Getting Through 2020 – What the Rest of The Year Holds for TUNBRIDGE WELLS Landlords

Read what lies ahead for landlords in 2020.

If you had to sum up 2020 in one word (without using “unprecedented” because it has been overused) what would it be?

Weird? Abnormal? Or what about unheard-of? Okay, maybe that is two words, but you catch our drift.

Whatever adjective you choose, it is a safe bet that you will not forget the first six months of 2020 in a hurry.

But as things slowly edge towards getting back to normal, it is wort

h taking a moment to look beyond the pandemic.

As we gear up for the second half of the year, there are other issues specific to landlords that are also important to consider.  

Legislative changes

It is vital you stay on top of any new rules or regulations that might have come into place over the past few months – or indeed may be on the horizon.

The situation with Covid-19 understandably absorbed most of our attention, but in the background, lots of other things have been going on.

Make sure any important legal changes do not slip under your radar.

Breach the law and the excuse “I was busy watching the daily press briefing” will not cut it.

In England and Wales, for example, check up on the changes to Minimum Energy Efficiency Standard (MEES) that were introduced in April. The MEES now applies to all private lets meaning that if your property has an energy rating of F or G you cannot rent it out (the fine for doing so could reach £4,000).

If you want to feel reassured that you have got a handle on all your legal requirements, get in touch with us. It is our job to know when new guidance is published and when laws are introduced. 

Tax changes

A change which came into effect in April while we were all adjusting to life in lockdown relates to changes to tax relief.

These changes have been phased in over several years, but the final stage kicked in on April 6. Landlords will now receive a tax credit based on 20% of mortgage interest payments.

This is different to a few years ago when they could deduct their mortgage interest from rental income before calculating tax.

Changing tenant priorities 

If you are looking to let a property in the next few months, take time to reassess its major selling points. Do you need to change your marketing strategy?

Whereas, once proximity to public transport may have been the top drawcard, now the sunny courtyard or the large living Tunbridge wells could be the real winner.

Even though many people will be returning to offices soon, flexible working is here to stay.

Expect more people to work from home at least some of the time – hence where they live will be more important to them than ever.

So, consider how you can make your property more appealing to someone who works from home.

Are there small changes you could make inside or out that would make it more marketable?

Ask us for advice about trends in TUNBRIDGE WELLS.

A quick note

Last week the government finally released guidance on the finer details of the Electrical Inspection Condition Reports (EICR) system, which is due to start in England and Wales next month.

This was then promptly withdrawn due to “inconsistencies”. We’re keeping our eyes peeled for a revised version of the guidance any time soon.

Here at Martin & Co , we want to help landlords get through the rest of 2020 and thrive in 2021 and beyond.

If you have any questions about the rental property market in TUNBRIDGE WELLS, get in touch.

You can read other blogs and info at http://royaltunbridgewellsproperty.blogspot.com/

Are you getting ACE estate agency service in TUNBRIDGE WELLS or double faults?

Today we look at the similarities between tennis and how we deliver exceptional service for people in TUNBRIDGE WELLS.

Next Monday the All England Lawn Tennis Championship was set to start.

Wimbledon's hallowed courts were to welcome the very best players on planet Earth.

But like many of the sporting, social and cultural events across the UK, it's been cancelled.

While we can't sit back and watch the likes of Federer, the Williams sisters, Nadal, and the Murray brothers, we can explore why great estate agency shares many things with tennis.

Service – The power and accuracy of a player's serve can elevate them to the highest heights. And when people instruct us, they can expect a level of service that's friendly, expertly delivered, and fast. But not as fast as big-serving American Taylor Dent who fired across a record-breaking 148 MPH serve at Wimbledon in 2010.

Rallies – According to the Wimbledon Tennis Lawn Museum, the longest rally in the tournament's history saw the ball fly over the net 643 times. A tennis rally is not dissimilar to the back, and forth that happens during a property negotiation. We know what it takes to hit a winning shot that seals deals.

Tantrums – John McEnroe had legendary on-court tantrums, and it's not uncommon for players to vent their frustrations at the umpire/line judge/ball boys and girls / their racquet. And over the 30 YEARS, we've been helping people sell and buy property in TUNBRIDGE WELLS we've often been a calming presence and sometimes a shoulder to cry on.

