The Property Nomads Podcast Rob Smallbone & Aaron Devoy

Rob discusses the impact of government interventions in the housing market, particularly focusing on second homes in Cornwall. He highlights how policies aimed at deterring second home buyers, such as increased stamp duty and council tax rates, may not be effective in addressing the housing issues in the region. 

KEY TAKEAWAYS


Government interventions in the housing market, particularly targeting second homes, are negatively impacting areas like Cornwall.
Despite efforts to deter second home buyers through increased taxes, the social housing waiting list in Cornwall continues to grow.
MPs in Cornwall are hesitant to build new homes due to concerns about lowering house prices for locals, leading to a shortage of affordable housing.
Policies aimed at second home owners, such as doubling council tax, may not be effective in deterring those who can afford second homes.
The unintended consequences of housing policies in Cornwall are causing rents to rise, making it even more challenging for renters to save for their own homes.

BEST MOMENTS

"Cornish MPs don't want to build new homes. They're worried this would push down house prices for locals who already own homes in the area."

"Tourism, though, is very, very important for Cornwall. I don't know the stats on how much it brings in per year, but you would imagine that it is a significant amount."

"I would recommend go and read the article because it then goes on to talk quite a lot about South Wales as well, which is quite interesting."

"Just another example of something that in theory sounds good, but in reality and in practicality, it has a complete different effect."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/new-5-000-deposit-mortgage-allows-homeowners-to-borrow-up-to-99/ar-BB1kAyPG?cvid=a8d56fce268a490ed6c3e1a701b2dae2&ocid=winp2fptaskbar&ei=5&sc=shoreline 

GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOCIAL MEDIA/CONTACT US

https://linktr.ee/thepropertynomadspodcast

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

Rob looks into the ongoing British rental crisis, highlighting the decrease in listing times for rental properties and the high demand for homes. He delves into the reasons behind the lack of available properties, such as government tax changes affecting landlords and uncertainty in the market, emphasising the importance of understanding economic fundamentals in the property market and reiterates the need for sustainable housing policies to address the crisis.

KEY TAKEAWAYS


The British rental crisis continues due to high demand and lack of available properties.
Two-bedroom rental homes are now listed on average for 25 days, 10 days less than before the pandemic.
Landlords are selling properties due to tax changes and uncertainty in the market, leading to a decrease in available properties.
The conservative target for new homes is 300,000 a year, but only about 210,000 are being built, contributing to the housing shortage.
Understanding economic fundamentals in housing is crucial for investors to navigate the current market challenges.

BEST MOMENTS

"The big British rental crisis continues... renters are in races for homes as listing times are slashed." 

"Landlords have had the rough end of the stick... quite a lot of landlords have been looking to sell up." 

"Scotland likes to shoot itself in the foot... Actually, to be fair, most of the UK does."

"Everyone warns about danger ahead... there's not enough supply coming to the market." 

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/homeandproperty/how-cornwall-s-crackdown-on-second-homes-backfired/ar-BB1mmFWU?ocid=winp2fptaskbar&cvid=5dec6af5503849e3a3bb1dae3f11ebf2&ei=6&sc=shoreline 

GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOCIAL MEDIA/CONTACT US

https://linktr.ee/thepropertynomadspodcast

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

Rob discusses the controversial topic of selective licensing, looking into the implications of selective licensing on landlords in certain areas of the UK, particularly in England. The episode highlights how selective licensing can be seen as a cash generator for councils, creating more bureaucracy and expenses for landlords. 

KEY TAKEAWAYS


Selective licensing is a process where landlords in certain areas are required to obtain a license for each property, leading to additional costs and bureaucracy.
The implementation of selective licensing can result in councils having more power and potentially targeting good landlords for fines and penalties.
Selective licensing can deter landlords from investing in certain areas, leading to a decrease in available rental properties and potentially driving up rents due to supply and demand.
The scheme of selective licensing should ideally be non-profit to ensure that the income matches the outgoings.
It is important to be cautious and aware of selective licensing regulations in the areas where you operate as a landlord or property investor.

BEST MOMENTS

"Selective licensing is not a good thing. It gives councils too much power."

"Selective licensing is another way to bash landlords. It's another way to put a cost of business on the landlord."

"The challenge with selective licensing is what it can do is it gives the councils more power and then they will exacerbate that power."

"If landlords start selling up and first-time buyers start buying, or landlords sell up and there's no other landlords to buy, then the amount of stock available goes down."

VALUABLE RESOURCES

https://www.bbc.co.uk/news/articles/cxr33l9dx0yo 

GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOCIAL MEDIA/CONTACT US

https://linktr.ee/thepropertynomadspodcast

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

Rob discusses the Village Green Protection Law, dating back to 1857, and its impact on property development in the UK. The law allows certain areas to be designated as village greens, preventing any development or enclosure on the land. The episode highlights how residents are using this law to halt developers from building on specific plots of land, creating obstacles for increasing housing supply. 

