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thePropertyBid.com is the UK’s first and only property auction rental site for Landlords, Letting Agents and Potential Tenants.

Owners or Property Managers can upload vacant available properties and Potential Tenants can make a bid on how much rent they are prepared to pay. At the end of the auction both parties pay a commission on the final monthly rent.

We can accommodate (no pun intended) a wide variety of residential properties including apartments, houses, maisonettes,  corporate housing, parking bays, spare rooms. Whether they are furnished or unfurnished, for individuals, students, families and companies looking for properties to rent in London and later to the rest of the UK, join us!
 
Plus, as an added complimentary bonus, all Potential Tenants are reference checked before they are allowed to make a bid on a property.

It's FREE to sign up so, what are you waiting for?

We hope to see you soon!

thePropertyBid team
 

Rent room in London

Rooms to rent can earn £4,250 tax free

Landlords

At present thePropertyBid.com is sourcing spare rooms in the following areas:

  1. Hoxton
  2. Shoreditch
  3. Bethnal Green

If you have a spare room and and you want to make some money from it, please contact us at info@thepropertybid.com

However, there are a few things that you might find useful to know, such as the Rent a Room scheme.

So, what is the 'Rent a Room' scheme?

If you have a spare room in your home, you could earn £4,250 (or £2,125 if you're letting jointly) per year absolutely tax free by having a lodger. And they can earn up to £4,250 a year tax free income (or £2,125 if you're letting jointly).

What do you mean 'Tax Free'?

Well, it simply means that the Government has given everyone a break and allowed a sum of income that you do not have to pay tax on.

The official term is 'optional exemption scheme for income from renting furnished accommodation in your only (or main) home'. In 'Layman's' terms it's another another way to receive extra cash just by having a Lodger.

Who can benefit from the Rent a Room scheme?

Anyone can benefit from the Rent a Room scheme if you have a spare room in your only home OR family home and rent it fully furnished to a lodger.

You've mentioned 'Family Home' and 'Lodger' a few times, what exactly do you mean?

  • Your only or family home is defined as the one where you/your family live for the majority of the time.
  • A Lodger is defined as someone who pays cash to live in your home, sometimes with meals provided, and who often shares the family rooms.
  • A Lodger can occupy a single room or an entire floor of your home.

Ok, it sounds good so far, however, what are the downsides?

  • If your main home has been modified into separate flats, the Rent a Room scheme does not apply. This then comes under a completely different scheme which there are separate rules. If this is the case, you will need to declare your rental income to HM Revenue & Customs (HMRC) and pay tax through Self-Assessment.
  • The Rent a Room scheme is specifically for furnished rentals ONLY. Any UNFURNISHED rooms that are rented to Lodgers will not be classed under the Rent a Room scheme.
  • You are not allowed to claim any expenses directly incurred by letting to a Lodger i.e. repairs to the property, general wear and tear, insurance, heating and lighting, etc.
  • You will need to calculate how much rental income you are left with (profit) after your expenses. Is it worth it?
  • The amount of your receipts (rent plus any income from laundry services, meals, etc.) over £4,250 or £2,125 if you're letting jointly (2012-13 tax year)
  • If you don't join the scheme, you will be paying INCOME TAX. However, if you do join the scheme, you will be paying tax if you go over your allowance. WORK OUT THE FIGURES AND DO THE SUMS.

Can you show an example?

Of course!

Anne receives £8,000 a year for renting out a room and has expenses of £4,500. Her profit is £3,500. The excess of her rent received over the Rent a Room limit of £4,250 is £3,750.
If you don't use the scheme you will pay Income Tax on the profit. If you do use the scheme you will pay tax on the excess of rent received over the rent a room limit. If you receive less than £4,250 (or £2,125 if you're letting jointly) you don’t have to do the comparison and won't have to pay anything.

We both share a home and want to rent the spare room, are we allowed to do so under the Rent a Room scheme?

Yes, if you are both renting a furnished room in your home where you spend the majority of your time, then you will each be entitled to receive half of the allowance (i.e. up to £2,125 for the 20012-13 tax year) without paying tax.

