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The lowdown on being a landlord in the UK in 2022

A pretty row of houses for rent

Thinking of becoming a property landlord? Here are some pointers from experienced local property managers Ellen Kay Lettings.

In the first quarter of 2021, the majority of private landlords in the United Kingdom had between two and four properties in their portfolio. Approximately 42 per cent of landlords fell in this group compared to seven per cent of landlords who owned over 20 properties. In 2019, roughly 20 per cent of England’s housing stock was occupied by private renters, making them the second largest group after owner-occupiers. *

The private rental sector in the UK is booming with no signs of it abating. Demand for quality private rentals remains high, and this is replicated right across the country with properties of all types and sizes in demand here in Rochdale and across Greater Manchester.

Is being a landlord for you?

Maybe you have inherited a property or are considering buying a home to let but are worried it might be too much hassle or that there is too much legislation. There IS a certain amount of legislation surrounding the private rental market and rightly so, people deserve to live in safe homes and here at Ellen Kay Lettings, we take this burden away from you. We are up to date with all the relevant legislation and take care of that side of things through our full property management service

There are costs associated with being a private landlord, including stamp duty on second properties, tax implications and maintenance and upkeep BUT there are also financial benefits from well managed desirable properties, for the accidental landlord, the single property landlord and the portfolio landlord, in terms of monthly income and longer-term realisation rewards from selling assets.

Here at Ellen Kay Lettings, we can assist landlords with all aspects of property management. We are a trusted and professional local agency with highly recommended property management services, and we can and do take care of many if not all of the things’ landlords might worry about such as pre-tenancy checks, periodic tenant visits, rent collection, property management, repairs and maintenance. 

Here’s what one of our landlords Gareth W had to say about Ellen Kay Landlord property services:

From the moment I started having Ellen Kay Lettings manage my Littleborough property, I have been hugely impressed by the way they have handled everything from renting out the house to dealing quickly and effectively with any issues that arise. As I no longer live in the area, the peace of mind that having them in charge of my property gives me as a landlord is absolutely invaluable. I couldn’t recommend them enough.”

Get in touch today to see how we could help you let your property in Rochdale and Greater Manchester.

*Statistics available from: https://www.statista.com/statistics/1122228/property-portfolio-size-in-the-united-kingdom/

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Frequently asked questions about renting – for landlords

FAQ Image

Are you considering being a landlord? Have you inherited a property and are wondering whether renting out is an option? Or are you considering investing in property?

Let’s look at some of the frequently asked questions we get here at Ellen Kay Lettings from new or aspiring landlords.

Ellen Kay Lettings FAQs for landlords

Q: Do I need to know all the legal ins and outs of being a landlord?

A: Although it’s beneficial to have an understanding, No. as we will help you with all the legalities surrounding the UK rental market sector. There is constant debate around the UK lettings market and various ongoing consultations about proposed legislation. As professionals in the UK rental market sector, we make sure we are aware of all the consultations and conversations and are always up to date with legislation. We make sure you are covered legally as a landlord and are compliant and letting safe properties to tenants who have a legal right to rent in the UK.

Q: Do I need to meet/choose/vet my tenants?

A: No. You can of course if you want to, or you can leave it up to us to do the tenant finding, tenant checks and tenant choosing.

Q: Do I need to be in the UK/in the same town/city/county as my property?

A: No. You can be. You can also be on the other side of the world. We work with local, national and overseas landlords. 

Q: What exactly do you do?

A: The three main services we provide are:

  • Fully Managed
  • Rent Collection
  • Let Only Service

We can cater our service to your needs and would be happy to discuss this with you when the time is appropriate.

Q: Are you a member of any trade bodies?

A: We are members of the Property Redress Scheme – which is a consumer redress scheme, authorised by the Government since 2014, to provide an impartial service that considers consumer complaints about a variety of property-related issues.

