1 In 4 Landlords Earn A Living From Rental Property

It seems that there has never been a better time to be a private landlord: tenant demand is up and predicted to rise even further; rents are increasing and yields are at their highest since the Landlords Panel research study began in 2006.

It is unsurprising therefore that more than one in four landlords are now making a living from letting their properties, according to recent research by BDRC Continental.

The research also found that a further 52% use rental properties to supplement their income, with 74% of those planning to use rental income to help fund their retirement.

Landlords stated that the opportunity to achieve a better return on property than investing in the stock market was a major factor in entering the buy-to-let market, along with the chance to make rental income their main source of income in the future.

It seems that optimism is in the air with 68% of landlords rating their capital gains and rental prospects as good or very good, compared with 60% in the third quarter of last year. This was found to be at the highest level since 2007.

John Heron, managing director of Paragon Mortgages, said: “Tenant demand for rental property remains strong, and with the mainstay of investment coming from private landlords, it is important for lenders to develop products that can underpin sustainable growth.”

Many of the landlords surveyed said they were looking to expand their portfolios, which is good news for buy-to-let mortgage providers and brokers. However it raises another issue when you consider that 63% agree ‘strongly’ that the buy-to-let market would benefit from greater competition. The industry cannot afford to have its key customers believing there’s too little competition in the market.

The research sounded a warning note for brokers and intermediaries: 21% of all landlords agree ‘strongly’ that they will approach a lender directly the next time they need funding.  And meanwhile some lenders are moving in the direction of providing a more holistic service to landlords – e.g. educating them on legal obligations, marketing and how to become more profitable.

With tenant demand almost certainly set to increase into 2014, it seems inevitable that even more landlords will be able to make a living from their rental properties in the future. If you are a landlord or are thinking about investing in rental property in Bath, we would be more than happy to discuss any questions you have about this topic either in person or via Facebook or Twitter.

Reside5 – Plaque To The Future!

‘The tiresome journey from London – it took almost two days by coach.’
Lowndes, William, 1982. They came to Bath. Bristol: Redcliffe Press.

This journey was taken by many a celebrity visiting Bath in the 17th and 18th century, some of whom stayed and grew to love the bustling, cosmopolitan spa city.

Bath then was a boom town, attracting merchants, nobility, artists, writers and politicians. They would drink the waters, gossip, socialise, shop and attend concerts and the theatre. Maybe not that much has changed.

Here are a few famous residents of yesteryear. You’ll find their plaques dotted around the city. Please share your feedback (or indeed any vintage gossip!) with us via Facebook or Twitter.


Dickens plaque

Charles Dickens

35, St. James’s Square
Here dwelt Charles Dickens 1840

One of the writers closest to the English heart is Charles Dickens – the most popular English novelist of the Victorian era. His characters live on – in films, on the page and in our minds. His books, amongst them Great Expectations, Oliver Twist, Nicholas Nickleby, The Pickwick Papers and A Christmas Carol are as compelling now as they were then.

Dickens often visited his close friend Walter Savage Landor at his house at 35, St. James’s Square. According to some, the plaque is a red herring, because it is believed that Dickens didn’t even spend one night there and would return after dinner to the York House Hotel on George Street.

The city gave Dickens inspiration for at least one of his characters – it is said that Mr Pickwick was based on Moses Pickwick, landlord of the White Hart inn.


wordsworth plaque

William Wordsworth

9 North Parade
Here dwelt William Wordsworth b. 1770 d. 1850

‘Rest and be thankful’ the poet William Wordsworth is famous for saying.

On the 29th April 1841, the Bath Chronicle announced that “The distinguished poet Wordsworth is at present residing in Bath, where we understand he will remain until the middle of June”.

Staying in the city to attend the wedding of his daughter Dora at St James’s Church, we like to think he rested and was thankful for some moments of solitude during his stay at number 9 North Parade.