How about If I / we provide meals and laundry services, is the Rent a Room scheme still valid?

Yes, but there are some extras you will have to account for i.e. if you charge for additional services, you will need to add the payments you receive to the rental income to calculate the total number of receipts. These are all worked out as income that count towards your annual £4,250 tax-free limit. If you receive more than £4,250 a year in total, you will have to pay tax by completing a Self-Assessment Tax Return, even if the rent is less than that.

I run a business, can I / we benefit from the Rent a Room scheme?

Yes, if you run a bed and breakfast (B&B) or a guest house or, if you provide meals or cleaning services as part of your rentals, you can still join the Rent a Room scheme. You just simply need to complete the relevant parts of the self-employment pages of your Self Assessment tax return.

I / We don't own my / our home, can I / we benefit from the Rent a Room scheme?

Yes you can benefit from the Rent a Room scheme whether you are a home owner or you are renting your home. However, if you are renting, you will need to check that your lease allows you to take in a Lodger and sub-let.

Is the Rent a Room scheme for me / us?

There aren't many reasons why it shouldn't be but please ensure that you ask your mortgage provider, or at the very least, see whether it contravenes any of the terms and conditions in your mortgage policy. If everything is ok, then that's great news and you can get the Lodger Agreement drawn up.

What is a Lodger Agreement & do I / we need one?

A Lodger Agreement is a document that sets out the terms of and conditions of the responsibilities between the Landlord / Landlady and the Lodger. Always ensure that a written agreement is drawn up, read, understood and signed by both parties.

Will I / we need insurance cover?

Yes. As with most things in life the unexpected can occur and it's always better to be covered than not. Please check your existing home contents policy or take additional cover.

Ok, how do I / we join the Rent a Room scheme?

If you don't normally receive a tax return and your receipts are below the tax-free thresholds for the scheme, the tax exemption is automatic so you don't need to do anything. There is no need to tell anyone unless you go over the threshold figure of £4,250 (or £2,125 if you're letting jointly).

However, if you wish to join the scheme and your receipts are above the tax-free threshold, you must tell HMRC - you can do this by filling in Self-Assessment tax return and claiming the allowance.

We hope this helps and if you want to start to list your spare room please either signup or login.

Thank you.

 

Landlords

At present thePropertyBid.com is sourcing 1 bedroom flats in the following areas:

  1. Hoxton
  2. Shoreditch
  3. Bethnal Green

If you have a 1 bedroom flat available to rent in London, please contact us at info@thepropertybid.com

Tenants

What to look for when when searching for a flat to rent in London.

thePropertyBid.com has available flats to rent in London

Generally speaking, London is the most expensive place to rent a 1 bedroom flat in the UK with figures far and above the national average. With the increase in demand for available rental accommodation it has decreased the level of supply in the Lettings market. However, it's not all doom and gloom and there are ways to get that rental property to suit your budget.

1. Have you considered finding a place near to where you work?

Think about it. With the annual fare rises taking place regular as clockwork it's not something that the majority of Londoners look forward to. So, instead how about making those savings and put it towards rental accommodation nearer to where you work?

Ok, so it might be a little bit more expensive but the pluses are:

  • Heavily reduced commuting.
  • Take that extra 30 mins in bed and still get to your desk in time.
  • Save money at lunch times by having your breaks at home.
  • Impress the boss by working a little bit later and still getting home at a reasonable hour.

2. Go it alone or flat-share?

There are pros and cons to renting in London for both scenarios but in either one it will have a lot to do with your budget and the maximum amount of rent you can afford to pay per month.

Credit reference checks are a common procedure nowadays, and you will have to be able to prove that you are getting a regular income and that you can meet all the rent payments and all the utility payments too.

It's a common problem that many people often forget to add bills such as electricity, gas, television licence, Council Tax and other such fees into their budget. Try not to financially overstretch yourself

3. Don't be afraid to ask questions.

Whether if you're dealing with a Letting Agent or Landlord always ask questions before you sign that lease agreement to start renting a flat in London.