Aces – The most aces in a match at Wimbledon was 113 by John Isner during his 11-hour marathon against Nicolas Mahut. At Martin & Co (Tunbridge Wells) we have a team of our own champions who love what they do and the positive difference they can make to our clients' lives.

Love – We promise you'll love the experience of us working for you. We can't say the same for poor John Hartley who was defeated by three sets to zero in just 36 minutes in the 1881 Wimbledon final by William Renshaw.

Game Set & Match – From the warm-up right through to winning the game we're by your side every step of the way when it comes to your property journey.

Our job is always to ensure our clients get a result they are delighted with.

If you want to know the value of your home in this current market, please feel free to give us a call.

Thanks for reading, if you want to read other blogs I have posted please visit https://royaltunbridgewellsproperty.blogspot.com/

Why Now Is Not the Time for Landlords in TUNBRIDGE WELLS to Go Solo

Excuss this four-minute read, but I think you will find it worth it, we look at the eviction ban extension and explain why now, more than ever, landlords need a property partner who has their back.

Whether you’re a veteran landlord with years of experience, or a rookie still finding their feet, now is NOT the time to be going it alone.

After all, Starsky had Hutch, Cagney had Lacey and Mulder had Scully (yep, we’ve watched lots of old crime shows during lockdown).

TUNBRIDGE WELLS landlords currently find themselves in a unique situation, one that won’t be back to “normal” soon. This was made clear by the Housing Secretary Robert Jenrick last week when he made two announcements.

Minister’s announcements

You’ve probably heard the first one already: the ban on evictions has been extended in England and Wales by another two months. It will now end on August 23, effectively creating a five-month moratorium on evictions. This will create an almighty backlog for the court system and prove particularly nightmarish for landlords with anti-social tenants, or tenants who are perpetrators of domestic violence (a little bit more on that in a minute).

More guidance is on its way

The second part of Mr Jenrick’s announcement got a lot less attention in the mainstream media but is still enormously relevant to landlords. The government is preparing “guidance” for the courts concerning evictions. This is to ensure that when things get back up and running “rules are in place to assist the court in giving appropriate protections for those who have been particularly affected by coronavirus – including those tenants who have been shielding”.

While we don’t yet know the finer details of this, the government has said it expects landlords to exhaust all other options, including flexible payment plans, before instigating eviction proceedings.

What are the implications of all this? And how a letting agent can help

Now more than ever, you want to avoid the eviction process.

Before Covid-19, the eviction process was stressful and took at least six months. Add in a five-month backlog and an increase in cases due to Covid-19, and it is clear things will become even more drawn out. If you’re having difficulty with a tenant, you want to pursue all other avenues first.

A letting agent can help you with this. They can take the burden off your shoulders and contribute different ideas and strategies to deal with tricky situations. In these unusual times, flexible and agile thinking is the order of the day.

This is no time to wing it

If you’re relatively new to the lettings market, firstly hello and welcome! Secondly, a word of advice now is not the time to wing it.

Even in “normal times” (don’t they seem like a long time ago?) there were plenty of potential pitfalls for landlords around deposits, maintenance, regulations, and tenant checks. But right now, things are more complicated than ever. You must ensure you meet all your legal obligations (the fines are enormous if you don’t) and stay on top of any new announcements. Having an expert to help you do this will save you time and money in the long run.

Old pros are in new territory

If there’s a word that sums up 2020, it’s “unprecedented”. A few others that we won’t forget in a hurry include “lockdown”, “furlough” and “shielding”. Even the most experienced landlords are dealing with a host of issues for the first time. Good letting agents are keeping abreast of the changing situation and talking to industry bodies and colleagues in other parts of the country and sharing best practice. Make your life a little easier and utilise this expertise.

A quick note: As we mentioned above, there is concern about the eviction ban, particularly concerning the dealing with anti-social or violent tenants. The National Residential Landlords Association is pushing for these cases to be fast-tracked through the courts. In domestic violence cases, for example, landlords often end a tenancy agreement and start a new one with the victim but without the abuser. Many worry the lengthy delay in dealing with these cases is trapping victims of domestic violence in unsuitable tenancies. We’ll keep you updated on the progress of this campaign.

Here at Martin & Co Tunbridge Wells, we are committed to supporting our community through these difficult times.

