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Lettings Market Will be Unaffected in Short-Term by EU Referendum Result

Published On: June 23, 2016 at 8:27 am

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The lettings market will be unaffected in the short-term by the result of today’s EU referendum, regardless of the outcome, according to the Association of Residential Letting Agents (ARLA).

ARLA’s member letting agents believe that supply, demand and rent prices will stay at the same level for the near future, whatever the result of today’s crucial vote.

Lettings Market Will be Unaffected in Short-Term by EU Referendum Result

Lettings Market Will be Unaffected in Short-Term by EU Referendum Result

Although the private rental sector looks to be unfazed by the referendum result, Stamp Duty changes continue to be an issue for the lettings market.

ARLA’s May Private Rental Sector report found that two thirds of agents expect supply to stay the same if the UK votes to leave the EU, compared to just a fifth who predict it will decline, as international investors leave the market.

Almost one third (31%) believe that demand will drop as a result of a Brexit, while 55% think it will remain as high as it is currently.

However, two months on from the introduction of the 3% Stamp Duty surcharge for buy-to-let landlords, letting agents are starting to feel the effects.

A third (37%) of agents have reported a decrease in the supply of rental properties since the Stamp Duty changes came into force. The proportion rises significantly in Wales, where 80% witnessed a dip in supply, as well as in the East Midlands and Yorkshire and the Humber, where exactly half of ARLA member agents saw a decline.

Around half (48%) of agents predict that supply will continue to drop, as more landlords vacate the private rental sector as a result of the changes to mortgage interest tax relief, which come into force from next year.

The Managing Director of ARLA, David Cox, comments: “There is no avoiding the EU referendum at the moment, and whatever the outcome, we are likely to feel the impact of the fall-out of this debate in different ways.

“However, it’s important to put this into perspective and not get carried away. As outlined in our recent Brexit report, the lettings market hosts a large number of non-UK born citizens, and any change in migration policy is likely to have an impact down the line, especially in London.

“However, our monthly report clearly shows the sentiment among members is that the immediacy of this effect is likely to be minimal.”

Yesterday, we released the results of our own EU referendum poll, which found that over 60% of landlords and property professionals believe that we should stay in the EU.

60% of Property Professionals Believe We Should Stay In the EU

Published On: June 22, 2016 at 3:20 pm

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The majority of property professionals believe that Britain should remain in the EU, just one day ahead of the crucial vote on Thursday (23rd June).

Landlords, letting agents, mortgage brokers, property experts and landlord insurance specialists all took part in the Landlord News poll at this week’s Landlord Investment Show in London.

60% of Property Professionals Believe We Should Stay In the EU

60% of Property Professionals Believe We Should Stay In the EU

A clear winner emerged by the end of the event; over 61% of property professionals claimed that a vote to stay in the EU would be better for the country and the private rental sector, while almost 39% believe that leaving the EU will be the best option for their businesses.

This week, the country will come out to vote in the UK’s first vote on Europe since 1975. Voters will be asked whether we should remain in the EU or leave.

Many recent reports have made suggestions on the potential outcome of the vote. The latest, from property portal Zoopla, claims that house prices will drop by 20% if we vote to leave.

Despite political uncertainty previously having an adverse effect on the property market, house prices appear unaffected by the forthcoming Brexit vote.

However, mortgage lending has fallen to a 12-month low ahead of the referendum, as buyers await the outcome.

Tenant eviction specialist Paul Shamplina, of Landlord Action, has witnessed a slowdown in the number of buy-to-let landlords purchasing properties.

“The property market doesn’t like uncertainty,” he explains. “If a landlord is looking to purchase, then watching and waiting makes sense.”

However, he understands that many landlords may not be in a position to buy after the referendum is decided, as a large number rushed to invest in the sector ahead of the introduction of the 3% Stamp Duty surcharge on 1st April.

Shamplina adds that the influx of landlords investing further into the private rental sector could bring “a lot more property onto the market, which may bring rents down”.

Whether house prices or rents will come down if we leave, “only time will tell”, concludes Paul. But one thing’s for sure, property professionals believe we should stay in!

Meet the Team at the Landlord Investment Show!

Published On: June 20, 2016 at 10:35 am

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Tomorrow, the team from Landlord News and Just Landlords will be heading to the Landlord Investment Show in London.

Landlord News offers daily updates and guidance for landlords and everyone else involved in the property industry. Our writers, Rose and Ryan, are dedicated to providing the latest news on all things buy-to-let, housing and finance. Come over and speak to us about any changes to the sector.

