Written By Em

Em

Em Morley

Sheffield landlord fined for harassment

Published On: March 17, 2017 at 9:46 am

Author:

Categories: Landlord News

Tags: ,,,

A buy-to-let landlord from Sheffield has been ordered to pay £2,412 in court costs, fines and compensation after being found guilty of harassing a tenant and failing to sufficiently manage his property.

Mr Nilendu Das was convicted at Sheffield Magistrates Court this week, where he was also told to carry out 180 hours of unpaid community work.

Texts

Mr Das was found guilty of sending his tenant several text messages, many late at night. One on occasion, he sent ten text messages in just three minutes and on another, he sent 15 in the course of a day.

Alongside pleading guilty to harassment, Das pleaded guilty to four health and safety breaches in his property. The court heard that there were damaged fire doors, an unprotected fire escape and faulty alarms.

Sheffield landlord fined for harassment

Sheffield landlord fined for harassment

Das also had previous convictions for failing to comply with an improvement notice and further harassment, which led to a 49-day prison sentence.

Serious

Councillor Jayne Dunn, cabinet member for housing at Sheffield City Council, said: ‘This case is serious. The landlord has been convicted twice before for similar offences and he knows how strictly the court treats these matters.’[1]

‘We don’t just investigate issues where we hear about tenants being threatened or evicted illegally. As this case shows, we also prosecute when there is lower-level harassment and when the landlord acts in a way which is outside the law. Everyone deserves to live in safe, good quality housing regardless of whether they rent or own their home. I am determined to carry on clamping down on the very small minority of bad landlords in Sheffield that treat their tenants badly and tarnish the private rented sector,’ she added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/3/landlord-in-sheffield-continues-to-tarnish-the-private-rented-sector

How will House Prices be Affected by Article 50?

Published On: March 17, 2017 at 9:42 am

Author:

Categories: Property News

Tags: ,,,

Average house prices are expected to rise by 1.2% this year, although they could decline by as much as 4% as a result of Article 50, warns a new report.

How will House Prices be Affected by Article 50?

How will House Prices be Affected by Article 50?

Online estate agent YOPA has launched a Brexit House Price Tracker, which collates industry predictions and compares them to the house price indices from Halifax, Nationwide, Rightmove and the Land Registry, ahead of Article 50 being triggered.

Forecasts have been taken from commentators in the industry, including buying agent Henry Pryor, who expects to see a 2% increase in house prices this year, as do experts from Rightmove and Nationwide.

The tracker, which will be regularly updated as we await Article 50, also includes predictions from Ray Boulger, of John Charcol mortgage brokers, who thinks there will be a 1% rise, while Halifax’s Martin Ellis has predicted growth of between 1-4%.

YOPA has taken an average of the predictions, to forecast 1.2% average growth in house prices as a result of Article 50.

However, the agent has highlighted that the Halifax House Price Index for January showed a 1.1% monthly drop, followed by a 1.1% increase in February, while Nationwide recorded growth of just 0.2% and 0.6% over the same period.

A spokesperson for YOPA comments: “With Article 50 set to be invoked before the end of this month, many homeowners and residents looking to get a foot on the property ladder are keenly watching how Brexit will affect the nation’s house prices.

“Looking at house price data over the past two years, we can see that all the major house price indices are showing a marked slowdown in growth since July 2016 – the month of the Brexit vote.”

He continues: “It’s also been a rough start for 2017, with Nationwide, Halifax and Rightmove all showing a decline in house prices during January.

“In January, experts were predicting that 2017 would see a 1.2% increase in house prices, but, using YOPA’s tracker, we can see that, so far this year, house prices have actually declined.”

He adds: “In fact, if 2017’s house prices continue at their same downward trajectory, then we would be looking at a 3-4% decline for the year.”

The St Patrick’s Day Property Pint Ladder

Published On: March 17, 2017 at 9:10 am

Author:

Categories: Property News

Tags: ,,

As it’s St Patrick’s Day, online estate agent eMoov.co.uk has analysed areas across the UK where property buyers can bag a bargain within walking distance of a pint of Guinness.

The agent assessed the average house price surrounding some of the UK’s best pubs for an authentic pint of Guinness and compared it to the average value in the city/borough.

eMoov then contacted each pub to find out the price of a pint of the black stuff, before working out how many pints a potential buyer could have in the kitty this St Patrick’s Day, due to the lower price of property surrounding these pubs.

With a good pint of Guinness very sought after in the UK, it’s no surprise that properties surrounding many pubs command a higher average price when compared to the wider area.