Wordsworth had been in Somerset before, during the early days of his friendship with Samuel Taylor Coleridge. Wordsworth and his sister Dorothy lived near Coleridge’s home in Nether Stowey. Together, the two great poets helped launch the Romantic Age in English literature.


Jane Austen

4, Sydney Place
Here lived Jane Austen 1801 – 1805

One of the most widely read and beloved English novelists of all time, Jane Austen is so closely associated with the city of Bath she even has a festival dedicated to her. Visit in September to find people in period costume strolling around the city.

Jane Austen grew up in Hampshire. It was here that the majority of her  novels were written. When in 1800 her father Rev. Austen announced he was to retire from the ministry and move the family to Bath, Jane was reluctant; she was a country girl at heart. However, the city is the main setting for both her final novels, Persuasion and Northanger Abbey.

The Austen family lived at 4, Sydney Place for three years, then moved to 27, Green Park Buildings, where Rev. Austen died in January 1805. Afterwards they lived at 25, Gay Street. The Jane Austen Centre on 40 Gay Street is set up as a replica of number 25.


Gainsborough

Thomas Gainsborough

17, The Circus
Here lived T. Gainsborough R.A. b 1727 d, 1788

British portrait and landscape painter, Thomas Gainsborough moved to Bath with his family in 1759. As an ambitious, entrepreneurial young artist, he had decided the city was exactly the sort of place in which to build his career. It wasn’t long till his talents were attracting the likes of Lord Chesterfield, Sheridan, Burke and Elizabeth Linley, all of whose portraits he painted.

He lived and worked in Bath for sixteen years, renting his house in the Circus from a Mr Penny, who he paid a quarterly rate of thirteen shillings and fourpence.* During this time he was to fulfill his ambitions of building his career and was invited to became a founder member of the Royal Academy of Arts.

One of Gainsborough’s most famous paintings, The Blue Boy, was painted during his years here. It is thought to portray Jonathan Buttall, the son of a local successful hardware merchant who was a close friend of the artist. When it was sold to the American railway pioneer, Henry Edwards Huntington in 1921 there was a public outcry. It remains to this day in the Huntington Library, California.


William Wilberforce

36 Great Pulteney Street
William Wilberforce b. 1759 d. 1833 stayed here 1802 and 1805

The British politician and philanthropist, William Wilberforce, headed the parliamentary campaign against the British slave trade for twenty-six years until the passage of the Slave Trade Act 1807.

He stayed in Bath on a few occasions: firstly in the Royal Crescent where the parents of his new wife lived – he married in Walcot Church in 1797. Later, in 1802 and 1805, the couple chose to live at 36 Great Pulteney Street, where you’ll find the plaque. In 1831 they returned and stayed at no. 9 North Parade.

According to biographer Anne Stott, Wilberforce said in his diaries that Bath was one of the worst possible places for finding any leisure in the morning, because the door knocker was continuously going. He was something of a celebrity in the city.


With so many names of note recorded on the city’s plaques, it has been difficult choosing just five. Lives and stories line Bath’s Georgian walls, and future Reside5 blogs will certainly explore some of the lesser-known personalities.

First time landlords invest as tenant demand increases

Bath shutterstock_101583367

A recent study by major buy-to-let lender, Paragon Mortgages, found an increase in borrowing by first-time landlords as compared to the same time period last year.

Similarly, the percentage of business coming from landlords looking to grow their rental portfolios also increased.

John Heron, director of Paragon, said: “It would seem that an investment in property is increasingly attractive against a background of low returns on cash and volatility in global markets.”

“With perceptions shifting in terms of the improved availability of buy-to-let finance too, the lending industry is in a good place to support the ambitions of both new and experienced landlords.”

Also of interest to new landlords are the increases in average monthly rental costs in England and Wales – up by 3.5% in the 12 months to May 2013, according to LSL Property Services’ buy-to-let index.