Our experienced team is on hand to help the landlords and tenants of TUNBRIDGE WELLS.

Thanks for reading.

Space – The final frontier for homebuyers in TUNBRIDGE WELLS

Space may well have been the final frontier for the crew of the Starship Enterprise in Star Trek, but it’s also made the news recently much closer to home.

According to a BBC report based on data from property portal Rightmove the Covid-19 induced lockdown has changed people’s priorities when it comes to buying or renting a new home.

Indoor and outdoor space has always been a big draw for home searchers. But it’s now top of most people’s lists as the article suggests.

These new desires may end up being temporary, but they do make for interesting reading.

The findings also highlight that due to the rise in home working, having a spare room which can be used as an office or workout Tunbridge Wells, is increasingly popular with property seekers.

As is good wi-fi, a pet-friendly home and having parks or a natural environment nearby.

Number two on the buyers wish list is having a garden. With many of the 4000 potential movers surveyed saying it was what they desired most from a home.

Flats have dropped out of the top five wanted list for buyers according to Rightmove’s research based on the number of enquiries per property of each type. 

Record-Breaking Weather

May was the sunniest UK calendar month on record according to the Met Office.

And it’s possible that all that good weather played a part in another trend the article covered – a rise in demand for properties in coastal Tunbridge Wells.

Here’s a list of the most significant changes in home searchers desires:

Access to a garden

A bigger home

Access to a garage

A better home workspace

Live closer to parks

A pet-friendly home

At Martin & Co Tunbridge Wells we have over 11 years of experience working within the TUNBRIDGE WELLS property market.

We’ve seen its ups and downs and observed the changing trends and priorities of sellers and buyers over the years.

So, if it’s a new home and space you’re looking for we’ll help you boldly go where you haven’t gone before.

Thanks for reading.

How we can help landlords in TUNBRIDGE WELLS comply with new electrical safety rules

As if landlords don’t have enough to contend with, new rules on Electrical Inspection Condition Reports (EICR) kick in next month.

Final guidance from the government on this legislation is expected any day now, but here’s an overview.

·       Every fixed electrical installation in a private rental property must be inspected and comply with the 18th Edition of the Wiring Regulations.

·       This kicks in on July 1, 2020, for new tenancies and April 1, 2021, for existing tenancies.

·       Inspections must be carried out every five years by a “qualified person” (more on that in a minute).

·       If a problem is identified in the EICR, work to remedy it must be done within 28 days (or less if it’s urgent). Landlords need written confirmation that the work has been completed.

·       A copy of the electrical safety report must be supplied to a tenant before they move into the property. If an inspection is carried out during a tenancy, the report should be provided to the tenant within 28 days of its completion.

What does “qualified mean?” we hear you say

This will be clarified in the guidance. But it’s safe to assume that it doesn’t mean a mate’s brother’s ex-flatmate who likes watching DIY SOS. Industry insiders interpret it to mean an electrician with Electrotechnical Assessment Specifications qualifications. So, a professional with an industry recognised apprenticeship or Level 3 Certificates in Installing, Testing and Ensuring Compliance of Electrical Installations in Dwellings.

What if a landlord fails to comply?

It’s going to hurt. Breach the new rules and face a fine of up to £30,000.

This all sounds complicated

Responsible landlords who keep their properties in good condition probably won’t get any nasty surprises. The rogue ones might be in for a shock though.

Tips from a sparky

Oliver Townsend, an electrician, who owns Townsend Electrical in East Sussex, has these tips for landlords about the EICR process.

If it’s too good to be true…

It probably is. If someone offers to inspect for next to nothing, ask yourself: ‘what’s in it for them?’ Oliver has heard of some electricians planning to use the EICR process as a loss leader. What they lose in carrying out the inspection, they plan to make up by diagnosing and carrying out expensive repair works.

Now most electricians are good people and wouldn’t do this. But be aware that the cheapest price doesn’t always represent the best value.

Are they registered?

Oliver recommends going with an electrician registered with a governing body such as the NICEIC. Other organisations to look out for include NAPIT, STROMA and the ECA.

Word of mouth

Ideally, you’re looking for an electrician who is registered with one of the above organisations and has a glowing reputation in your local Tunbridge Wells. So, seek out word of mouth recommendations.