But the luck of the Irish means that there are a few spots where buyers can grab a more affordable property than the area average, close to a suitable location to spend St Patrick’s Day, with enough left over for plenty of pints.

The St Patrick's Day Property Pint Ladder

The St Patrick’s Day Property Pint Ladder

Across these 11 pubs, the lower average house price means that property buyers can afford an additional 12,187 pints on average!

Ranked on the potential pint savings on offer, here are the top spots for Guinness lovers to bag a bargain:

  1. Boston Arms: £655,316

Islington average: £764,829

Price per pint: £4.50

Pints in the kitty: 31,298

  1. The Golden Rule: £158,511

Edinburgh average: £247,480

Price per pint: £4.00

Pints in the kitty: 22,242

  1. The Irish Centre: £125,132

Birmingham average: £176,897

Price per pint: £3.30

Pints in the kitty: 15,686

  1. The Tipperary: £982,177

Camden average: £1,052,368

Price per pint: £4.70

Pints in the kitty: 14,934

  1. The Grapes: £134,404

Sheffield average: £178,750

Price per pint: £3.30

Pints in the kitty: 13,438

  1. Malones: £167,151

Aberdeen average: £211,513

Price per pint: £3.50

Pints in the kitty: 12,675

  1. The Ship and Mitre: £132,296

Liverpool average: £154,092

Price per pint: £3.50

Pints in the kitty: 6,227

  1. Flannagan’s Apple: £132,296

Liverpool average: £154,092

Price per pint: £3.65

Pints in the kitty: 5,972

  1. Raglan Road Irish Bar: £158,802

Nottingham average: £181,388

Price per pint: £4.00

Pints in the kitty: 5,647

  1. Molly Malones: £148,272

Glasgow average: £160,980

Price per pint: £2.99

Pints in the kitty: 4,250

  1. Bugle Inn: £373,479

Brighton average: £380,256

Price per pint: £4.00

Pints in the kitty: 1,694

The Founder and CEO of eMoov, Russell Quirk, comments on the findings: “The Irish are much loved across the mainland and, regardless of where in the UK you go, you will always find a place to spend St Patrick’s Day in good company. This research shows which of those places not only offers a great pint, but also a more affordable property price when compared to the wider area.

“Much like day-to-day amenities, such as a local shop or good transport link, good social venues can also make the difference during a property sale. So having one nearby, with the addition of a more affordable price tag to the rest of the city, can help aid home sellers during the sale of their home.”

He adds: “Of course, despite the Irish reputation for drinking, we don’t condone anyone using their property savings to drink such an excessive amount of Guinness this weekend. But it just highlights how far those extra savings on property can go, when put into a day-to-day context.”

Strong rise in mortgage enquiries in Q4 in 2016

Published On: March 16, 2017 at 3:06 pm

Author:

Categories: Finance News

Tags: ,,,

There was a substantial rise in the average number of mortgage enquiries received by intermediaries during the final quarter of 2016, according to new data.

Statistics released from the Intermediary Mortgage Lender’s Association mortgage market tracker indicate that the average number of enquiries rose by 26% per intermediary in the final three months of the year.

Appetite

Results show that borrowers’ appetite remains strong, with buyers attracted to the low rates available on the market. The number seen were the highest number recorded by the tracker, surpassing those seen in the first quarter of 2016.

In addition, there was a rise in the number of buy-to-let enquiries, up from 43 to 63 quarter-on-quarter. A simple reason for this is the greater complexity facing landlords in their daily role, which in turn is giving investors further incentives to get intermediated advice.

Peter Williams, executive director of the IMLA, said: ‘It is unsurprising that there was an increase in the numbers of borrowers seeking expert advice in the final quarter of 2016, given that the changes to buy to let underwriting standards and mortgage tax relief were looming large on the horizon.’[1]

‘As the layers of regulation in the market become increasingly complicated, and the number of products increase, the intermediary market continues to play a very important role in the provision of mortgage finance to a variety of borrower types,’ he added.[1]

Strong rise in mortgage enquiries in Q4 in 2016

Strong rise in mortgage enquiries in Q4 in 2016

Encouraging

Williams also said: ‘It is very encouraging to see that the profile of the intermediary channel continues to grow among borrowers, and that many more are making it their first port of call. Different borrowers have different needs, and consulting an independent expert can help ensure the best possible outcomes for a wide variety of cases.’[1]

There was also a rise in the proportion of borrowers progressing through the mortgage approval process, in comparison the quarter three. The proportion of full applications resulting in offers rose from 75% to 81%, with completions rising from 74% to 80%.

