Forget Billionaires’ Row – Britain now has its own ‘HMO Street’

While London has Billionaires’ Row, Mansfield, it seems, now has “HMO Street”.

That is how residents of Princes Street (Google picture) describe their road, where 15 of 42 homes are shared houses or flats, according to a report in the Daily Mail.

Locals say the change has been driven by landlords seeking higher returns.

One resident said a property that sold for about £132,000 now has six bedrooms, and argued a converted house can earn about £1,000 a week at £100 a room, compared to £680 to £900 for renting the same house to a family.

A neighbouring home has a planning application to become a ten-person shared house.

HMO concentration

Parking is the most common complaint. Lorry driver Lonel Tolan, 35, said congestion means he sometimes cannot use his own driveway.

Meanwhile, neighbour Marius Oprea, 47, recalled an ambulance unable to turn in the crowded street.

Oprea also questioned if the old houses can cope, telling the Nottingham Post the pipes are “not fit for four bedrooms, four bathrooms, two kitchens.”

Another resident, a mother-of-three, said a neighbour living next to one HMO had been plagued by rats due to overflowing bins.

Residents stressed that their objection is to the concentration of HMOs rather than the tenants.
The residents suggested that many occupants appear to work at Kings Mill Hospital, 1.7 miles away.

The Negotiator has contacted Mansfield District Council for a response.

HMOs can offer higher yields to landlords than renting a property to a single family – an option that has gained appeal as landlords face increasing regulation and costs.

The National Residential Landlords Association published its latest licensing costs faced by landlords, ranging from £750 to more than £2,100.

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Author: Gemma