Will sealed bids begin in the Notts rental market? It’s often said that what happens in London filters through to other areas of the U.K. A study by property firm Zoopla suggests that the London rental market showed a 2.6% decline on average agreed rents in June, a trend which is also shown in 5 out of 12 U.K. regions. However, the study suggests that monthly rents in the East Midlands are holding up with an annual increase of 2.8% from June 2016.
We are delighted to have been appointment the letting and management agent for five stunning new City Centre apartments! Located on the historic Victoria Street, just minutes from the Old Market Square and the Lace Market, these five exclusive residences are now available to rent after their previous luxurious high end make-over in keeping with the style of such an architecturally stunning building.
The cost of renting a home in Nottingham is likely to increase as a result of changes to be imposed on landlords in the city. Nottingham City Council’s plans to introduce selective licensing, along with the Government’s changes to landlord’s mortgage interest tax relief and the previous 3% stamp duty surcharge on buy-to-let properties will result in a ‘triple threat’ to the Nottingham housing market.
From 2017, Buy to Let lenders have had to make changes to their lending criteria under the Bank of England’s Prudential Regulation Authority (PRA), which includes stricter affordability tests including Interest Cover Ratio including the impact of recent Tax Changes and a stress test on interest rate rises.