[1] http://www.propertywire.com/news/uk/latest-data-shows-rise-mortgage-enquiries-uk-end-2016/

 

Leeds is attracting heightened investment

Published On: March 16, 2017 at 11:04 am

Author:

Categories: Landlord News

Tags: ,,,,

Leeds is enjoying a sustained period of high tenant demand, according to the latest data released by Knight Frank.

This in turn is driving rents up, with a number of national and international investors looking to purchase in the city.

Prime Rents

The firm predicts that rents in prime areas of the city could rise from £27.50 per sq ft to £30 per sq ft by the end of the year, which would be an all-time record.

With the Northern Powerhouse driving it forwards, Leeds is becoming an attraction for young professionals, both for work and study. Add to this a thriving nightlife and many landlords are starting to see the potential that the city undoubtedly offers.

Eamon Fox, head of office agency at Knight Frank in Leeds, observed: ‘£27.50 sq ft is currently the established norm [for rents in the city centre], but I anticipate rents in new builds such as 6 Queen Street, Wellington Place, 3 Sovereign Square and Central Square will hit £28 sq ft in the very near future.’[1]

“And rents won’t stop there. I see them moving forward to £30 sq ft as occupiers compete for the best space in these buildings, as well as in Bruntwood’s Platform by Leeds Station. These are exciting times for the Leeds office market,’ he added.[1]

Leeds is attracting heightened investment

Leeds is attracting heightened investment

Professional

Knight Frank’s data shows that professional services accounted for 28% of the total take up in the last year. The Technology, Media and Telecoms sectors made up 25%.

Mr Fox went on to say: ‘Grade A availability currently sits at about 441,000 sq ft, which includes 280,000 sq ft of brand new Grade A accommodation delivered during the second half of last year at 3 Sovereign Square, Central Square, 5 Wellington Place and 6 Queen Street.’[1]

‘New supply in 2017 will comprise 271,000 sq ft, made up of 120,000 sq ft, 40,000 sq ft, and 120,000 sq. ft at 3 Wellington Place, 6 Park Row and Platform respectively,’ he concluded.[1]

[1] https://www.propertyinvestortoday.co.uk/breaking-news/2017/3/leeds-continues-to-attract-strong-interest-from-investors

Government to Introduce new Anti-Money Laundering Watchdog

Published On: March 16, 2017 at 10:53 am

Author:

Categories: Finance News

Tags: ,,,

The Government is set to introduce a new anti-money laundering watchdog to close loopholes used by criminals, in a wider clampdown on money laundering and terrorist financing.

Government to Introduce new Anti-Money Laundering Watchdog

Government to Introduce new Anti-Money Laundering Watchdog

It plans to launch the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) – a new group that will sit within the Financial Conduct Authority (FCA) – by the start of next year. It comes as the Government moves to introduce new, stricter money laundering regulations that it said would ensure the UK meets the latest global standards.

The aim is for OPBAS to remove the inconsistencies and gaps between the numerous different guidelines that govern anti-money laundering efforts and other measures tackling financial crime.

Alongside HM Revenue & Customs (HMRC), the FCA and the Gambling Commission, there are a further 22 accountancy and legal trade bodies that supervise and issue rules to fight money laundering across various sectors.

The Treasury is worried that the abundance of guidelines has opened loopholes that are being exploited by criminals, an issue it hopes to combat with OPBAS. Ministers have proposed that the new watchdog will have the power to fine supervisors if the new anti-money laundering regulations are breached.

The new watchdog will also seek to simplify the anti-money laundering rules that apply to different industries.

The Economic Secretary to the Treasury, Simon Kirby, says the new regulations and watchdog “will bring the UK’s anti-money laundering regime into line with the latest international standards and ensure consistently high standards of supervision across all sectors, sending a strong message that money laundering and terrorist financing should not and will not be tolerated”.

The Chief Executive of NAEA Propertymark, Mark Hayward, comments on the plans: “It’s good news that the consultation on money laundering has finally appeared. When the legislation comes into force, it’s vital the sector acts to implement the changes.

“The Government has announced that purchasers are now included in the application of customer due diligence, so additional checks will need to be made by sales agents and auctioneers, which will be complicated by the fact that buyers are sometimes at arm’s length and there’s not necessarily a face-to-face relationship.”

He adds: “However, further clarity will be required as to at what point the purchaser becomes a purchaser, and this is an issue we will be seeking guidance on.”

The Government’s consultation is open until 12th April 2017. Get involved here: https://www.gov.uk/government/consultations/money-laundering-regulations-2017