Written By Em

Em Morley

Charity project in Wales awarded lottery funding

Published On: February 22, 2017 at 9:53 am

Tags: landlords,Open Doors,private rental sector,tenants,Wales

An attempt to promote equality and diversity in the private rental sector in Wales has been given a £249,425 lottery grant.

The Open Doors project, devised and run by Tai Pawb, is a two year scheme intended to provide tenants, landlords and letting agents in the private rented sector skills and confidence to prevent racism and discrimination.

Funding

Cash for the project was delivered from the Big Lottery People and Places Fund. This scheme will support and advise awareness of key rights and responsibilities amongst private tenants from diverse groups. This include migrants, LGBT or disabled tenants, who are more at risk of experiencing certain tenancy issues.

In addition, Open Doors will receive assistance from the Residential Landlords Association to improve agents and landlords’ ability deal with equality and diversity issues.

Alicja Zalesinska, director of Tai Pawb, noted: ‘We are absolutely delighted to have been awarded the People and Places Grant. It will not only enable us to support and empower some of the most vulnerable private sector tenants dealing with difficult housing issues but also guide and raise awareness amongst landlords who house them in times of unprecedented housing pressures, rising inequality and poverty.’[1]

‘The overwhelming majority of landlords we spoke to wanted additional support on equality issues. That’s why it was so important for us to develop something that will work with both groups, empowering them to act to prevent discrimination and mistreatment in the sector. We look forward to the coming months where we will be recruiting staff and setting up this vital project.’[1]

Charity project in Wales awarded lottery funding

Opportunity

Run alongside the RLA in Wales, the Open Doors project will be delivered in Cardiff, Vale of Glamorgan and Merthyr Tydfil regions.

Dougals Haig, vice-chairman and RLA director for Wales, observed: ‘This is a fantastic opportunity to support the diversity of the private rented sector and its ability to house those with a range of diverse and complex needs.’[1]

‘We are delighted to be able to work in partnership with Tai Pawb and the Big Lottery and raise awareness of some of the issues that can be faced by those that they support and how small changes and a little bit of education of landlords and tenants can create long term sustainable tenancies. I believe it will further show how the private rented sector is helping house a huge range of needs in safe and secure homes,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/2/prs-charity-project-awarded-250k-lottery-funding

UK Property Transactions Up by 4.9% in January

Published On: February 22, 2017 at 9:53 am

Author: Em Morley

Categories: Property News

Tags: homebuyers,property sales,property transactions,Stamp Duty

UK property transactions rose by 4.9% on a monthly basis in January this year, although these figures from HM Revenue & Customs (HMRC) are provisional and subject to change.

UK Property Transactions Up by 4.9% in January

The provisional seasonally adjusted number of UK property transactions for January was 104,820 residential and 11,570 non-residential sales.

This estimate is up by 4.9% on December 2016’s figure, and 0.3% on an annual basis.

For January, the number of non-adjusted residential transactions was around 26% lower than in December, while it was down by just 2% on January 2016.

Surge in UK property transactions

Looking at historical data, HMRC claims that the large spike in UK property transactions in March 2016, followed by a substantial reduction in April, is likely to have been caused by the introduction of higher Stamp Duty on additional homes and buy-to-let properties in April 2016.

However, while April and May 2016 had lower levels of property sales than the same months in 2015, it must be noted that the total for the first quarter (Q1) to Q2 is still significantly higher than the corresponding period in the previous year.

The 3% Stamp Duty surcharge was announced in the Autumn Statement 2015 for England, Wales and Northern Ireland, and in the Scottish Government’s draft 2016-17 budget for Scotland.

Non-tax factors may have played a role as well, believes HMRC, for example, the Bank of England’s plans to curb buy-to-let mortgages causing a rush to purchase and the EU referendum affecting sales in recent months.

The residential UK property transactions count includes properties paying the main and additional rates of Stamp Duty.