David Newnes, director of LSL Property Services, said: “With wage growth so weak compared to inflation and house price growth, it looks like deposits will become less affordable – which will keep demand for rented accommodation high.”

He added that “private renting will become a more and more vital aspect of the economy.”

In line with these findings, we at Reside are seeing local demand for properties increasing significantly. July 2013 was our busiest month ever in terms of properties let, which were up 44% compared to July 2012 and 116% compared to July 2011. New properties added to our website also rose by 33% in July 2013 compared with last year.

Given also that rent arrears and voids are in decline, according to the National Landlords Association, this suggests that now is an excellent time for new landlords to consider investing in rental properties.

Reside5 – Bath’s Festivals

Bath’s place in the arts dates back to the 18th century, when the old Orchard Street Theatre was built and local luminaries included Thomas Gainsborough and Jane Austen.

The city now boasts five theatres and a cultural calendar of events to be proud of.

We’ve put together a list of some of the finest festivals in our area – on right now and coming up in the next few months.

Our Reside 5 festival review covers sports, music and literature. Hopefully something for everyone. If you know of other Bath festivals coming up this year please share your suggestions with us via Facebook or Twitter.


Iford-festival-2013

1. The Iford Arts Music Festival
8th June – 10th August
Twitter: @ifordarts
(Photo courtesy of Iford Arts Festival)

A varied season of opera, jazz proms and classical cloister concerts are performed in the Grade 1 listed Harold Peto gardens of Iford Manor, six miles from Bath. Covered, seated cloister seats are available or you can listen while you picnic.

Coming up: Acis and Galatea by Handel, London Horns and Brazilian jazz from The Minas Project and the festival finale – Soothsayers and Brejeiro.

See www.ifordarts.org.uk for more info.


Bath-Folk-Festival-2013

2. Bath Folk Festival
10th – 18th Aug
Twitter: @BathFolkFest

Bath’s third Folk Festival mixes internationally acclaimed acts and local talent with concerts throughout Bath. This grass roots festival, run by musicians and dancers, for musicians and dancers, is fast becoming a well respected fixture on the folk music scene.

Confirmed acts for this year include Lunasa, James Fagan and Nancy Kerr, Damien O’Kane Trio, and Karen Tweed with Kevin Dempsey and Carolyn Robson.

See http://bathfolkfestival.org/ for more info.


Special-Olympics-Bath-2013

3.  The Special Olympics GB National Summer Games
28th Aug – 1st Sept
Twitter: @SOGreatBritain

Held every 4 years, this is the country’s largest sports event for athletes with intellectual disabilities. This year it comes to Bath where 1,700 athletes will compete in athletics, artistic gymnastics, football, badminton, golf, table tennis, tennis, swimming and more.

See http://www.bath2013.org.uk/ for more info.


Bath Festival of Chilrdren's Literature 2013

4. Festival of Children’s Literature
Sept 27th – 6th Oct
Twitter: @Bathfestivals

This year’s festival lights up the city once more with stories, readings and workshops. Well loved characters and stories rub shoulders with newer arrivals waiting to be discovered.

Michael Rosen brings his stories and poems about everything from a farting fish to chocolate cake, while local resident Mandy Sutcliffe introduces the world of Belle & Boo. Older children can learn to write about ghosts and vampires at a horror writing workshop with Alexander Gordon Smith. Axel Scheffler, Jeremy Strong are also in attendance along with a dramatic adaptation of Lord of the Flies and much, much more.

See http://bathfestivals.org.uk/childrens-literature/ to find out more.


Mozart-Fest-2013

5. Mozartfest
8th – 16th Nov
Twitter: @bathmozartfest
(Photo kindly supplied by Bath Mozartfest)

The 23rd Bath Mozartfest brings a programme of orchestral, chamber, quartet and choral works to fill some of our finest venues with glorious music.

The Assembly Rooms, Bath Abbey, the Guildhall, The Forum and St Mary’s Bathwick will feature performances by the Nash Ensemble, the Takács Quartet, The Halle Orchestra, Lawrence Power, Andras Schiff, Alfred Brendel, the Prague Symphony Orchestra and many more.

