Carbon Monoxide

From October 2015 it will be mandatory that a carbon monoxide alarm is fitted in every room in a rental property that contains a 'solid fuel burning combustion appliance' and for smoke alarms to be fitted on every floor of any rented property where a room is used as living accommodation, for all new tenancies.

According to a survey of tenants carried out by Axa Business Insurance, some 71% of landlords have not yet organised a carbon monoxide alarm in their rental property. 

The poll of almost 500 tenants also found that 54% are yet to install a fire alarm and 43% have failed to arrange an annual gas safety check. 

If you would like to ensure that you are kept up-to-date with the latest legislation, please contact me to discuss how we can assist further.

Should I buy a student property in Exeter?

I have many, many…many potential landlords contacting me at the moment to enquire about buying student property.  I imagine people hear of the high annual income that can be achieved and want to dive straight in, however in the majority of cases I find they have not carried out enough research into the Exeter student market.

It is worth considering what may happen if there is another quiet year and the property is not let or if additional licencing comes into place preventing the ability to renew HMO licences in certain parts of the city.  Although there is no sign of this any time soon, it is worth having a contingency plan, just in case.  It is true that in the majority of cases there are excellent annual returns to be made, this year we found all our properties let extremely quickly and demand considerably outstripped supply, meaning landlords were also able to select the best tenants for their properties.

I have sold a many student properties over the last few years and on average they have been achieving a gross annual yield of around 6.9%, which is generally considerably higher than most other residential lets.  This sounds good, however it is worth factoring in the potential expenditures, such as replacing furniture, redecorating and dealing with tenancy matters.  With changes to tax allowances coming into place and the abolition of the 10% furnished property allowance, it is worth talking to a financial adviser to look at your personal circumstances.

Students nowadays look for properties that are well maintained, clean and tidy.  They ask questions about the landlord and if the property is managed by an agent or the landlord, they are also knowledgeable about the requirements for Energy Performance Certificates, fire detection systems and licences.  In other words, if a property has been neglected, the likelihood is that it will not be let.

If you are looking for information on the requirements for an HMO licence, please follow this link to Exeter City Councils’ website: http://www.exeter.gov.uk/index.aspx?articleid=11223.

Generally, student properties do make good investments, in the current market.  If you are looking at buying a student property, please call me to discuss the ones we currently have for sale and I am always happy to provide advice to existing landlords.

Regards, Jon.

Cranbrook Update

The latest railway station for East Devon at Cranbrook is taking shape with the platform and shelters now in place along with the access road and car parks.

Cranbrook will eventually have 15,000 residents say planners so the station will certainly assist in developing the community by providing quick access to Exeter city centre and London.  The promised railway station is more than a year behind schedule but at last it is expected to open this year.  Network Rail have been unable to confirm a date but said it would open by the autumn.

Once complete the station will have a bus link to Exeter airport and there is already an existing bus service from Younghayes Road into Exeter city centre.

An opening date for the supermarket at Cranbrook has now also been set.  The development is opposite the primary school and Younghayes Community Centre.

The Express & Echo quoted the Co-operative saying: “The Southern Co-operative’s new neighbourhood food store is planned to open in Gallopis Court, 147 Younghayes Road, Cranbrook, on Wednesday, 9th September. In addition to a bespoke range of produce, ready meals and an instore bakery, the store will include a Post Office and free to use ATM. The store opening is the latest for the independent regional retailer, The Southern Co-operative, whose nearest stores to Cranbrook include three in Exeter; Beacon Lane, Alphington Road and Buddle Lane.”

The firm said they would involve the community in the opening with special events to mark the occasion.

The Rev Mark Gilborson of the Cornerstone Church in the town said the Post Office was a surprise, but in a nice way. He said: “Cranbrook is set to be one of the biggest towns in East Devon with 25,000 to 35,000 people and we need the infrastructure. It’s not only good for Cranbrook but it’s also good for the Surrounding area as people in Cylst Honiton and Rockbeare will also be able to use the facilities. Cranbrook is such a brilliant community that we deserve it.”

As the leading letting agent at Cranbrook Martin & Co are pleased to see these developments take place as it will not only assist in letting properties in the town but will also create a community where residents will be happy to stay for a long period.