March 2016 recorded the highest number of UK property transactions of the last ten years, the HMRC report also confirms.

Have you made any property purchases over the past month or so? And do you have plans for any in the near future?

Gone for Good is Up for Another Award!

Published On: February 22, 2017 at 9:20 am

Author: Em Morley

Categories: Property News

Tags: environment,Gone for Good,recycling

Gone for Good is Up for Another Award!

We know that our friends at Gone for Good are doing a great job of helping to make donating to your favourite charities easier, but they are now being recognised for their environmental work.

For 2017, we have partnered with the app that helps you donate items from your property to charity shops in your local area. It’s a great idea for landlords that are renewing the furniture in their rental properties or have items left over from previous tenants – find out more about using the app here: /landlords-clear-property-help-good-cause/

Already, we know that our landlords are using the app to get rid of their unwanted clutter and help a good cause, and the Residential Landlords Association has encouraged its members to get on board and support charities across the country.

Their work to make donating unwanted goods to charity shops in need of quality items has already been recognised – Gone for Good was nominated for the Best Use of Technology and Fundraising Technology awards at the 2016 Charity Times Awards, and won the Best Not for Profit prize at the 2016 Big Chip Awards.

But now, Gone for Good’s aims of re-channelling 6% of the saleable clothing and other items that currently end up in landfill are being celebrated…

Your clutter really can do something good for the environment if you choose to donate items through Gone for Good, rather than simply throwing them away. It doesn’t cost you anything to download the app, and the charities will come and pick up your goods for free!

It’s for this reason that Gone for Good has been shortlisted in the Climate category at the Digital Agenda Impact Awards 2017. This category is for those digital technologies that encourage greener living, highlighting Gone for Good’s role and potential for increasing reuse and recycling.

The event will take place on Thursday 2^nd March 2017 at the Barbican Centre, London.

Our friends are up against Bulb – a renewable UK gas and electricity supplier – and PowerMarket – which monetises unused roof space with solar energy – our fingers are crossed!

Chartered Institute of Housing calls for tougher legislation for agents

Published On: February 21, 2017 at 1:01 pm

Author: Em Morley

Categories: Property News

Tags: Chartered Institute of Housing,legislation,letting agents,private rental sector

The Chartered Institute of Housing has called on the Government to introduce new legislative measures, including a further regulation of letting agents.

Many features outlined in the recent Housing White Paper has brought support from the firm. However, many in the private rental sector believe the Paper has imposed serious challenges for letting agents, investors and landlords.

Standards

In its submission to the Treasury ahead of the Budget next month, the Chartered Institute of Housing wants the development of an easy-to-understand set of standards. These will cover both the conditions of properties and property management in the rental sector.

What’s more, it has called for councils to receive more funding in order for them to proactively enforce existing and future standards. This is vitally important given recent alterations to licensing schemes, the Chartered Institute of Housing warns.

However, the Institute wants to see letting agents regulated most.

Chartered Institute of Housing calls for tougher legislation for agents

Rents

Included in the submission to Chancellor Phillip Hammond will be a 2010 survey from the Department of Communities and Local Government that shows 79% of landlords received less than one-quarter of their income from rent. This is evidence that, according to the firm, being a landlord is, ‘is a side-line activity for most.’[1]

It says therefore that a greater reliance is put onto letting agents. The submission goes on to say: ‘There is widespread agreement, including among organisations representing against themselves, that regulation is needed to stamp out poor and exploitative practices. This could most easily be implemented by extending the arrangements already in place to regulate estate agents, to the lettings industry.’[1]

[1] https://www.lettingagenttoday.co.uk/breaking-news/2017/2/trade-body-wants-much-stricter-regulation-on-letting-agents

PCL lettings see strong end to 2016

Published On: February 21, 2017 at 12:18 pm

Author: Em Morley

Categories: Property News

Tags: London landlords,new listings,prime central london,rental properties

The final three months of 2016 saw a strong growth in lettings volumes in the Prime Central London market. Activity was particularly strong at the highest and lowest end of the sector, according to the latest index from Knight Frank.