KEY TAKEAWAYS


The Village Green Protection Law, dating back to 1857, is being used by villagers and individuals to prevent developers from developing land.
In order for land to be designated as a village green, it must have been used for sports, pastimes, and recreation for at least 20 consecutive years.
Developers need to consider the Village Green Protection Law when looking at land for development, as more people are seeking to designate areas as village greens.
Examples of the law being used include blocking a housing development in Bristol and designating a plot near a supermarket in Ashford, Kent, as a village green.
Once land is designated as a village green, it cannot be developed or enclosed, regardless of ownership.

BEST MOMENTS

"It pretty much means that that land is not able to be developed on. No matter who owns it, you are not allowed to develop on it, nor are you allowed to enclose that land either."

"You're in an area where you don't want development to happen. You're a nimby, as they say, not in my backyard. You don't want developments to happen. You want to be able to protect it somehow."

"If you are a developer and you're developing something or you're looking to develop something, you're going to have to now be aware of this law, the Village Green Protection Law from 1857."

"Purely because once something is designated as a village green, it cannot be developed or enclosed. Regardless of who owns what, it cannot be developed on."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/new-5-000-deposit-mortgage-allows-homeowners-to-borrow-up-to-99/ar-BB1kAyPG?cvid=a8d56fce268a490ed6c3e1a701b2dae2&ocid=winp2fptaskbar&ei=5&sc=shoreline 

GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOCIAL MEDIA/CONTACT US

https://linktr.ee/thepropertynomadspodcast

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

Rob delves into the intricacies of leaseholds in this episode, focusing specifically on the importance of lease length when considering purchasing a leasehold property. Rob highlights the potential challenges that arise when a lease falls below 80 years, making it difficult to secure a mortgage and significantly increasing the cost of extending the lease. Listeners are advised to consult with a specialist solicitor and factor in the premium for extending the lease when evaluating the value of a property. 

KEY TAKEAWAYS


When considering purchasing a leasehold property, it's crucial to pay attention to the length of the lease. Leases typically range between 99 and 125 years, with longer leases being more favourable.
Extending a lease comes with a cost, which can significantly increase when the lease falls below 80 years. This can impact the property's value and the ability to secure lending.
The premium for extending a lease can vary based on factors such as the property's value and the remaining lease length. It's essential to factor in these costs when buying a leasehold property.
To extend a lease, there is an ownership test requirement, where the claimant must have owned the lease for two years before making a claim. This test can impact the premium for extending the lease.

BEST MOMENTS

"There comes a point where if the length of the lease gets to a certain time frame, then it could become much more challenging to get a mortgage on that property."

"The cost, though, of increasing the length of lease significantly increases when the lease falls below 80 years. This normally means that lenders won't lend on it."

"Surprise, surprise, the government have proposed reforms to make it cheaper to extend short leases. But as with anything and everything that's been going on through the halls of Westminster, you probably won't be surprised to hear that that's going to take a while for that to go through."

"If, for example, a flat's worth £500,000, and it's got 81 years left on the lease, then the premium on extending that lease would be around about 11,000 pounds."

"General rule of thumb is that when a leasehold or when a lease is 80 years or less, then it becomes significantly more challenging to get any form of lending on it."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/new-5-000-deposit-mortgage-allows-homeowners-to-borrow-up-to-99/ar-BB1kAyPG?cvid=a8d56fce268a490ed6c3e1a701b2dae2&ocid=winp2fptaskbar&ei=5&sc=shoreline 

GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOCIAL MEDIA/CONTACT US

https://linktr.ee/thepropertynomadspodcast

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

Rob discusses five simple and cost-effective energy-saving measures that can be implemented in both homes and property portfolios. The measures include changing to LED lighting for energy efficiency, addressing air gaps around doors and windows, upgrading loft insulation to meet building regulations, maintaining radiators by bleeding them and adding reflective sheets, and insulating pipework to reduce energy consumption. Rob focusses on the importance of these measures in improving energy efficiency, reducing bills, and potentially increasing energy performance certificate ratings. 

KEY TAKEAWAYS


Change over to LED lighting for energy efficiency and longer lifespan.
Check for air gaps around doors and windows, and use draft excluders to retain heat.
Upgrade loft insulation to meet building regulations and improve heat retention.
Bleed radiators and add reflective sheets behind them to increase heat effectiveness.
Insulate pipework to prevent freezing, maintain hot water temperature, and reduce overall energy consumption.

BEST MOMENTS

"You could change your old halogen light bulbs to LED ones. This will help you become more energy efficient because the LED lights use less energy."

"Loft insulation might not be applicable to you if you live in a flat, but if you do have a roof area with insulation, check the depth and contact your energy supplier to upgrade it to meet building regulations."

"Bleed your radiators, add some foil behind them to reflect heat back into the room. That's quite useful."

"Having insulated pipes keeps things warmer for longer, reducing overall energy consumption and helping to reduce bills moving forward."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/new-5-000-deposit-mortgage-allows-homeowners-to-borrow-up-to-99/ar-BB1kAyPG?cvid=a8d56fce268a490ed6c3e1a701b2dae2&ocid=winp2fptaskbar&ei=5&sc=shoreline 

GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOCIAL MEDIA/CONTACT US

https://linktr.ee/thepropertynomadspodcast

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast