The Bristol Market and HMOs
Ben was delighted to be invited back, by Will Mallard, this week, to come and talk on his podcast “My Property World” about the Bristol Market and HMOs. Will is a very well respected member of the property community and a social impact property investor himself and his podcast is one that we listen to regularly, so Ben was super chuffed to be invited on and, speaking to like-minded property investors is always great. One of the things that we have always loved the most about the property industry is its expansive nature; its a very open industry and sharing ideas and energy with great minds within the community is always rewarding and enjoyable.
The Bristol market, unsurprisingly, took a hit during the pandemic but we are seeing rental prices bounce back up, in many cases to beyond where they were before lockdown. Ben talks to Will about the different parts of the City, the rental levels they command and the subtle changes which can help Landlords achieve maximum rental values.
The Beautiful City of Bristol
Ben talks to Will about his passion for the City, how it gets under your skin and, in his words, is “…infectious.” They discuss the blending of cultures and how, unlike parts of London for example, Bristol is not just pockets of different nationalities and cultures but a real metropolis of diversity and people, living together harmoniously.
Bristol has so much to offer; from its architecture and friendly community to its cafe culture and bustling nightlife. Bristol is one of the most vibrant and cultural cities outside of London, with something to see, hear and taste for everyone – from those new to the city and locals alike.
Ben and Will talked about HMOs in the city of Bristol, where you find them, their tenant type, the commercialities behind this asset class and the importance of good agents to manange them.
No conversation about HMOs would be complete without a look at compliance, as they are a compliance and regulation heavy model. Ben talked about the 178 pieces of legislation applicable to HMOs and why it is now imperative that Landlords treat their portfolios like a business and approach the management of them with the respect and diligence that they deserve.
In the podcast, Ben also covers Licence criteria, different tenant types, how students choose locations and, what the city of Bristol is doing in order to control the number and density of HMOs.
Something which is often overlooked, are the overheads involved in running an HMO. Ben talks about yield versus cost and the metrics involved in the property model.
The question “why would someone want to live in a shared house?” was asked and Ben discusses tenants moving to a new city, getting to know new people, cost effectiveness and how you can add real value and create vibrant communal areas for people to get to know each other and live together harmoniously.
Talking about some of the horror stories we have heard from Landlords, Ben shares how you can add value and uniqueness and create a happy environment if you pay attention to the mix of housemates and take the time and trouble over tenant selection. Landlords don’t have to have their houses trashed or pay for expensive refurbs every year, even if they have student tenants.
Lastly, the podcast discusses refurbs which add real value and represent a return on investment and, answers the question of why we approach HHSRS and compliance audits like a tenant who has one too many to drink!
If we can add value for you, with a truly passive property management solution, finding you your next perfect tenant or you want to talk about compliance in your property, then give us a call on 0117 440 6789 or email us here