“A good letting agent will have built up business relationships with reliable tradespeople including electricians, so ask them for advice,” says Oliver.

“It’s much better – and less stressful – to go with someone you can trust.”

Don’t dither

If you already have an existing tenancy agreement, April 1, might seem like a long way off. But as this deadline looms, electricians will be in hot demand, especially good ones.

Also remember that if you need to get remedial works done, this will take time. Give yourself a little bit of breathing space to ensure any last-minute panic and avoid looking like an April Fool next year.

At Martin & CO we’ll be reviewing all the government guidance on the new safety regs as it comes in and can advise landlords through the new EICR process. If you’d like to know more, get in touch, we’re here to help.

Housing Minister announced on the 5th June a two month extension to evictions .

On Friday evening, 5th June, the Government have extended the eviction ban for a further two months.

Housing Secretary Robert Jenrick MP tweeted "We are suspending evictions from social and private rented accommodation by a further two months. Eviction hearings will not be heard in courts until the end of August and no one will be evicted from their home this summer due to Coronavirus."

The previous measures prevented new eviction proceedings for a three-month period, and was due to end on 24 June. According to ARLA and Training For Professionals, this has now been extended to 23 August.

Unless possession claims were made, some section 21 notices served before lockdown will be close to the 6 month expiry under section 36 of the Deregulation Act by the end of August.

Without any further changes to the legislation the stay on proceedings could be further extended until the end of October and a working group is currently considering what arrangements will need to be in place once hearings recommence.

further details will be provided as soon as they become available.

What can landlords in TUNBRIDGE WELLS learn from the Google habits of private renters?

In this three-minute read, we discover what internet searches can tell landlords about the rental market in TUNBRIDGE WELLS.

If you’re wondering about the current mood of the lettings market in TUNBRIDGE WELLS, then the results of a recent Google analysis will be of interest to you.

A list of the most common property questions private renters typed into Google has been compiled by a firm called Boiler Plan.

The data covers April, and the market has shifted since then. But the results still provide a useful snapshot of tenant worries.

Here are the five most common questions private renters asked Google.

1 Can landlords increase my rent?

2 Can my landlord evict me?

3 What are my responsibilities as a tenant?

4 Can letting agents charge fees?

5 Can a landlord keep deposits?

What can landlords and letting agents learn from these questions?

Right now, people feel anxious.

Some renters are still on furlough but wondering what will happen when the scheme draws to a close. Others have lost their jobs and surviving on savings/the kindness of others/the Bank of Mum and Dad.

Many industry experts predict there will be an increase in tenants falling into rent arrears and evictions in the coming months. If as a landlord, you find yourself in a tricky situation with a tenant, the first thing to remember is that you must obey the law. There are clear rules about what you can and can’t do, and significant fines if you mess up. Contact us if you are unsure.

Assume tenants know their stuff

The fact private renters are googling the questions above, and not just searching up Game of Thrones or Dua Lipa, shows people are doing their research. The internet is awash with useful advice on tenants’ rights. So, don’t cut corners. It’s the wrong thing to do, and, it’s likely you won’t get away with it.

Evictions

Evictions can be costly and time-consuming at the best of times, but there is, of course, another spanner in the works. Due to Covid-19, there is currently a ban on all evictions.

However, this is due to be lifted. When the court system does get up and running again, expect a hefty backlog of cases causing further delays.

Remember, evictions should always be the last resort.

It’s worth talking to an excellent letting agent like us. We have experience dealing with sensitive matters, and we can go into bat for you and find another way of resolving any dispute.

If you want to have a chat about any issues raised by the Google searches in this article, please call us at Martin & Co on 01892 543856 or email tunbridgewells@martinco.com.

We’re here to help you however and whenever you need it.

What we could say about the ROYAL TUNBRIDGE WELLS property market

Bringing Help, Hope and Happiness to Home Seekers in TUNBRIDGE WELLS

We share a message with all of you in TUNBRIDGE WELLS who have been going through these surreal times we’ve been experiencing.

There are plenty of things we could say right now.

We could tell you about the pent-up demand being unleashed on the TUNBRIDGE WELLS property market as activity surges.

We could spell out the measures we are introducing to ensure the safety and well-being of our clients, colleagues, and community now that estate agency is back up and running.

