a rented apartment than the hotel equivalent. Our properties are right in the heart of the New Town, among some of Edinburgh’s finest streets. It means visitors can really feel part of the city and discover, even if it’s only for a weekend, what living in Edinburgh is all about. Many of our visitors also travel to other European cities for mini-breaks and they tell us that they use the internet to source good quality holiday apartments. The reaction from them is that once they’ve tried this type of accommodation, they generally won’t be going back to hotels”.
Renting a flat on a short term basis can also offer a longer term holiday without the expense – anything from 1 week to a month or longer depending on the terms of the letting agent or landlord.
Citylets offers short term property to rent, in particular we usually experience an influx of properties over the Edinburgh Festival period.
Have you ever taken a short term holiday let? What are the advantages? Where did you go? Enter your comments below.
Nov
22
Lack of domesticity blamed for poor student reputation
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A student’s reputation of being a “bad” tenant is reported to be caused by lack of domestic skills and poor hygiene.
A new ICM poll surveyed 1000 British people and found that 71% believe that students showed a lack of care for their student accommodation. Subsequently this has caused a decline of the reputation of the private rented sector as a whole because landlords do not bother reinvesting into the upkeep of their properties.
40% of those surveyed also believed that students showed elements of poor hygiene and did not understand the importance of keeping their homes clean – most importantly areas like the bathroom and kitchen. However they also felt landlords were partly to blame, by not demonstrating to students basic property maintenance skills or cleaning tasks. It was suggested that landlords should include tasks, such as washing shower curtains, cleaning ovens, or scrubbing grouting as part of the students’ rental agreement, therefore shifting responsibility onto their tenants.
Do you think this is fair? Do you think students have poor hygiene? Have landlords had problem student tenants? Let us know what you think by entering your comments below.
Nov
19
Entering the buy to let market harder than ever
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A report released by RICS (Royal Institute of Chartered Surveyors) this month details how buy to let investors are now required to fork out up to 30% of a property’s value in order to satisfy mortgage lenders’ stringent borrowing criteria. In comparison, 2002 levels were only 8% of the property’s value – around £10,100 at the time. Now wannabe landlords are estimated to require a £65,000 deposit in order to secure a home based on the average priced property in the UK. Due to this tough entrance criteria, RICS have estimated that there will soon be a slowdown in the number of new investors entering the buy to let market.
Have any landlords experienced this tough lending criteria? Have you been put off acquiring any new properties?
Nov
12
Choose to rent
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ARLA, the Association of Residential Letting Agents has estimated that within the next decade 15% of housing stock will be made up of the private rental market. Interestingly, Edinburgh’s private rented housing stock already makes up 17% of the market – this is double the national average. In comparison, privately rented property in Glasgow and areas like Dundee makes up around 8-10% of housing stock.
ARLA’s research showed that more and more Britons are turning to renting even though they might be able to afford to buy – renting no longer carries the stigma it might have carried in the past.
Chairman of the National Landlords Association (NLA) David Salusbury said that renting offered a “good value alternative” particularly for those who would find renting more suitable to their lifestyle. Renting a flat offers flexibility and often a better quality than an individual would be able to afford to buy. At the time of their life when a young person might consider buying, they often do not want the commitment that comes with purchasing a property, and choose to rent instead.
15 years ago buying seemed to be a cost-effective option – however now it has been proven that renting is officially 2/3 the cost of buying a 2 or 3 bedroom property on a 100% mortgage, according to a study by the University of York for mortgage analysts Hometrack.
Nov
9
Glasgow wins 2014 Commonwealth Games bid
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Today Glasgow celebrates their successful bid to host the 2014 Commonwealth Games. Glasgow competed against the Nigerian capital Abuja for the right to host the games in 7 years time and won with 47 votes to 24.
Alex Salmond, Scotland’s First Minister was proud to say, “We will make these games the greatest sporting event our country has ever seen. They will be our chance to show the whole world the very best of Scotland.” Hundreds of people gathered in Glasgow’s George Square to celebrate the result, alongside motorists blaring their horns in support.
In 2014, approximately 6000 sports men, women and officials will descend on Glasgow. Bid officials predict the new Athletes Village, situated on the banks of the River Clyde, will be twice the size of that of the 2006 Melbourne Games and cater for up to 8000 people. After the games, the village will act as a legacy for Glasgow, and all homes built will be made available for sale or renting – breathing new life into the area.
Citylets would like to congratulate Glasgow’s City Council for their efforts to secure the bid and we look forward to the positive impact this will have on the Glasgow’s city centre and the banks of the River Clyde.
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