As well as music by Mozart, the programme includes the work of Dvořák, Janáček, Haydn, Ravel and Schubert and Beethoven.

See http://www.bathmozartfest.org.uk/ for more info.


With such a busy few months in prospect, we can’t possibly expect you to attend all of our top five festivals… But we would certainly like to see you give it a go! So whether you’ve been swooning to Schubert, spurring on the sports stars or studying Scheffler’s sketches, please do get in touch to tell us about it.

Reside5 – Public Sporting Facilities

Every year, the tense tiebreaks and luscious lawns of Wimbledon inspire many of us to turn off the telly, reach for a racquet and indulge in some very rusty but much-needed exercise.

Bath has a wealth of high quality public sports facilities just waiting to be raided by those of us in the grip of Murray-mania, which is why we have decided to share with you five of our favourite Public Sporting Facilities in the city.

There’s something for everyone in our latest Reside5, but be sure to share your own recommendations with us on Twitter or Facebook.


1. Tennis in the Park
Royal Victoria Park, BA1 2NR
Twitter: @ExcelTennis
(photo credit: twitter.com/ExcelTennis)

Anyone can turn up to Tennis in the Park, who offer a membership-free pay and play system. A total of seven courts are hidden away in a sheltered corner of The Royal Victoria Park, four of which are indoors and floodlit during the winter.

Set in such tranquil surroundings, however, grunters of the Sharapova variety may wish to tone down their performance.


2. Odd Down Cycle Circuit
Bloomfield Road, BA2 2NU
Twitter: @OddDownCircuit
(photo credit: nowbath.co.uk)

This brand new 1.5km (that’s 0.93 miles to you and me) cycle track was built by B&NES council with the help of a £600,000 grant from British Cycling and is one of only 17 such closed road cycling circuits in England. The track received a grand opening from the UK’s King of the Pedals, Sir Chris Hoy, and is designed to encourage more people in the area to take up the sport.

Open family sessions run several times a week from as little as £1 per participant, and inhabitants of penthouse apartments with no storage space can always borrow a bicycle from the track.


3. The Sports Training Village, University of Bath
Claverton Down, BA2 7AY
Twitter: @TeamBath
(photo credit: atcinternationallanguages.com)

This round-up would not be complete without mention of the University of Bath’s impressive sporting facilities, many of which can be booked for public use. The Training Village has played host to a variety of international sports stars and teams, and if you’ve ever idly wondered whether bobsleigh could be your calling then look no further.

A state of the art gym is available to members, and virtually every other sport is catered for – from badminton to volleyball. This is truly the place to discover your area of expertise in time for Rio 2016!


4. The Approach Golf Course
Weston Road, BA1 2DS
Twitter: @Aquaterral

Fans of a Reside5 (let’s call you Reside5ers) will recognise Bath Approach Golf Course from our Viewpoints of Bath blog a couple of months ago. Not only can anyone walk in off the street and enjoy a reasonably priced round of golf, but the panoramas over Bath are not to be missed.

Club hire is included in the admission price, so don’t worry if you’re a 5 iron short of a full set – there’s something here for everyone.


5. Bath’s Pétanque Pistes
Various Locations
(photo credit: flickr.com/bathintime)

If you find that golf is rather too much of an adrenaline rush, you may wish to consider the wonderfully social and gentile game of pétanque. Bath has several pétanque pistes, most notably in Queen Square and Alexandra and Alice Parks, all of which can be booked through the council or used for free if you happen upon an empty one.

The Bath pétanque scene is a busy one, with popular Tuesday and Thursday leagues always on the look-out for new teams and players, and several other competitions running throughout the summer. In fact, visitors to Queen Square on a Thursday evening will often be able to spot the low-flying Reside pétanque team in action.