It would be impossible to list ALL the common questions we get asked about being a landlord, but rest assured, that we at Ellen Kay Lettings are available to help overcome any issues any aspiring or new landlord has. We are experienced, approachable and professional and we have unrivalled local knowledge of the market, and because of this we regularly receive great reviews from both landlords and tenants. 

Get in touch and get your property on the market to rent with Ellen Kay today. 

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What are tenants looking for in a rental property?

Lovely miniature house with colourful windows

The rental market, both nationally and locally here in greater Manchester, and more specifically Rochdale is buoyant and competitive. It’s fast-moving and competitive with demand outstripping supply. But what exactly are tenants looking for in a rental property?

Type of property

Firstly, there will be tenants looking for a specific number of bedrooms, which will be top of their list of needs and wants. Locally there is a shortage of family-sized three or four bedroomed properties so the demand for these is high. Rochdale is predominantly a family area, with lots of excellent primary and secondary schools, a vibrant town centre and good range of leisure activities. Rochdale is also easily accessible, and therefore commutable to Manchester City Centre too which makes it ideal for professionals who may also want a larger family-sized property but could equally be wanting to rent a flat, apartment, cottage, terrace or semi-rural property. Ideally, tenants also want a neutrally decorated property that they can put their interior décor stamp on.

Aside from the specifics of the type of property, the location, size, amenities, and neighbours/neighbourhood, what tenants want above everything is to know that their home will be well managed.

Well managed property

Things can and do go wrong in properties. What tenants want and need to know is that they will be renting a well-managed property. They need to know the support is there if and when needed. Landlords are legally obliged to ensure their property is safe, with 5 yearly electrical checks needed, and annual gas checks as well as ensuring any rental property has an up-to-date Energy Performance Certificate (EPC) with a rating of E or above. We ensure our landlords are aware of their legal obligations to rent compliant properties and make sure we are up to date with all the proposed changes to the rental sector. At Ellen Kay we work with landlords who might be new to property letting, might be overseas and in need of a local agent and those with large portfolios of properties.

Landlords

Get in touch today for a personalised and professional service suitable for you and your property/properties.

Tenants

Get in touch with your local family owned letting agent for details of properties available now and coming soon and find your perfect home in Greater Manchester.

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What does 2022 have in store for the rental market?

According to Zoopla’s latest quarterly rental market report; ‘The New Year has seen soaring demand for rental homes, with the number of people looking for a property 76% higher than during the same period between 2018 and 2021.’

The pandemic saw increased interest in wider commuter zones, such as easily commutable and well-connected Rochdale, as renters also embraced the ‘search for space’ as we all spent more time at home. People are however now returning to the centres of major cities, including Manchester.

Gráinne Gilmore, head of research at Zoopla, said: “The flooding of rental demand back into city centres, thanks to office workers, students and international demand returning to cities, means the post-pandemic ‘recalibration’ of the rental market is well underway.”

This ‘recalibration’ SHOULD mean we’ll see some easing of the intense competition that the imbalance between supply and demand has created including here in Rochdale. The rental market in and around Rochdale and the wider Greater Manchester area remains fast-moving and intense with all available properties being let extremely quickly.

With Rochdale being a predominantly family area the main shortage of properties is in three/four bedroomed family-sized properties such as larger terraced houses, semi-detached and detached properties, where demand continues to significantly outstrip supply. In our experience, here at Ellen Kay, property investors tend to start with, and often stick to, the cheaper end of the market buying up flats and small terraced properties as investments in the buy to let market. There is therefore a significant shortage of family homes to rent locally, and we definitely need more on the market to satisfy local rental demand.

Landlords

Any would-be landlords with property for rent in Manchester are encouraged to get in touch with our agents to discuss their options. We deal with new landlords, overseas landlords looking for a local agent and portfolio holders, and we can manage the whole process for the length of the tenancy agreement, or work on a tenancy finding service only. Get in touch for a chat with our experienced agents.

Tenants

Those looking to rent in and around Rochdale should also get in touch with Ellen Kay, your local lettings agent. We know the local market and have the knowledge and experience to help you find your next home.