Partners In Property

Happy New Year from the team at Partners in Property!

📞 Looking to invest in London Property? Book a 5-minute, no-obligation call with Roland or Ade at 07836 293493 to explore the possibilities with Partners in Property

Storm damage is one of the top insurance claims as we see severe weather events more often. The average storm damage claim can cost around £2,500 like roofing for tiles falling off due to high winds. Start preparing now as most claims peak in February.

Prevent costly damage with these tips from the NRLA & Total Landlord:
🔍 Regular external inspection of the property, in daylight, to monitor loose roof tiles, guttering, downpipes and trees
🍁 Once or twice a year, clear gutters and drains of debris like in late autumn
❄ In the winter, trim trees, inspect the roof and carry out repairs and check that windows and doors are watertight and secure
👷 Properly secure fence panels as they are usually excluded from insurance policies
🍃 Properly secure and close garden gates
👀 Regularly monitor the Met Office weather forecast to prepare when a storm is approaching

📞 Looking to invest in London Property? Book a 5-minute, no-obligation call with Roland or Ade at 07836 293493 to explore the possibilities with Partners in Property

One of the top insurance claims is for water damage with insurers reported to pay out £1.8 million every day for water damage claims.

Water damage is defined as 'Escape of water' from a water source in your property, like a burst pipe or leaking faucet. Prevent costly damage with these tips from the NRLA & Total Landlord:
💧 Check for leaks regularly
❄ Use foam sleeving to lag internal and external pipes to protect from the cold and frost
🍃 Seal any cold air leaks around pipes like dryer vents
👷 Get the boiler serviced every 12 months before winter to prevent breakdowns during cold spells, and an annual gas safety check
🚽 Remind tenants to contact you for any water damage, such as leaks or a blocked toilet, and provide them the contact of a trusted emergency plumber
🗓 Remind tenants to turn off the water mains at the stopcock if they're going away
🌡 Keep the thermostat at 13 °C between November and April if the property is unoccupied (e.g. if the tenants are going on holiday)

📞 Looking to invest in London Property? Book a 5-minute, no-obligation call with Roland or Ade at 07836 293493 to explore the possibilities with Partners in Property

Mortgage Predictions in 2023

The mortgage market looks more promising in 2023 as we move past the aftermath of the mini-budget back in September 2022.

In 2023 the Bank of England's main Bank rate is projected to continuously rise where it should hit the 15-year high of 4.5%. The Bank rate hike projections are more conservative vs the earlier 6% peak predicted partially due to the expected rapid fall in inflation in 2023 from the current 41-year peak of 10.7%. The next Bank announcement is on 2 February.

Fixed mortgage rates can reasonably fall as low as 4% by the end of Q1 2023 as long as there's no new mini-budget level of panic.

📞 Looking to invest in London Property? Book a 5-minute, no-obligation call with Roland or Ade at 07836 293493 to explore the possibilities with Partners in Property