We hope we’ve given you 5 good reasons turn off the telly and explore some of what Bath has to offer, but before you dig out your tennis whites why not tweet us to let us know what sport you’ll be playing today.

The Brass Tacks and Curious Facts Series: Episode One

We at Reside know Bath inside out, back to front and upside down – down to the last letter box – and we’d like to share our knowledge with you.

Introducing…Reside 5

As you might imagine, the life of a letting agent is largely lived outside of the office.

We are constantly exploring the unknown alcoves, little lanes and surprising sights of Bath’s surrounds. Add to this the fact that many of the team here are life-long residents of the area and what do you have? A fountain of knowledge just waiting to be tapped.

So, we thought we’d share some of our most loved places, secret spots and hidden gems of this fair city of ours – beyond the typical tourist drop-off points.

This is our first in a series of Reside 5. In this post we’ll be exploring something close to our hearts and I’m sure yours too…Cafés!

Like Reside, our 5 Cafés are each locally owned and independent, adding to the unique character and identity of Bath. But what’s your favourite spot for a cuppa? Feel free to give us a shout on Twitter or Facebook. We’d love to hear from you…


Reside 5: Cafés

1. Boston Tea Party

19 Kingsmead Square
BA1 2AE

Twitter: @BTPcafes
(Photo credit: bostonteaparty.co.uk)

We know what you are thinking – why is a chain on your list of ‘independent’ cafés? Well, it turns out Boston Tea Party is a family-run operation founded right here in the West Country. What’s more – all their shops are unique, as furniture and fittings are chosen specifically for each shop based on its location and environment. What’s not to like about that?

Their Bath location is bijou and you’ll rarely find a seat inside. But it’s corner location on Bath Square and ample outdoor seating makes up for this fact.

The hint of what Boston Tea Party does best is in the name, and their loose-leaf tea menu has all your favourites as well as a few for the more adventurous like Yunnan Rose, which compliments cake and all things sweet. Unlike the bigger coffee chains, they also do delicious food that’s either homemade or locally sourced. A breakfast Kedgeree or Eggs Benedict is sure to hit the spot, while we wouldn’t say no to a Pulled-Pork Sandwich or their El Dorado Wrap complete with chorizo, Somerset brie and tomato salsa.

Boston Tea Party have obviously found the key to success, and it warms the heart to see a local business doing so well.


2. Coral Quay
8 – 9 New Bond Street Place
BA1 1BH

Twitter: @coral_quay

Perched above a shop selling crafts and homeware from around the world is Coral Quay Café, a hidden oasis of calm right in the centre of Bath’s bustling shopping district.

Though it can get busy on Saturdays around lunchtime, this café might just be your salvation after a day spent among the crowds below.

It was the owner’s dream to run her own café and it shows in the menu. Specialising in gluten-free food, all her cakes were chosen by her customers through a tea-party tasting test. Couple it with a hot cocoa such as Maharaja’s Tea Leaf Treat or a World Kitchen toastie or salad like the Jamacian Rumba with reggae reggae jerk chicken and pineapple and you’re good to go!


3. The Whole Bagel
8 Upper Borough Walls
BA1 1RG

Twitter: @WholeBagel

This bagel shop just moved into a bigger location 6 months ago, prompted by the queues that used to form out the door of their previous premises. They’ve now got inside seating and a courtyard, all done-up with black and white chequered tiles and bright orange chairs.

“Bath’s first (and only) bagel shop” really does lunch well. Choose your bagel (we like cheese and jalapeño or sundried tomato and olive), add your fillings, and enjoy!

But beyond the bagel, they’ve also got salads, soup and some tempting New York-style milkshakes. This is a café that’s doing it right.


4. Roscoff Deli
18 Northumberland Place
BA1 5AR

Twitter: @Roscoffdelibath

Roscoff’s Sicilian owner has been making her own blend of coffee since 1983, so it’s no wonder that this café has a drinks menu larger than what you’ll find at any Starbucks or Costa.