We could even give you an insight into what looks set to be a six-month window of property changing hands right up until Christmas.

Yes, we could share all this with you, but not yet.

Our Message to You

And that’s because there’s a more important message we want to get across to you and our community in TUNBRIDGE WELLS.

We want to thank you for doing your bit to fight Covid-19.

We want to show our gratitude to you whether you are maintaining social distancing, carry out essential work, supporting a local business or volunteering to help your neighbours.

We also want to thank you for the support, messages, and patience you’ve shown us as we get our business up and running again in what looks likely to be the ‘new normal’ for the foreseeable future.

Help – Hope - Happiness

It’s said there are three stages of a crisis – Help – Hope - Happiness.

The first is when the crisis/disaster happens and then its immediate aftermath – this is the stage when people need help the most.

Then as time passes, it enters the hope phase as we start seeing the light at the end of our collective tunnel. And as the news ar

ound the crisis becomes more positive, we step into the happiness phase as life returns to normal.

We continue to do all we can to help our community in TUNBRIDGE WELLS. And we believe we are beginning to step further into the hope phase of the Covid-19 crisis as places start to reopen, the infection rate falls, sport and cultural events slowly start again, and the news becomes more positive.

Good News

From a property market perspective, there’s hope in the air.

And happiness is out there in the form of serious buyers and tenants keen to move following months of forced inaction.

We hope at some point we’ll get the chance to help you find a new home you’ll be very happy in.

Thanks once again and if there’s any community or property matter, you’d like to have a chat with us about we’re just a phone call away.

From all of us at Martin & Co

The Lockdown Landlords of Royal Tunbridge Wells

 Despite Government regulations that have been in place since the 26 March 2020, where in-person viewings have been illegal, Royal Tunbridge Wells buy to let landlords have during that time been chomping at the bit to build their property empire by looking at buying additional properties to their buy to let portfolio.

There are plenty of investors who think nothing of legally committing to buying a property ‘off plan’ before it’s built – yet over the last few weeks, it has become the norm in the second-hand Royal Tunbridge Wells property market and they have now stolen a march and bagged some property bargains.

Normally, the face to face viewing is step one of the second-hand house buying process ... yet now it’s becoming the ‘new normal’ that have meant some Royal Tunbridge Wells agents are carrying out semi-professional video viewings or 360-degree video tours. Even homeowners are getting in on the act and managing a Facetime or Zoom video viewing by walking around their house with their mobile phone. 

Yet the Government announced on Wednesday, 13^th May 2020 that the Estate & Letting Agency industry could reopen meaning people could view houses, visit agents and move home be they tenants, buyers, landlords or home sellers. This is all subject to general and specific social distancing rules, specific hygiene regulations and suitable PPE being used.

What has been happening in the last few weeks in the Royal Tunbridge Wells property market?

The average time between sale agreed and exchange/completion of contracts on a house sale (i.e. the keys and monies get sorted) is 17 to 19 weeks, which means buying today would mean you wouldn’t be getting your hands on the property until late September or October at the earliest. 

Spring is the time when most properties come onto the market, yet as one would expect, the number of Royal Tunbridge Wells properties coming onto the market has been somewhat reduced since lockdown as…

Only 27 Royal Tunbridge Wells properties have been

put up for sale in the last month

This reduction in supply of new properties coming onto the market, combined with this pent-up demand from both Royal Tunbridge Wells landlords and the ‘Boris-Bounce’, could in fact be good news for the Royal Tunbridge Wells property market, let me explain…

Rightmove stated that people going to their website initially dropped by 40% at the start of lockdown, yet now has recovered with a near doubling of people searching for properties with gardens (for both sales and renting). For many Royal Tunbridge Wells buy to let landlords (and in fact Royal Tunbridge Wells homebuyers), now is the very best time to do research into the Royal Tunbridge Wells property market. All the portals have access to 25 years of property sales with pictures, so you can compare and contrast what has happened to various different property types around Royal Tunbridge Wells to spot those under-priced bargains, meaning you can get moving quickly after lockdown.

