publication date: Apr 29, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Kate Faulkner on BBC Radio Nottingham with Frances Finn!
Kate doesn’t just cover buying and selling, as in this day and age, renting is increasingly popular for those that can’t afford to buy, but also some people who just don’t see why anyone would want the hassle of owning a property in such tricky times.
Since 2009, things have changed dramatically in the Nottingham market with letting agents really suffering from a lack of properties to let to their tenants who are desperate to move. As a result, tenants are likely to struggle for a choice in properties to rent, which in turn could well cause rents to rise by 5-10% in the next 12 months.
Nigel Parry from Belvoir! Lettings Nottingham commented “I think the 'accidental' landlord has now given up and is trying to sell again.” And this is despite a second wave of rises in repossessions.
Finally and definitely an important one for Nottingham landlords renting to nurses and/or students a new ‘Class Use Order' has come into place which says that if you buy a property to rent for the first time, to three or more people that are not related, then you will need planning permission. That could take up to eight weeks to secure – so be careful of the voids!
Unfortunately it is not clear from the Nottingham local authorities how they are going to interpret these new rules, for example will it apply retrospectively to a property or just be required at a change of tenancy. What happens if the property is then to be sold, will planning permission be automatically granted to change it back to its original class use?
Check with your local lettings specialist such as Belvoir Lettings and/or speak to your local authority representative or DASH for more information.
Find out what Kate also said about the Buying and Selling Property Market on BBC Radio Nottingham with Frances Finn.
For a complete analysis of the whole property market, take a look at Kate's latest Property Market Update.