  • Is the flat furnished or un-furnished? If it's furnished, who will provide an inventory, you or the landlord? Here's a tip, when you take photographs please ensure that the time/date stamp feature is activated. Many disputes are thrown out of court if images are presented without showing proof as to when they were actually taken.
  • How long is the tenancy for? Short term is usually 6 months or less with the average being 12 months. Ask if the tenancy can be renewed.
  • Is it close to or in the Congestion Charge zone? That could be an issue if you're a car owner.
  • Where are the nearest shops? Are there good public transport links nearby?
  • Who is responsible for decorating?

Searching for a flat to rent in London doesn't need to be as stressful, all you need is to plan, keep calm, stick to your budget and stay positive.

To search for a flat to rent in London, please click here

 


Landlords

At present thePropertyBid.com is sourcing houses in the following areas:

  1. Islington
  2. Hackney
  3. Haringey

If you have a house available to rent in London, please contact us at info@thepropertybid.com

Tenants

What to look for when when searching for a house to rent in London.

thePropertyBid.com has available houses to rent in London

Generally speaking, London is the most expensive place to rent a house in the UK with figures far and above the national average. With the increase in demand for available rental accommodation it has decreased the level of supply in the Lettings market. However, it's not all doom and gloom and there are ways to get that rental property to suit your budget.

1. Have you considered finding a place near to where you work?

Think about it. With the annual fare rises taking place regular as clockwork it's not something that the majority of Londoners look forward to. So, instead how about making those savings and put it towards rental accommodation nearer to where you work?

Ok, so it might be a little bit more expensive but the pluses are:

  • Heavily reduced commuting.
  • Take that extra 30 mins in bed and still get to your desk in time.
  • Save money at lunch times by having your breaks at home.
  • Impress the boss by working a little bit later and still getting home at a reasonable hour.

2. Go it alone or house-share?

There are pros and cons to renting in London for both scenarios but in either one it will have a lot to do with your budget and the maximum amount of rent you can afford to pay per month.

Credit reference checks are a common procedure nowadays, and you will have to be able to prove that you are getting a regular income and that you can meet all the rent payments and all the utility payments too.

It's a common problem that many people often forget to add bills such as electricity, gas, television licence, Council Tax and other such fees into their budget. Try not to financially overstretch yourself.

3. Don't be afraid to ask questions.

Whether if you're dealing with a Letting Agent or Landlord always ask questions before you sign that lease agreement to start renting a house in London.

  • Is the flat furnished or un-furnished? If it's furnished, who will provide an inventory, you or the landlord? Here's a tip, when you take photographs please ensure that the time/date stamp feature is activated. Many disputes are thrown out of court if images are presented without showing proof as to when they were actually taken.
  • How long is the tenancy for? Short term is usually 6 months or less with the average being 12 months. Ask if the tenancy can be renewed.
  • Is it close to or in the Congestion Charge zone? That could be an issue if you're a car owner.
  • Where are the nearest shops? Are there good public transport links nearby?
  • Who is responsible for decorating and repairs?

4. If there are problems, tell your agent or landlord.

Landlords and Letting Agents are just regular people and as such are not psychic. Before you contact them, read through your lease and establish who is responsible for what.

Generally speaking, anything on the exterior is the responsibility of the Landlord and anything on the interior is the responsibility of the tenant, although you need to double check your own lease. Please don't be shy and let any problems grow.

5. Make sure you set up direct debits or payments properly

Being a tenant who doesn't pay on time is the best way to ensure your landlord or agent won't go out of their way to help you. Getting all the finances sorted properly and having the deposit, first month's rent and subsequent rent arrive on time will mean that you are immediately onside with the people you need to call if the plumbing goes or you want a new washing machine

Searching for a house to rent in London doesn't need to be as stressful, all you need is to plan, keep calm, stick to your budget and stay positive.

To search for a house to rent in London, please click here

 

Ever thought that your parking bay, driveway or garage in London could be making you a few extra quid every week?

Think about it, if you take your vehicle to work your parking bay, driveway or garage is sitting there empty for at least 9 hours. Someone else could pay you to park their vehicle at your place, imagine that?

