Renting to the Council
RENTING TO THE COUNCIL
Make your investment work for you and relax
Councils are offering landlords cash payments of up to £4,000 to accommodate homeless families as a shortage of social housing forces authorities to support the private sector with taxpayer-funded incentives.
The revelation comes in the same week that the Conservative party was criticised for promising to extend the right to buy to housing association tenants, which threatens to exacerbate a property shortage by selling up to 1.3m homes causing councils to struggle to replace them.
Many councils in London and south-east England are now advertising cash incentives to private landlords. Westminster council in central London is paying up to £4,000 to landlords who take on council tenants. PIP recently rented a property where the landlord received a £2,700 incentive payment for a one-bedroom property.
Rising rents in the private sector, combined with cuts to housing benefits introduced in 2011, have made letting to councils a less attractive proposition for private landlords, while councils are faced with growing numbers of people to house.
Other councils have recently introduced or increased payments in a bid to sign up landlords. In November, Hounslow in west London upped its payments; in March, Basildon in Essex announced it would start paying £1,000 for 12-month tenancies and £1,500 for 24-month tenancies.
What Rental Markets We Specialise In
I bought an investment property with my son and his girlfriend. I invested all of the deposit on the house. My son broke up with his girlfriend 5 years before we sold the house. When we sold the house because her name was on the deed she got a third of the profit. Now I set up all my investment under a PLC, with each investors duties and responsibilities and shares payout.
- John Taylor
I used to rent my property to normal high street estate agent. To be honest I got the market rental price of the property and I was happy, I received £300 above my mortgage pay out monthly. I had my property assessed with PIP estate agents. Over the last 4 and a half years. 2 years I my property rented to a film company & received £900 above my mortgage pay out monthly. Currently over the last 2 & a half years. I have rented to corporate companies through PIP & received £800 above my mortgage monthly. Could not be happier