Why students make good tenants
Figures from the National Landlords Association (NLA) suggest that, contrary to some people’s belief, students are rather reliable tenants and the least likely of all tenant types to miss a rental payment – only 38 per cent of landlords letting to students have experienced arrears in the last year.
Student landlords also experience the lowest incidence of voids with fewer than one in three having empty properties in recent months, and indeed student tenants and Houses of Multiple Occupation (HMOs) offer the highest rental yield at 6.7% and 7% respectively, higher than the 6.1% UK average.
“It is encouraging to see such positive figures reported by landlords who let to students,” said Carolyn Uphill, NLA Chairman.”However, it’s important to highlight that letting property to students, indeed letting to any tenant group, is not an easy win. As a student landlord myself, I know that it can be very hard work and requires the investment of time as many of your tenants are living away from home for the first time. It is this dedication to the relationship that makes letting to students so rewarding.
“As with all tenancies, it’s important to establish a good, professional relationship from the start. It is also essential that you set out fair terms in your tenancy agreement and that both landlord and tenant fully understand their obligations throughout the tenancy. If you get this right then the tenancy generally runs smoothly.
* Clydesdale and Yorkshire Banks are launching a range of ‘fee free’ mortgages offers, waiving arrangement fees for customers looking to buy a new home, refinance their existing mortgage with the Banks or switch their mortgage to Clydesdale or Yorkshire Bank. The offers are expected to run until December.
* Norwich & Peterborough Building Society (N&P) has seen a surge in mortgage applications in recent weeks, with the number of applications last month the highest received by the Society since 2008.
* From today, Nationwide is reducing all two-year fixed rates available up to 70% loan to value (LTV) by 0.1 per cent, the Society’s lowest ever fixed rate deal. The changes include Nationwide’s first sub 2% fixed rate product, available up to 60% LTV for their existing mortgage customers
* HSBC has launched ‘First for First-Time Buyers’, offering mortgage rates at 90% LTV and pledges that its range of 90% LTV mortgages will be the lowest on the High Street across two and five year fixed rate products and lifetime trackers. The rates are available now for home buyers with a 10% deposit. Fees are £999 for HSBC current account customers, non-customers can open an account and pay the same fee, otherwise fees are £1,499.
Pictured above is a five bedroom detached house in New Road, Ironbridge, Telford, Shropshire. It is a double fronted early 19th century Grade II listed house with views over the Ironbridge Gorge, on with Nock Deighton for offers in region of £399,950.
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