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Noel Wood

Business owner

2255 Profile Views

About Me

Mathematics teacher for 10 years before establishing an independent residential letting agency in Yorkshire in 1996, moved into residential sales 2010. Business now managing circa 600 residential lets and built up a personal BTL portfolio over the years. Married with 5 children. Enjoys cycling, theatre and travel.

my expertise in the industry

Residential lettings since 1996. Residential sales since 2010.

Noel's Recent Activity

Morris, I was being cynical.

From: Noel Wood 17 December 2023 19:37 PM

As the 'Build to Rent' corporate giants fill the void created by smaller landlords leaving the market (S24 tax) they will provide the rental housing required in these small rural villages and hamlets.

From: Noel Wood 14 December 2023 12:13 PM

I issued an S21 notice which expired 31 January 2023 as I need to sell the property (S24 tax). Case referred for a hearing as tenant has been resident since 2004. So no longer 'Accelerated Possession'. The case was due to be heard 10 August 2023 but adjourned due to lack of judiciary available. New hearing 09 October 2023. No rent (£595.00pcm) has been paid this year and I am paying £651.37 interest and £170.63 service charges. People wonder why landlords are selling up. Tenant in no rush to leave as it's free accommodation. I was a very good landlord of 27 years with happy tenants. It seems the services I provided are no longer required. The sad thing is, this road will only lead to homelessness for many tenants and the government don't seem to realise this. Update 14 Dec 2023. Hearing once again postponed to 12 November 2023. Possession claim granted, tenant to vacate 31 Jan 2024. If I don't get possession I will then need to instruct and pay for bailiffs to attend. Watch this space.

From: Noel Wood 19 September 2023 10:02 AM

Are these still proposals going through parliament or now confirmed?

From: Noel Wood 27 February 2023 09:28 AM

Google 'government petitions S24 tax' and you'll find it. 36 000 signatures to date.

From: Noel Wood 21 February 2023 18:37 PM

Don't worry Mr Craw. I've been in the private rented sector 27 years. I can assure you landlords are now selling up and the supply of private rented accommodation is now reducing. People who wish, or have, to rent will be moving towards the new social housing currently being built by the government throughout the country (?!). I understand this is a Labour policy too. The removal of mortgage interest relief has had a dramatic effect, particularly now rates have risen, and landlords who financed their property portfolio to provide homes realise it is no longer cost effective. On a personal note I have sold 50% of my portfolio since this policy was introduced by George Osborne with another 25% to be sold in the next 2 to 3 years. On a professional note, our lettings business has seen landlords off loading on a regular basis and new landlords to the market who have set up as limited companies are indeed, limited. The only consequence I observe is the supply is now tight - whereas pre pandemic we would regularly have circa 25 private rentals available, we now have 4 or 5 in our Halifax branch. With supply being reduced we find rents have increased significantly because of (1) lack of supply and (2) landlords reaching out to cover their costs. Yes the private rented sector is being dismantled by policy, but I feel it is tenants who are suffering the most. Just my experience on the ground. On a final note, I would say the vilification of all landlords does not help your cause to provide good quality homes for tenants. In my experience over the years most landlords are caring and conscientious people who have respect for their tenants. There is an element who exploit the system and it is those who should be tackled, not a blanket attack on the whole sector.

From: Noel Wood 06 January 2023 08:59 AM

Also, as interest rates rise and finance costs are no longer a permitted expense, landlords are being forced to evict to sell up otherwise they will run at a loss. Who can afford to do that?

From: Noel Wood 30 November 2022 20:29 PM

In my capacity as a private landlord the only reason I have increased the rent is to cover the increased non business expense interest payments, increased costs (EPC/EICR/CO/MEES compliance) and mostly the increased tax burden. However, the increased rents do not cover the increased costs which is why I continue to sell my rental properties. Who is to blame? My letting agent? Nope. Government policy. Yes.

From: Noel Wood 14 November 2022 16:57 PM

Well I was going to comment but everything that needs to be said has been said. As a private landlord I have off loaded 15 properties so far. As a letting agent of 25 years I see landlords off loading on a consistent basis. Only yesterday my lettings manager was saying how tough her job has become over the last 3 years (she has been with me 17 years) having to advise tenants their landlord is selling. Tears over the phone. There is nothing available for them when they start to look for alternative accommodation. I am sure the penny will eventually drop in Westminster but it will be too late by then. many will have left the sector. Generation Rent / Shelter have really shot themselves - or more accurately tenants - in the foot (Head in hands emoji).