Rather than feeling trapped or powerless, this time can be used fruitfully by Royal Tunbridge Wells buyers and Royal Tunbridge Wells sellers to get their ducks in a row

One of the biggest barriers in April was mortgage lending. In the early days of the pandemic, most mortgage lenders removed many of their best deals and enormously restricted their capacity. Currently though, we are seeing a revitalisation in the mortgage market. In May, with many mortgage products becoming accessible again for borrowers and with many mortgage companies integrating more digital processes (including Virtual Surveyor Mortgage Valuations in some cases) the mortgage market now has plenty of options available to those who are keen to obtain borrowing.

There is no doubt the Royal Tunbridge Wells housing market got off to a sturdy start in 2020. With Brexit at least partly resolved, the ‘Boris-Bounce’ was starting to take off. With Royal Tunbridge Wells house prices being robust and rental demand was high, the Royal Tunbridge Wells property market was already in a good place to deal with the subsequent Covid-19 issue.

I know there are a few doom mongers in the National Press spouting about a massive crash in the UK property market. There is a natural tendency for newspapers to latch onto the worst-case scenario in any economic forecast. Who can forget the country received similar projections in the lead-up to the 2016 Brexit vote with HMRC itself stating that UK house values would drop by at least 10% in the first 12 months should the UK vote for Brexit and 20% in two years! 

With the rollercoaster of the stock market in recent months, investing one’s money into good old-fashioned bricks and mortar has started to seem a good place again. 

Buying a property for investment means you have a tangible asset, something you can touch and feel (and understand). The returns from investing in property come from both capital appreciation and income from the rent, and yes whilst property values can go up as well as down, successful buy to let landlords are inclined to take a long-term view on their property investments. 

£992 per month

The average gross profit from a Royal Tunbridge Wells terraced/town house

To give you an example of the current buy to let returns, the average Royal Tunbridge Wells terraced/town house sells for £412,700. By taking the ‘The Mortgage Works’ BTL 5-year fixed rate of 1.64%, with only £5,094 in up-front fees, a 20-year repayment mortgage would cost you £1,246 per month or interest only mortgage would just cost £348 per month .... considering the average rent for a terraced/town house in Royal Tunbridge Wells is £1,340 per month ... even before management, tax, maintenance and other associated costs, that’s a decent gross profit (the £992 gross profit is an illustrative example using the interest only mortgage and the capital element would need repaying at the end of the term). 

Isn’t it funny the newspapers aren’t latching on to some reports to say the property market might go in the other direction? Remember – bad news sells newspapers!

So, should you wait to buy your Royal Tunbridge Wells buy to let investment?

Before you buy, consider factors like the strength of your financial future, your credit score and the current state of the property market and even more importantly, the state of the mortgage market. Look at the current interest rates, they have never been so low and deliberate the experts’ opinions and just as equally your own opinions as to whether Royal Tunbridge Wells property values are on the rise, will stay the same or are likely to fall.

Interest rates are at record lows, meaning borrowing money is cheap money now, so it may be a good time to buy, as you will pay a reduced cost for the pleasure of borrowing money to buy that investment. Yet, if you waited and Royal Tunbridge Wells property values are on the decline, it may be a good idea to wait, as you could end up getting a better deal on the same type of home, yet if that happens, access to the cheap finance might dry up (meaning you could save some purchase price, but the cost of borrowing could go up). It can be very hard to accurately predict what interest rates or property values will do, so these shouldn’t be deciding factors – but they are worth considering.

So, what will happen to the Royal Tunbridge Wells (and UK) property market?

To be honest – nobody knows. What I do know is the Swine Flu in 2009 caused some volatility in the UK property market, but the market stabilised within months. Even in disaster scenarios such as the current one, property remains comparatively stable and will continue to be one of the best places to invest in. 

Yes, we could see unemployment rise in the next 6 months (yet the Furlough Scheme has been extended until the autumn) and historically, it has been proved house price falls are not caused by high unemployment; yes GDP will drop drastically because of lockdown yet it could bounce back like it has in China; yes, the number of property transactions will drop, yet that will only really effect the pockets of Royal Tunbridge Wells removal people, Royal Tunbridge Wells solicitors & estate agents and the Chancellor of the Exchequer in lost stamp duty receipts; yes there is £82bn worth of property sales on ice during this lockdown (some of which might not complete) ... it’s all ifs, buts and maybes.