Data from the report indicates that the decline in annual rental value growth slowed marginally, down by 5% in January. In addition, there was a 5% year-on-year increase in the number of super-prime deals during 2016.

Supply

There was a 12% rise year-on-year in the supply of new listings during the final quarter of last year. However, this was lower than the 30% increase seen in the first nine months.

The largest falls in rents in the year to January 2017 were in Knightsbridge (-9.9%), followed by Notting Hill (-9.5%), Riverside (-9.3%) and South Kensington (-9%).

There were also substantial falls in Chelsea (-5.3%), Belgravia (-5.15%) and Mayfair (-3.8%).

However, other regions in Prime Central London are fairing better. City and Fringe, King’s Cross and Tower Bridge saw small year-on-year declines of 0.7%, 0.6% and 0.2% respectively.

Stronger

Tom Bill, head of London residential research at Knight Frank, observed that the annual rental value decline of 5% seen in January was marginally stronger than that seen in the two months previously.

‘Rental values have been declining since May 2015 in part due to higher levels of rental stock. The fact landlords face a less favourable tax environment from April, has contributed to the slowdown in supply to some degree,’ Bill added.[1]

He also noted that demand continues to improve in the higher and lower end of the Prime Central London market. Particularly, the above £5,000 per week market, or the super prime, is seeing sustained demand.

PCL lettings see strong end to 2016

The number of new tenancies agreed in Prime Central London was 20% greater in the final quarter of 2016 in comparison to 2015. Bill believes this will put upward pressure on rental values.

‘For rental properties between £1,500 and £5,000 per week, activity is improving but remains comparatively slower. The primary cause is that budgets for senior executives at financial institutions have been reduced due to the wider mood of economic uncertainty. While the UK’s decision to leave the European Union has raised some questions over the status of London as a leading global financial centre, this trend for greater efficiency pre-dates Brexit and relates to the increased regulatory pressures on banks as well as a low interest rate environment that curbs profitability,’ Bill concluded.[1]

[1] http://www.propertywire.com/news/uk/lettings-volumes-prime-central-london-saw-improvement-end-2016/

40% of Homebuyers Believe Local Property is Overpriced

Published On: February 21, 2017 at 10:45 am

Author: Em Morley

Categories: Property News

Tags: homebuyers,house prices,property market,property values

40% of Homebuyers Believe Local Property is Overpriced

Around 40% of homebuyers believe that properties in their local area are overpriced, according to a new survey.

A poll by ground rent buyer Freehold Sale asked those planning to buy a home in the next five years what they thought of the current housing market in their local area.

Of the 500 respondents, about four in ten (41%) said they believed local properties were overpriced.

This was highest amongst homebuyers in London, at 57%, followed by the South East, at 54%, and the South West, at 52%.

Almost half (48%) of homebuyers predicted that house prices will rise by up to 10% over the next 12 months. A quarter believe that property values will increase by 0-5%, while 23% say they will grow by 6-10%.

Meanwhile, estate agent Keatons has highlighted the country’s obsession with property, predominantly, the price of it.

The agent surveyed 2,000 homeowners in the UK, finding that 36% have checked up on the value of a friend’s, family member’s or neighbour’s home using an online property valuation tool.

Regionally, those in the East Midlands were most likely to be intrigued by the price of a friend’s property, at 44%, while just 24% of homeowners in the East of England admitted to sniffing around.

A spokesperson for Keatons believes: “It’s a very British thing to be preoccupied with property and prices.

“An Englishman’s home is his castle after all! It’s important to keep an eye on values, though. That way, you know when the right time to move or improve might be.”

Do you love all things property? If you’re interested in house prices across the country and think you can pick out homes that are overpriced, take Keatons’ property values quiz to test your knowledge of the UK housing market: https://www.keatons.com/keatons-property-quiz

How did you do?