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Here are some things to think about if you are moving out of your student accommodation and heading home this summer, to make sure you get your deposit back stress-free:
- Clean everything PROFFESIONALLY CLEANED AS STATED IN MOVE OUT PACK – The bathroom, hobs, Appliances and carpets and garden ... back to its original state the more you should get back from your deposit.
- Put all your rubbish out on collection day before you move out so that none is left behind for the landlord or next tenants to sort out.
- Don't leave anything behind– do a sweep of your place before you leave, checking under beds and sofas.
- Arrange an inspection of the property to discuss any works/repairs with the landlord, so you have time to attend to any issues before you move out.
- Return keys to the landlord or letting agency on time.
- Inform utility companies of your leaving date and pay any bills up to the end of the tenancy.
Your deposit should be in a deposit scheme and the landlord will contact you with how much they think should be deducted. Once you and your housemates have agreed on this with the landlord you will get instructions on how to get your deposit back, and then you are free to enjoy the rest of your summer
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The average advertised rent of new properties coming onto the market outside of London has risen by 0.6% this quarter to a new record of £1,349 per calendar month (pcm).
At the same time the number of new properties coming into the market in March was 11% ahead of the same period last year, and the overall number of rental homes available is 18% ahead of last year.
Colleen Babcock, property expert at Rightmove, said: “The rental market is still really busy, and as the regional picture shows, it’s likely to feel even busier in some areas of Great Britain than others.
“It’s good news for tenants that on the whole, the balance between supply and demand is improving. This is having a knock-on effect on rental prices, with rents increasing more slowly and more landlords reducing their advertised price.”
The number of prospective tenants looking to move is 7% lower than at this time last year.
An increase in buy-to-let lending is helping to bring more supply into the rental market.
The latest snapshot from UK Finance shows that at the start of this year, the number of new buy-to-let loans is up by 32% compared to the start of last year.
Another factor likely helping is a transition from some renters into the first-time buyer market.
Over the last five years, average rent rises have outpaced increases in wages. Average earnings are up by 31% since 2020, versus a 40% increase in rents.
Christian Balshen, lettings expert at Rightmove, said: “I don’t expect the Renters’ Rights Bill to have much of an impact on market activity, but there are a lot of wider implications for tenants and landlords.
“The banning of rent in advance for example, may make it more difficult for some types of tenants to secure a home, particularly in high-demand areas.
“Supply and demand in the rental market is really varied at the moment across Great Britain. The number one thing landlords will still want is a good, reliable, long-term tenant, and there’s likely to be even more emphasis on this once the Bill comes into effect.”
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Lenders are set to cut rates on mortgages after turmoil from US President Donald Trump's tariff policy raised expectations that UK interest rates could be cut further this year.
Financial markets and economists are predicting that the Bank of England will cut interest rates by more than expected this year to avoid an economic downturn.
Trump’s tariff announcement might have created havoc in the stock market, but there could be a silver lining for UK mortgage borrowers. Interest rate expectations are falling as markets price in the potential economic damage from US tariffs, and the likelihood that the Bank of England will respond with interest rate cuts.
The market had been pricing in two interest rate cuts this year, but in short order that has now been ratcheted up to three, which would take the base rate to 3.75% by the end of 2025 (based on LSEG data). The two-year gilt yield has also fallen, from 4.2% to 3.9% since 1 April.
We may therefore see falling interest rates feeding into mortgage pricing before too long. Likewise the cash market may see fixed rates fading to reflect the new outlook for interest rates.
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Renting involves fewer upfront costs
When it comes to renting a property, there are fewer upfront costs required when compared to buying a property.
Both renting and buying a home involve saving for a deposit, but when purchasing a home, the deposit needed is much heftier and is usually around 5% to 15% of the price of the property, whereas when renting, you’d need a deposit worth one month’s rent.
In some cases, there are also alternative options to deposits when renting, so you may not need one at all.
Aside from a deposit, buying a home also comes with additional upfront costs such as Stamp Duty, estate agent fees, mortgage fees and conveyancing costs. On the other hand, these additional upfront costs aren’t needed when renting.
There are lower barriers to entry
Renting can often be a more achievable goal for home movers because of the lower barriers to entry when compared to the alternative of buying a property.
There are also fewer costs involved when actually living in a rental property. For example, if you own a property, you’re also completely responsible for any costs to repair damages or maintenance. On the other hand, when renting, these costs are typically the responsibility of the landlord who will need to arrange any repairs needed which eliminates the hassle from the tenant needing to organise them.
Renting can be flexible
If you choose to rent a property, there’s a sense of freedom that can come with it.
Buying a home is a big commitment and you have to be pretty sure that you’re set on staying in that property and location for the long term once you’ve set your roots there. On the other hand, when renting, contracts can come with more flexibility which means that if you get a job offer abroad, need to move across the country or just fancy trying out a new area in the city you’re already in, you’ll have the ability to do so more easily.
Make yourself available
If you’re serious about renting, it’s important to make yourself available to view properties as they become available especially in a competitive market.
The rental market can be incredibly fast paced, and in areas with high demand, properties can be snapped up pretty quickly after hitting the market. So, to be in with the best chance of securing the home you want, it’s important to stay flexible and make yourself available as much as possible to go and view properties as they become available.
Being able to make the appointment sooner rather than later when your letting agent gets in touch with you will mean you’ll get your foot in the door ahead of the competition and reduce the risk of missing out on a property you love.
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The advantages of renting
With the distinct lack of affordability in the sales market, over the course of the last decade more and more people are renting, up to a third of the population in urban centers.
Renting is an option of choice for many now because of the flexibility it offers: •
Long term tenancies start from as little as 6 months and you can move after this time if it doesn’t work for you. •
Being able to give notice to vacate lets you test relationships, whether that’s a new flat mate or a new partner •
Working lives have changed and people change job, including their location, more frequently and renting makes this easier. •
Professionally managed properties take the burden of maintenance away from you, giving you time to enjoy other things. You will have one point of contact and you don’t have the problem of finding contractors and overseeing works. •
The ongoing costs of maintenance, building service charges buildings insurance are covered by the landlord •
As you don’t have the additional costs that are covered by the owner it is much easier to predict your monthly costs. •
Whilst the costs of renting can be high, the cost of getting on the rental ladder is substantially cheaper than buying a property. •
Property sharing reduces the cost per person allowing you to move to an area you may have thought out of your budget. •
Rental properties have to conform to safety standards. •
Shorter term lets are great for those who are in between moves or moving out whilst they do renovations .