Calamity changes things: with every predicament, humanity shifts to become more productive - it’s the way it’s always been

The national debt at the end of the Napoleonic Wars of 1815 in today’s money was an eye watering £4,421,000,000,000 (£4.42 trillion) and even with the eye watering borrowing to fund Covid-19, it stands at £1,821.3 trillion – we have been here before and we came out stronger.

The Bank of England failed in 1825, yet we recovered stronger, the Great Depression of the 1930’s cut the Stock Market by 90%, yet we recovered, WW2 took national debt to 200% of GDP like it had in the Napoleonic Wars in the early 1800’s – yet we recovered, the oil crisis quadrupled oil prices in the 1970’s – and we came back …. the list goes on with hyper-inflation in the 1970s of 25%, mass unemployment in the 1980’s, Black Monday in 1987, Dot-com bubble in 2001 and credit crunch in 2008/9.  

With every economic crisis, the long-term effects of them make people look at their decision making differently

The simple fact is for decades, demand for homes has outstripped supply – hence why property values have remained so robust. People are living longer (71.1 years in 1960 and 81.1 years nowadays), the mass exodus of EU nationals has not taken place since Brexit and the birth rate has increased by 9.1% since the Millennium, which means since 2000, the country has needed at least 240,000 households more per year to satisfy the demand. On average, we have only built 150,000 households a year, meaning we have a shortfall of 90,000 households each year for 20 years … a true shortfall of 1.8m households ... and until we start building anything over that 240,000 requirement … demand will always outstrip supply – and we all know what happens to prices when that happens!

The Soothing Power of TUNBRIDGE WELLS’S Pets During Lockdown

How the pets of TUNBRIDGE WELLS are helping people in lockdown.

In this two-minute read, we look at the ways pets are bringing comfort, companionship, and calmness to people across TUNBRIDGE WELLS. And what you can do to help your furry friends in return.

It’s often said the UK is made up of animal lovers.

And since the lockdown began that love affair has grown even stronger.

According to a 2019 survey by a company called Statista, more than 40 per cent of households across the UK own pets.

Dogs and cats are the most popular, but also rabbits, turtles, indoor birds and even snakes are being kept in their thousands.

And here are four fabulous reasons why our furry friends (and all the others) are good for us, especially in lockdown.

1) During lockdown walking the dog has become an outlet for extra exercise and breaking the monotony of being stuck indoors.

2) Pets of all shapes and sizes have been providing much-needed companionship for many of us who are self-isolating or social distancing.

3) Stroking a dog, cat, or other animals has been proven to lower blood pressure and help you feel calmer, less stressed and more content.

4) Being playful with your pet increases your levels of the chemicals serotonin and dopamine, which create feel-good sensations in your brain.

For many pets, dogs, in particular, the period of lockdown has been enjoyable as they have had longer than usual walks, more cuddles, and a lot more attention from their owners and families.

But some animals, including our canine chums, need a little extra care during this uncertain period.

The renowned Battersea Cats and Dogs Home has issued advice for owners and people caring for animals during lockdown who are facing difficult circumstances. The link is at the end of this article.

From a property perspective, if you are selling or letting your property now, it’s advised that cats and dogs are kept away from anyone who is viewing it, just to be on the safe side.

At Martin & Co we want all our clients and community to know we are taking every possible step to protect people (and their pets) as we go about our work safely and sensibly.

We’d love to see photos of your handsome hounds, cute cats, happier hamsters, and any other types of pets that are helping you raise a smile during the lockdown.

Thanks for reading, and we hope you and your beloved pets stay safe and well.

PS: Here’s that link: https://www.battersea.org.uk/pet-advice/how-care-your-pets-if-youre-ill-or-have-self-isolate-due-coronavirus

The Rights, Obligations & Responsibilities of the 2,167 Royal Tunbridge Wells Landlords & 5,353 Tenants During the Virus Outbreak

The last three or four weeks, unquestionably, have been one of the most life-changing times we have seen since WW2. The imminent threat of the Coronavirus has taken over the world, the UK and Royal Tunbridge Wells and will challenge you, our families, our relationships and test us all.

The drive of this worldwide action of social distancing is not just to stop you from getting ill with the virus; the bigger drive is to slow down the development of this virus so the NHS will not become overwhelmed with those who are most likely to need hospital care. Yet the issue of social distancing has certainly raised many questions around the landlord/tenant/agent relationship, so in this article I wanted to share with all the 2,167 Royal Tunbridge Wells landlords their rights, obligations and responsibilities to their Royal Tunbridge Wells tenants. I also wanted to highlight the rights, obligations and responsibilities of the 5,353 Royal Tunbridge Wells tenants in return.

