Platinum Property Partners (PPP) supports property professionals. How? By guiding them through the process of building a sustainable and profitable business through HMOs (houses in multiple occupation). Our philosophy is to teach our Franchise Partners best practice. We strongly recommend that they respect the local community, understand their concerns about HMOs, and work with them to ensure their property does not impact negatively on local residents.
When it comes to HMOs, locals often have concerns about parking or noise – perhaps a hark back to the BBC TV programme The Young Ones, where the students had Motorhead playing live in their front room!
Combatting the Housing Crisis
Although not all house renovations require planning permission, local authorities have the power to stop HMO developments if they feel they will impact negatively on the area – perhaps threatening its character – or add to social problems.
PPP’s model is to create high-quality accommodation aimed at young working professionals. There is currently a chronic housing shortage in the UK, so an increase in HMO’s is one solution to combat this issue. PPP is meeting the need for more housing in a high-quality and affordable manner.
It’s not only young professionals who are in need of rented digs, however. According to two of the UK’s largest flat share websites, more than one in 10 of those in shared accommodation are now aged over 40. The proportion of Easy Roommate’s customers over 40 rose 13% in three years.
Kay Boycott, former Director of Communications, policy and campaigns at housing and homelessness charity Shelter, points out that, in many cases, renting is no cheaper than buying a property, but with rents increasing, it is virtually impossible for aspiring homeowners to save a deposit.
“Spiralling house prices and the expense of renting on your own mean that people are left with no other choice than to share a house or flat long after they would have expected,” she says.
With a Little Help from My Friends
Steve Bolton, Founder of Platinum Property Partners comments: “When setting up a professional HMO, it’s vital to get the local community on side, liaise with the local HMO officer, and make friends with the neighbours around your property. Not only can you help them understand your property and show you are invested in the local community, they can also be your eyes and ears on the ground to report back to you if there is anything going on at the property that you should be aware of.”
“Due to increasing rents, it’s not just students who are living in shared houses. Many young professionals are seeking a shared-accommodation solution that provides a respectful, amicable environment – and these are the type of tenants our HMOs are set up for. We aim to meet their needs with a high-quality product, not the type of ‘slumlord’ property that Rick and his friends from The Young Ones would feel at home in.”
All our Franchise Partners are encouraged to work with local councils and residents when setting up HMOs to ensure that there is no friction and that the neighbourhood remains true to its character.
If you want to know more about the fastest-growing property franchise in the UK – one that is thriving in challenging market conditions and meeting the growing demand for professional shared accommodation – then please get in touch.
PPP is an established, highly respected and successful property investment franchise that enables its Franchise Partners to quickly, safely and successfully build UK residential property portfolios as profitably as possible.