You’d also be hard-pressed to find a more ethical brew around. They’ve been working with small cooperatives and abiding by the rules of ‘fair trade’ before it was even a known concept.

But more than just good coffee, Roscoff also has impressive black and green tea menus. We are enticed to try Kenya Tinderet for its ‘fine flavour, bright colour and excellent blend with milk’ while China Dragon Well also sounds like a fine pick-me-up.

And if it’s Italian food you’re after, you couldn’t do better than their homemade lasagne, prosciutto and mozzarella panini, or a simple plate of bread and olives. Roscoff is definitely worth a visit!


5. Jacobs Coffee House
6 Abbey Churchyard
BA1 1LY

Twitter: @jacobscoffeehse
(Photo credit: tripadvisor.co.uk)

Jacobs Coffee House has officially debunked the long-held belief that any place near a tourist destination will be overpriced and mediocre. In fact, it’s the opposite. The staff are friendly. Many proclaim its got ‘the best coffee in Bath’. Plus they serve the flakiest homemade pastries we’ve ever had.

Alongside café staples, they’ve also got proper pies courtesy of Pieminister (founded in nearby Bristol). Not overlooking the fact that tea is a necessary accompaniment, they also offer over 20 loose leaf teas.

And of course, their location is to die for. Smack dab in the middle of tourist central, the café sits between Bath Abbey and the Pump Rooms, in the courtyard with the Roman columns (yes, you know the one). Not only does this make it the perfect place for people watching – but also affords the opportunity to truly admire our ‘Heritage City’ whilst a chocolate muffin slowly melts in the mouth.

Just one word of caution, watch out for the pigeons!


So that’s it for our first Reside 5.

But what’s your favourite spot for a cuppa? Give us a shout on Twitter or Facebook, let us know what you think…

Video tours – The future of property marketing?

We have recently trialled a fantastic new way of marketing our rental properties – video tours. Working with a local multimedia company we have produced this high quality, visually stunning tour of a two bedroom apartment in Bath.

Our brand new YouTube channel can be found here.

Private rents set to outstrip house prices over next 8 years

Private rents in the South West are set to increase significantly faster than house prices over the next eight years, with average rents set to swell by 48%. According to the National Housing Federation’s ‘Home Truths 2012’ report, Bath and North East Somerset could see a £409 rise in average monthly rents between 2013 and 2020, by far the most significant increase in the South West region. Whilst the average rent for the region as a whole is forecast to stand at £981 per month in 2020, Bath and North East Somerset would see average rents grow to £1,253 per month.

These projected rent rises follow on the heels of 37% increases in national rents over the past five years and are caused by years of not building enough affordable homes. In 2011, 390,000 new families were formed, but only 111,250 new homes were built; as this trend seems set to continue, rents look set to be forced upwards at a higher rate than house prices as more and more families turn to private rented accommodation.

Jenny Allen, South West lead manager for the National Housing Federation, commented: “The housing market is at the point of no return; with house prices and rents set to rise and thousands of families in the South West already really struggling to afford their home… Thousands of South West families are priced out of the market and are struggling to keep on top of their rents. As Home Truths shows, even working families are increasingly reliant on housing benefit to help pay their private rent.”

However, whilst the Home Truths report is forecasting dramatic rent increases, the government is painting a very different picture of the housing market by claiming that private rents are in fact going down. New housing minister Mark Prisk told the Commons that rents have fallen in real terms, because they have risen less than the rate of inflation: “The most recent official statistics published by the Valuation Office Agency in August 2012 show that median private sector rents across England rose by 0.9% in the year to June 2012, compared to a rise in RPI inflation of 2.8% over the same period. Rents have thus fallen in real terms, although there are local variations.”

Regardless of the discrepancies between the Home Truth’s predictions and Mr. Prisk’s comments, there is one thing that everyone seems to agree on: rents will continue to rise for the foreseeable future.