These will be trying times for Royal Tunbridge Wells’ landlords and Royal Tunbridge Wells’ tenants alike, so let’s start…

A landlord has the responsibility to ensure the property is fit for habitation, so what if the Royal Tunbridge Wells landlord/agent is incapable of undertaking an emergency repair (or say the annual gas safety check) because the tenant is self-isolating or actually has the virus? The answer is the landlord should use their best efforts to fix the problem if it’s an urgent repair, yet if the landlord/agent are unable to do so they should record this fact and that it is related to the Coronavirus epidemic. One should then re-try as soon as is possible and appropriate, having full respect for information on self-isolation, personal-safety and social-distancing and ensure that you make a written note for future issue. My advice is that you or your agent (as we are with our Royal Tunbridge Wells tenants) need to uphold good lines of communication with the tenants touched by these current circumstances, so they are clear on what action you are taking and the timescales for this. 

Yet at the same time, there will be very few situations in the coming weeks when the contractors who the landlord/agent use will also be in self-isolation, meaning a handful of  the 5,353 Royal Tunbridge Wells tenants might have to wait for repairs to be sorted. We have some excellent Royal Tunbridge Wells contractors with their own backup plans and so together we will use our best endeavours to find an alternative contractor to fix any issues. If your agent has issues, then maybe we can help – do call me. Yet whatever you do, if this occurs, document everything and that it is related to the Coronavirus epidemic.

The total rent paid by Royal Tunbridge Wells’ tenants

each month is £6,150,600

It’s true the UK government has demanded that building societies and banks give a three-month mortgage holiday to those landlords that are unable to make mortgage payments. This is not free cash, the mortgage payments are basically postponed with interest to be collected at the end of this crisis, meaning your obligation as a Royal Tunbridge Wells tenant to pay the rent still exists. HM Government is offering employers an 80% wage support with the furloughing to avoid having to make people redundant and the rent for your Royal Tunbridge Wells rental home will be treated in the same way as the landlord’s mortgage.

The average Royal Tunbridge Wells rental payment currently

stands at £1,149 per month

Therefore, if you are incapable of being able to pay your rent, it will still build up and accumulate during this virus predicament and you will need to start a payment plan to pay it back on top of your normal monthly rent.  So if your rent is £1,149pm and you have already been living there for 2 months into a 12 month tenancy, there is still £11,490 to be paid over the next 10 months, so should you not pay anything for 3 months your rent would increase by 43% a month for the last seven months or you face eviction due to arrears (remember arrears have been put on hold – not removed during the virus outbreak). One option, subject to status and agreement by all parties, could be to renegotiate a new longer lease to pay off the arrears over a longer period. Again, the point here is communication from all sides – making sure there are no nasty surprises.

So, if you are in this predicament, there is a lot of help accessible from the HM Government including Universal Credit or Employment Support as soon as possible to escape any interruptions to your payments. Remember, your Royal Tunbridge Wells landlord will need proof of your Universal Credit or Employment Support claims to give to their mortgage company to be able to start the mortgage holiday, so my advice to all the 5,353 Royal Tunbridge Wells tenants is keep in contact with your agent to ensure your Royal Tunbridge Wells landlord doesn’t suffer any avoidable hardship (which ultimately may end up with your home being repossessed because the mortgage payments were missed because you were unable to furnish the landlord with your own claim documents).

Communication is the #1 priority here. Whilst most agent’s premises are closed including our own, all are open for telephone and email enquiries, with staff working from home. This is a fast-changing time for everybody, for the 2,167 Royal Tunbridge Wells landlords and 5,353 Royal Tunbridge Wells’ tenants correspondingly and we will be ever vigilant to oversee the financial and monetary backdrop in the coming months. 

These are going to be tough times for the people of Royal Tunbridge Wells (and the world), financially and mentally; yet together we will come out of this stronger. By working together, working in partnership, again keeping lines of communication open with regards to your finances and your housing, by keeping safe and protecting our families and most of all by being kind to each other ... we will get through this, a little battered and bruised – yet hopefully better human beings for it?