Property investors with an interest in landlord insurance are being sought after by a North London council with a view to leasing their properties from them.
The innovative approach to a local housing shortage has seen Hertsmere Borough Council link up with local property management experts Genesis to launch Hertsmere Homes. The company operates as a private leasing agent and is helping to alleviate the problems local people are having in finding accommodation. The company is inviting local landlords to sign up to the scheme which will see them receive a guaranteed income for between three and five years for any of their properties that are registered. The income will be based on the Local Housing Allowance payment and many landlords are showing an interest.
Hertsmere Borough Council member, Seamus Quilty, is right behind the idea and said “We are delighted this scheme has already attracted a lot of interest from landlords. In times of economic uncertainty, Hertsmere Homes provides financial security for landlords and relieves them of much of the stress of renting out a property. For local individuals or families who are struggling to find suitable accommodation, this scheme is a lifeline, and it means they have a greater chance of finding somewhere to live in the borough. This is just one initiative aimed at ensuring decent homes for all residents in Hertsmere.”
Although landlords in general are doing very well at the moment because of a severe housing shortage in many parts of the country, professional landlords will be more than interested in a scheme that will provide them with a long term income with no vacant periods on the horizon. And with more than 1800 people on its housing waiting list, Hertsmere may have come up with a plan that will suit everyone.