» Rajiv Mehta Private Rented Sector Update

Landlord’s Guide to Lettings

March 7, 2012 by Rajiv Mehta 2 Comments

Letting a property is not simply a case of agreeing a price and receiving bank details. If a property is to be let it needs to be done so legally – and there are many practical and financial aspects to take into consideration before an agreement can be reached.

Without employing the services of a professional lettings agent you run the risk of getting caught in a loophole you may have been unaware of. Similarly, you don’t want to hand your property over to a company who doesn’t practice at industry standards. Good agents will belong to professional industry bodies – check out our list to find out what they mean. Read more of this post

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City Guide: Holborn

January 17, 2012 by Rajiv Mehta 1 Comment

Inside the British Museum / image: geograph

Holborn is situated between the London Borough of Camden and the City of London. Holborn has great transport links, with the nearest stations being Chancery Lane, Covent Garden, Russell Square and Tottenham Court Road.

Holborn is best known for being the centre of some of London’s most prestigious law firms. The Royal Court of Justice is also based there, containing an estimated 1,000 rooms and 2.5 miles of corridors! Education is no stranger to the area either with the London School of Economics (LSE) and the University of Arts within a close proximity to each other. Read more of this post

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City Life: Elephant and Castle

September 16, 2011 by Rajiv Mehta Leave a Comment

In my opinion, there are many preconceived ideas about the Elephant & Castle area and 5 years ago it wasn’t the safest of places to live in London. However the new regeneration plans to build a brand new shopping centre has alone brought about a new sense of life around the area. With developments such as Strata which completed in April 2010, a new focal point for London’s skyline has been introduced.

At 147.9 metres, Strata is now SE1′s tallest building – a title previously held by Guy’s Tower (143 metres). Strata is likely to keep the title until The Shard at London Bridge is completed. 43 floors high and 408 brand new homes later, the Shard will be seen as an iconic figure in London, with people from all over the world flooding to it like any other public attraction. The development alone has massively contributed to many more working professionals living in the area, which has also had a knock on effect on the world where wind turbines have been integrated within the fabric of the building.

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The Life of a Property Consultant

August 18, 2011 by Rajiv Mehta 2 Comments

Rajiv Mehta, Property Consultant

As a property consultant, you are usually generalised as being money hungry because most consultants are paid on a commission basis, which is dependant on the amount of deals made in a certain timescale. It is also common for consultants in the working environment to be known as sharks – because of their pay structure colleagues are known to lie to applicants or turn them against each other, in order to get the deal.

Most annoyingly, the reputation of a property consultant is destroyed because of this, which doesn’t bode well for tenants whom are seeking new homes to move into. Some applicants may also feel cheated into paying more money than a property is worth, which therefore has an impact on the customer service offered to clients.

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Filed under Asset Management Tagged with commission, customer service, london, money, pay, property, real estate, work

Advice for Overseas Tenants

July 14, 2011 by Rajiv Mehta 3 Comments

image: TJ Morris

April to September is definitely the busiest time for the lettings industry! One thing I have noticed in recent weeks is an increase in the amount of enquiries we have received from overseas applicants, who are looking to rent in London.

Some people renting from overseas come to London with an employer, and will have the benefit of help and support from their company. However not all will have that luxury, and will have to prove they can afford the rent and find a suitable and safe estate agency for themselves.

Many of these applicants are students looking to live in London whilst studying at university, starting their search for a home close to the start of term time. According to UCAS, in 2010 alone 62,695 overseas students were accepted into British universities. That is a lot of people in need of advice! I hope that this article, a guide to renting in London and the UK, helps those unfamiliar with the process to learn what is required of them in order to find and rent their perfect home.

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Hackney and the E2 Lettings Market

June 22, 2011 by Rajiv Mehta Leave a Comment

Hackney Empire Music Hall, Built 1901 (image: Jim Linwood)

Over the past couple of months, I have been struck by the increased interest in the lettings market in the E2 / Hackney area of London.

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We currently have properties in the area, in particular in a development called Acton’s Lock (formerly known as Union Wharf) - a development situated on Pritchard’s Road, in the heart of Hackney town. It was completed almost 5 years

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ago, and it’s staggering to see the change in the lettings market over the years. Upon completion in 2007 the rent for a 1 bedroom property was a lot lower than expected, however every year since we have seen a steady increase in the infrastructure around the area, which has had a positive knock on effect to the rental value.

Over the last 2 months, we have had a fair amount of properties in the development become available for renewal, with 90% of tenants wanting to renew their tenancy. With this, we have seen a rapid rise in the rent achieved for these 1 bedroom properties, from achieving a rent of around £270 per week last year to now achieving around the £300 per week – an 11% increase. All of the properties that we have available in this development have stunning Juliet balconies, overlooking the Regents Canal.

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Filed under Asset Management Tagged with city guide, culture, england, hackney, history, life, london, money, property, real estate

King’s Cross Lettings Market Update

May 25, 2011 by Rajiv Mehta Leave a Comment

Over the last couple of months, rental prices have rapidly increased in the King’s Cross region. Further to my first blog on the N1 lettings market, I will be concentrating more on a development called King’s Quarter in King’s Cross, where we currently let and manage the majority of the properties.

During the past month, renewals and new tenancies at the Kings Quarter development have seen an average annual rental increase of up to close to 20%, with a typical 2 bedroom apartment now renting for £390 per week (up from £330 per week a year ago).

Such rental increases aren’t uncommon for well-located, appropriately maintained, modern property in the Kings Cross area, proving that the King’s Cross area i s fa

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st becoming one of London’s fastest rising residential rental heavyweights.

Average length of tenancy is strong in the Kings Cross area; tenants are eager to renew – driven by a local shortage of rental stock, regeneration and gentrification - even when faced with rental increases that are among the highest in the capital.

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Filed under Research Tagged with business, harry potter, investment, kings cross, life, N1, property, real estate, regeneration, st pancras, work

The Kings Cross Lettings Market Update

April 28, 2011 by Rajiv Mehta 2 Comments

St Pancras International - Katherine Nagl

Over the past couple of months, I have seen a rapid increase in the demand for properties in Kings Cross.

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There is now not enough supply in the area to meet the demand.

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The area is fast becoming a central hub in London, and is a great place to live because of the excellent transport links and local facilities.

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I have found that the majority of the tenants who are residing in the area are young professionals, although there are a fair amount of overseas tenants too – with the majority loving living there.

This was proven last week, with a property that had come available for rent in the Kings Quarter development, in K

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ings Cross. We found that in June 2010 (when the current tenants renewed) their rent increased by £20, with them paying £320 per week for a 2 bedroom, 1 bathroom property.

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Almost a year on, the property has come back onto the market, and achieved a rent of £390 pw - therefore providing the landlord with a £70 pw increase in 12 months. Within a d

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ay of the property being marketed on our website we were instantly overwhelmed with the enquiries flooding in. We have found that the average length of tenancy in the area is on an upward trend and in excess of 80% of tenants are renewing their tenancy, after the initial period, at a higher market rent.

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Filed under Asset Management Tagged with camden, city, home, investment, islington, kings cross, landlord, lettings, life, london, N1, north london, property, real estate, regeneration, rent, st pancras international, tenant, urban