So who will benefit from this service?

Commuters

Imagine you are 1 of the hundreds of thousands who make the daily pilgrimage into London as part of the daily commute.

How frustrated and disappointed is it to drive to the station and not only do you have to pay extortionate parking fees but, are there no spaces left and you have to circle to find an available space.

Lone female drivers will also find a dedicated parking spot more safe than a remote, dark and lonely car park.

Cyclists and motorcyclists

‘Get on your bike’ is what is being encouraged as part of the Transport for London’s initiative. With a rapid increase in the popularity of getting about on bicycles, motorcycles, scooters and mopeds, parking has become more precious also. Unfortunately, cases of theft and security concerns are on the increase too and are always something of a concern for owners.

Imagine if you could rent a garage or underground parking bay from someone else? It’s sheltered, out of view from prying eyes, much better lighting, will have CCTV & / or concierge and best of all, it’s more secure!

Disabled drivers

Having a truly dedicated parking bay could make all the difference, especially one with a dropped curb and will be extra beneficial especially when manoeuvring wheelchairs, extra equipment and access out of a mobility vehicle. You might get lucky and secure a place which might be that bit closer to your destination. Official disabled bays are very limited so with that and unregistered disable users who park in them, this could be a workable solution for you.

Employers

How do you currently reward your staff? Sometimes it’s the small things in life that make all the difference. How about getting them a free or subsidised parking space near to the office? Studies have shown that small gestures reap big rewards, try it out!

Female drivers

Going out late at night? Obviously you’re going to be concerned about your personal safety. By obtaining someone’s driveway near to where you’ll be going and the walk to and from your car will be at a minimum. It’s always a safe bet.

Hospital staff, patients and visitors

Anyone who regularly attends a hospital either as a member of staff or a regular patient will know the frustrations of parking in and around hospitals.

Parking charges have risen considerably over the years as the many Health Trusts have seen massive increases in revenue.

The problems that have arisen are that drivers are paying in excess more than £12 million a year just to leave their vehicles on hospital premises and also time constraints in reduced number of parking bays and the increase in CPZs in the surrounding areas.

So, if you're a female doctor or nurse working night shifts or a patient attending for treatment why not lease a driveway close to the hospital and save yourself having to park in a dark car park or walk long distances alone?

The School Run

This is for the parents / guardians who do the school run at a minimum of 10 times a week (morning and afternoons Monday – Friday). Imagine the massive reduction in stress by pulling into a driveway near the nursery / school and waiting for your child instead of being on the constant look out for over-zealous parking wardens.

A recent survey discovered that traffic wardens openly admitted issuing PNCs (Penalty Notice Charges) on vehicles left for at least 3 minutes whilst parents were picking up their children.

Sports fans

Parking around a football stadium on the day of a home game or around the famous Wimbledon tennis courts during the famous championships is an absolute nightmare. Parking restrictions, traffic wardens or just simply, you don’t fancy taking
public transport will affect your decision.

However, imagine having your own dedicated parking bay next to the Emirates or White Hart Lane? No more last minute rushing or having to leave early to avoid the crowds at the full-time whistle.

Students

You’ve moved out from your parent’s home, packed up your beloved motor, driven to your new digs, unpacked all your gear but oh no, where are you going to park your car?

If you’re in a house share and the property doesn’t have a driveway and you live in a CPZ (Controlled Parking Zone) why not rent out someone else’s driveway?

Or

Have a word with your landlord or check the fine print of the terms and conditions of your contract and see if you are legally allowed to rent out the driveway? You could use the extra cash to help pay your bills or at least help pay off your student loan?

To search for available parking bays / garages and driveways to rent please click here

Latest News

17-02-2013 | We've got a 2nd blog published.

The second blog by Jonathan Ambrose, the founder of thePropertyBid.com, is available to read http://huff.to/XlvbET

28-01-2013 | tPB founder blogging on the Huffington Post

The founder of thePropertyBid.com, Jonathan Ambrose, is now a guest blogger on the media site, Huffington Post.

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