From: Noel Wood 01 November 2022 09:59 AM

Does this mean rising interest rates on BTL mortgages will also be frozen? Not sure if the economics will work for a landlord with borrowing if not.

From: Noel Wood 06 September 2022 14:08 PM

As a letting agent, and a private landlord, all I have seen this last two years is stock levels down and rents have shot up. Simply less available houses to rent creating a supply/demand imbalance. With more landlords leaving the sector, those that do remain can enjoy higher rentals. Tenants are now paying for the increased tax burden and increased legislative burden. The former I think was a big mistake by George O and a big driver for many landlords, the latter not as much as I agree with the new electric/EPC/smoke regulations but it will pressure more to sell.

From: Noel Wood 26 July 2022 08:21 AM

The most common response we receive when asked 'Why are you moving?' is ' My landlord is selling.' The question has to be why are landlords selling in the volumes I haven't seen for 25 years? I can give you plenty of reasons why landlords are exiting the market. The sad fact of the matter is tenants are now paying the price. Reduced supply = high demand = high costs.

From: Noel Wood 14 April 2022 18:45 PM

Same reason I left teaching 25 years ago. The merry go round of Education Ministers changing the ever changing policies to 'make their mark' in the climb up the political ladder. A constant churn of leadership.

From: Noel Wood 23 March 2022 07:54 AM

I've been letting residential properties since 1996. Never before have I seen so many landlords exit the market. The supply shortage has lifted rents significantly over the last 18 months.

From: Noel Wood 12 February 2022 17:06 PM

A lot of people making small changes will make a difference. We have to start somewhere otherwise nothing changes so well done Verity Frearson. We will be doing the same when our leases are renewed.

From: Noel Wood 02 May 2021 10:03 AM

Interesting. I'm actually allergic to cats. Doesn't this have an impact on people with allergies if they want to rent a house previously occupied by pets - particularly cats. Usually brings on an asthmatic attack. Perhaps this is why some holiday lets say no pets?

From: Noel Wood 23 April 2021 09:02 AM

The bigger issue is landlords off loading - and with more haste I expect as there is talk around CGT changes and the full effect of mortgage interest being scrapped for higher rate tax payers. Tax on turnover not profits. The eviction ban will end, but the tax policies won't. Highly geared landlords in the higher rate tax threshold have to offload or incorporate which creates its' own challenges. Manageable at the moment but what happens when interest rates start to climb? The result is those that stay in the market are now getting premium rents - simple supply and demand, not good for renters.

From: Noel Wood 12 March 2021 09:01 AM

April 1st is tomorrow.

From: Noel Wood 31 March 2020 08:43 AM

I agree with Kristjan above. If you don't have a mortgage then BTL is great investment. If you do, and you are not incorporated, then it is a challenge particularly if and when interest rates move up. I was highly geared with 30 BTL properties in my own name built up over 20 years, I have off loaded 14 to date with the aim of selling 4 more in the next 24 - 36 months. There has been zero capital growth in our area so CGT not a big issue with many properties. If you can have an unencumbered portfolio then the prospects for BTL are good as the supply reduces and the resultant upward pressure on rents.

From: Noel Wood 08 January 2020 16:58 PM

I've had my legs bitten by cat fleas, carpets smell of dog even after a professional clean meaning they have to be replaced, doggy do in the garden, chewed door architraves, floorboards wet with urine, once had a snake left behind in a property- it goes on. When a tenant vacates it is impossible to recoup the losses so the risk has to be mitigated at the START of the tenancy. No pets, I'm sorry but I have seen and paid for too much pet damage over the years to take the risk any more.

From: Noel Wood 06 January 2020 12:25 PM

It is no coincidence over the last 12 - 18 months that when a tenant provides notice to vacate, the landlord requires a sales valuation. The continuous conveyor belt of changes in legislation - both compliance and in particular tax - is grinding the will of good landlords down. The rogue landlords will not be bothered as they will continue to be just that, rogue and off the radar of the authorities.

From: Noel Wood 20 December 2019 13:29 PM

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