The Borough of Waltham Forest is in a fantastic location in the north east of London. It is within great commutable distance from Canary Wharf and the City. With house prices in the area currently still considered affordable whilst rising at an impressive rate, the area has taken its place as one of the most attractive hotspots.
A number of people have chosen Waltham Forest as their location to purchase investment properties with the current conditions. This can provide a good yield whilst the value of homes continues to rise and boost the rewards from selling at a later date. There is also good demand for rental properties in the area as a result of the aforementioned location and commute.
One thing property owners should be aware of is how crucial it is to ensure properties are in the right condition throughout each tenancy. There are several reasons why this is so important including the fact that tenants will be happier as a result and it will protect the long term value of a house.
The above is even more important when taking into account the action that Waltham Forest Council recently took against a landlord. After the landlord’s refusal to operate in a responsible manner and revoking of a HMO they took out an Interim Management Order (IMO). As part of this they changed the locks at the property and will oversee the day to day management of it. They will also collect all rent, deducting the costs of repair and maintenance work from it.
The move is unusual and has been seen as a last resort due to the lack of cooperation on behalf of the landlord. It shows that the Council will act if landlords do not satisfy their obligations and provide the right standards for their tenants.
At Finefair we have worked as a lettings agent in Waltham Forest for a number of years, supporting landlords who want to let privately as well as with their local authority. We are highly experienced and know how important it is to deliver the right standards. If you have any questions please feel free to contact us.