Our sister company, Just Landlords, is committed to offering the widest landlord insurance available. Our Landlord Property Insurance has been rated 5-star by Defaqto and includes 33 essential covers as standard. We also offer protection against rent arrears and damage to unoccupied properties. Our expert Samantha will be on hand to tell you everything you need to know about looking after your investment.

Meet the team at the Kensington Olympia on Tuesday 21st June from 10am onwards.

Here’s a little bit to get you started:

 

Samantha Miles – Sales and Business Development Director

SamWith years of experience in the housing market, Samantha is the go-to person for all things property.

After working as a negotiator at two estate agents for a number of years, Samantha went on to become a branch manager at Nationwide estate agents in the East Midlands.

Moving slowly into the private rental sector, Samantha was appointed as lettings manager at Halifax estate agents, where she launched the lettings service for the whole region.

It was there that Samantha learnt all she needed to know about renting out property – from compiling inventories to carrying out periodic property inspections.

With a firm knowledge of property and lettings behind her, Samantha joined the Just Landlords team in 2011. Working alongside a dedicated customer services department, Samantha became part of a specialist team providing comprehensive and extensive cover for landlords.

Her unique knowledge of the renting process, alongside a thorough understanding of Just Landlords’ Rent Guarantee Insurance, makes Samantha an excellent source of information and advice.

Come and meet Samantha and the team to learn more about how Just Landlords can protect your investment and rental income.

 

Rose Jinks – Content Manager 

RoseA self-proclaimed internet baby, Rose has grown up through the growth of the digital age, making the web part of her everyday life.

After graduating from a Journalism degree in Southampton, Rose knew that she wanted to provide online news and features. Learning about the digital marketing world helped her get her content out to the right readers.

Rose belongs to a creative and knowledgeable team, providing content for both Landlord News and Just Landlords. After diving straight into the deep end of the property market, Rose feels confident with all aspects of the lettings process, from house price growth to protecting rental income.

Dedicated to staying up to date with property news, Rose brings you the latest goings on and updates of the buy-to-let sector. Come and say hello to find out more about landlord insurance or just have a chat about what’s happening to rent prices and the best places to invest…

 

Ryan Weston – Content Manager

RyanWith a passion for written communication, Ryan is at home bringing all the latest buy-to-let and property sector news to your fingertips.

After graduating from Sheffield with a Creative Writing degree, Ryan has progressed into a competent writer for the digital market. Covering a wide range of industry topics, Landlord News and Just Landlords provide a fantastic platform to showcase his skills.

Part of a creative and industry-savvy team, Ryan is able to learn about regulations, trends and techniques on a daily basis. He is then dedicated to bringing this knowledge to you, through articles and many specific social media outlets.

Come and find Ryan on the Landlord News and Just Landlords stand for a chat about all things buy-to-let, property and insurance. If you’re lucky, he might even give you a phone charger!

 

We hope you enjoy meeting our team and sign up to Landlord News to receive the latest industry updates! We may even have a few treats for you to enjoy…

Is Your Dad a Landlord? Here’s a Father’s Day Gift Guide

Published On: June 17, 2016 at 10:48 am

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If your dad is a landlord, you may be wondering what to buy him for Father’s Day on Sunday. Don’t worry – we have a gift guide to help you find the perfect present.

If your dad is either a part or full-time landlord, he may often be busy and stressed with business. Treat him this Father’s Day with one of these handy (but special) gifts:

Gadgets

Some of the tech available today can be really helpful for landlords, who have a lot of organising and managing to do. Small items that are easy to transport and keep your dad on top of his responsibilities are great options. If he doesn’t already have the following, why not treat him to a new gadget?

  • Digital camera – Perfect for snapping pictures of his rental property for either listings or inventories, a new, top-of-the-range digital camera will be appreciated by all landlords.
  • Voucher for apps – If your dad has a smartphone or tablet, a voucher for the relevant app store will allow him to download many of the handy tools available today. From property portal apps to spirit level apps, there’s plenty to make a landlord’s life easier.
  • Phone case – It’s vital that all landlords stay organised while on the go. This means that most will carry a smartphone with them to make notes and communicate with tenants. Smarten up your dad’s essentials with a new phone case.
Is Your Dad a Landlord? Here's a Father's Day Gift Guide

Is Your Dad a Landlord? Here’s a Father’s Day Gift Guide

Tools 

A landlord that loves property will appreciate anything that improves his investments. New tools will help him maintain his properties to a high standard and even increase the value of his investment.

