The buy to let sector continues to do well for landlords - but student accommodation is setting the benchmark for letting performance.
Despite monthly rents increasing by 2% during 2013, the average buy-to-let yield for a UK landlord sits at 6.1% gross, down 0.1% on 2012. But student accommodation thrashes this figure with sustainable and assured yields of 7 to 9% - net.
Peter McDermott, Director of UK-based Go Global Investments, said: "These latest figures from Countrywide Residential Lettings show that despite 'Generation Rent', where the number of people renting from a landlord has doubled to 8.5 million in 15 years, gross rental yields are sticking around the 6% mark.
There are many properties that will now fall under the definition of a HMO (Houses in Multiple Occupation), broadly those occupied by more than three people who form more than one household, but this is open to interpretation by the Local Authority.
Since 6 April 2010, changes implemented by The Town and Country Planning (Use Classes) (Amendment) (England) Order 2010 mean that landlords wishing to let their property to professional sharers or students may need to obtain planning permission to change the use classification of their property.
scottfraser offer free of charge advice if your property requires planning permission or falls into the HMO mandatory licence and can assist you with any specific requirements. Our in-house Compliance Officer, Sian Wallace, ensures that our HMO properties comply with any updates to the legislation.
Oxford City Council Contact for HMO Registration:
HMO Licensing Officer
Environmental Health Department
Oxford City Council
10 St Ebbes Street
Oxford OX1 1PT
Download the Oxford City Council Amenities & Facilities Guide for Landlords
Or for quick reference download our HMO Factsheet for Landlords.