We shouldn't rush ahead with immigration checks just yet.

You will undoubtedly be aware of the governments plan to roll out immigration checks across the UK to all landlords and agencies when vetting overseas tenants. The plan has been to do this ASAP now that the Conservatives hold a majority government,  yet my advice is to hold that thought until the results of the pilot scheme, currently being run in the West Midlands has been complied and considered.

Only last week a reminder was sent out for landlords and agents in this region to complete the official survey which suggests that we will not see any concrete findings until later this year.

It seems illogical to roll out a scheme without firstly considering the results of this pilot and all affected parties and representatives having had the right to discuss before any decision is taken on who has the 'right to rent'.

There clearly is alot that needs considering before simply rolling this out. There must be consideration on agent and landlord workload in addition to how effective the checks will be, not to mention whether there will be robust Home Office support for all parties concerned. It would also be interesting to note exactly what the associated costs for these sort of checks will be when you consider that landlord, and certainly agencies, are under intense scrutiny regarding the fees they already charge tenants.

All in all I am hoping that we achieve a considered approach to this proposed legislation rather than going in feet first without a thought for the people it will really affect. Time will tell whether this government will firstly consider the opinions of those that matter before introducing anything.

More to follow....

Regards

Richard

Is Kidlington, Oxford's dark horse?

Afternoon all,

For all my die hard blog followers out there ( he says in non delusional fashion!) you will have no doubt noted in recent months that I have posted alot of available property to purchase in the Kidlington area. Why you may ask? Well a landlord popped in to see me a couple of months back about a property he went to view for sale in The Phelps, Kidlington. It was an open house from 11am and he reported in excess of 15 viewers of which most were there for investment, so he wondered why the mad rush for this location?  I decided to look into this further.........

Keeping it relevant I decided to pick on two locations - The Phelps, Kidlington and Wilsdon Way, Kidlington.

A 2 bedroom house in The Phelps recently sold for £205,000 on the 17th May 2013. It then sold again just 18 months later on the28th November 2014 for £250,000. Another 2 bedroom house in this location went for £159,950 in April 2004 and resold on 5th September 2014 for £250,000. Not bad on the CA front you will agree.

2 properties have recently sold in Wilsdon Way both of which were 1 bedrooms properties. Both of which sold for £172,500 in March 2015. If you compare this with purchase in August 2013 it shows a £33k appreciation.

Equally both locations show decent rental movement as well. A 2 bedroom property in The Phelps was renting for £750 in 2010. You can now pick one up for £1000 per calendar month in 2015.

So why Kidlington I hear you ask and why all of this activity from investors recently? Well Kidlington is no great secret. It is close to Oxford, yet cheaper. The returns for these properties are very healthy at 5% + which is becoming very difficult to achieve in certain parts of the city centre. And the pierce de resistance is the rail line going through shortly which will only further the appeal for commuters and people visiting the great city.

Kidlington wont remain a secret for long though folks. Prices are already beginning to climb as the word catches on.

For investment advice on this location or anywhere in Oxford please feel free to call me.

Richard