  • Multi-tool – A standard pocketknife doesn’t cut it anymore; there are many small, compact multi-tools on offer that will get your dad through simple maintenance tasks.
  • Electric/laser tape measure – If your dad is looking to invest further in the private rental sector, it’s likely that he will be going to many property viewings and sizing up his investment options. An easy to use, electric or laser tape measure will help him assess his new investments much more quickly and easily.

Stationary

From conducting inventories to signing tenancy agreements, all landlords have a lot of admin work to complete. Make everything easier and more organised for your dad with some of these ideas…

  • A nice pen – It’s likely that your dad will have many important documents to sign, so having a special pen to keep with him at all times will ensure he’s always prepared. It’ll also look nice when he offers it to a tenant.
  • Notebooks and folders – We all know how difficult it can be to keep mounds of paperwork in order; make life easier for your landlord father by treating him to some new stationary that he can use for each rental property.

Something for him

While many landlords will appreciate any of the gift options above, it is always nice to receive something especially for you – particularly when you have tonnes of laws and regulations to comply with! Treat your dad to something for him this Father’s Day.

  • New mug – Make sure he always has a smile on his face when he makes a well-earned brew with a new mug that reminds him of you.
  • Bottle of wine – Renting out properties can be stressful and time consuming; ensure your dad has time for himself this Father’s Day with a bottle of his favourite wine (or beer if he prefers).
  • A Just Landlords Rent Guarantee Insurance policy – Protecting a landlord’s rental income is one of the best gifts you can give!

Landlords to sell up following tax changes

Published On: June 16, 2016 at 11:15 am

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Concerning new research suggests that thousands of landlords will be forced to sell their properties in the coming years, following George Osborne’s tax changes on the buy-to-let sector.

The study was conducted by estate agent Maskells and concludes that changes to stamp duty, mortgage tax relief and lending criteria will make it harder to make substantial profits from buy-to-let. In turn, this could see landlords driving up rents and deterring potential renters.

Buy-to-let sales

Apart from the extra 3% stamp duty surcharge being imposed from April 1st, the amount that landlords can claim in mortgage interest tax relief is to be limited from 2017. This, it is feared, will cut landlords’ returns, especially higher rate taxpayers.

Maskells suggest that the tax measures imposed by Mr Osborne will see an additional 163,000 homes come onto the market by 2017/18. These, the estate agent believes, will be as a direct result of the changes.

In some areas, this could result in an oversupply of homes for sales, which in turn will put downward pressure on property prices.

Landlords to sell up following tax changes

Landlords to sell up following tax changes

Charles Curran, principal at Maskells, commented that, ‘the buy-to-let market has provided so much of the rental stock the country depends on, but the government’s tinkering could lead to a sell-off.’[1]

‘This situation does seem akin to a slow motion train crash: buy-to-let landlords with mortgages are standing on the track in a game of chicken with regulatory locomotive, hoping to time their exit as best as possible. This high-risk game will almost undoubtedly leave casualties,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2016/6/landlords-set-to-offload-property

 

Calls for rogue landlords to be named

Published On: June 14, 2016 at 8:40 am

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The majority of buy-to-let landlords in the capital have moved to support a recent pledge from the mayor of London on publicly naming rogue landlords.

Sadiq Khan wants to name and shame landlords that have been convicted of housing-related offences and has received support from the sector, according to a new poll.

Shaming rogue landlords

A recent survey of landlords, conducted by the Residential Landlords Association, has uncovered that 75% are in favour of an online database which shames rogue landlords. This database would list landlords that have been successfully prosecuted for housing-related offences.

The move is one of a number of measures proposed by Mr Khan in his mayoral manifesto aimed at protecting the rights of renters.

RLA policy director David Smith noted, ‘landlords are ready and willing to work with the new mayor to develop workable solutions to ensure the safe, legal and secure homes to rent we all want to see.’[1]

‘The majority of landlords who provide decent housing and a good service to their tenants are fed up with the minority who provide substandard accommodation,’ he continued.[1]

Calls for rogue landlords to be named

Calls for rogue landlords to be named

Support

In addition, the survey found that 59% of buy-to-let landlords support the notion of letting agents being forced to publish a breakdown of their fees. 49% are in favour of capping fees charged by agents to both tenants and landlords.

Mr Khan has pledged to support the development of new homes in Britain. 37% of respondents to the survey noted that they would think about investing in new properties to rent in the capital, should plots of unused public sector land be highlighted for development of new housing.

[1] https://www.landlordtoday.co.uk/breaking-news/2016/6/name-and-shame-minority-who-provide-sub-standard-accommodation-say-landlords