Posts with tag: ARLA

Short-term lets on the increase

Published On: June 23, 2015 at 2:33 pm

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Short term lets appear to be on the rise, according to a new survey from the Association of Residential Letting Agents (ARLA).

Research from the organisation suggests that 26% of letting agents have experienced an increase in the number of enquiries for short period lets.

Increases

With both Wimbledon and the British Grand Prix approaching and with the summer (supposedly!) in full-swing, the number of short-term lets is sure to rise still further.

Short-term lets are classed as under 90 days and offer many advantages to landlords, such as a quick income and for the tenant, an alternative to hotels. There are however a number of legal requirements that must be adhered to in order to comply with the law.

Advice

Homeowners looking to let their property out for a short period of time should follow these pieces of advice in order to ensure compliance and a smooth tenancy:

  • check mortgage and tenancy agreements to make sure it is permitted that the property can be rented
  • use an approved agent to look after the letting process. This will also ensure that all legislation is being adhered to
  • make sure that the property is in a good condition, with no clutter, clean and with no damage
  • check that all furniture complies with health and safety legislation. Safety checks will have to be carried out before a property is allowed to be let
  • arrange with someone trustworthy to visit the property during the period and perform duties such as cleaning and changing bed sheets.
Short-term lets on the increase

Short-term lets on the increase

David Cox, Managing Director at the Association of Residential Letting Agents said,’ short term lets can be hugely beneficial for both parties. A short let can also be a more profitable option as you may be able to charge a higher rent than you would if you were letting a property out full time. We’ve already seen a massive rise in the number of enquiries for short term lets and with the rising popularity of websites like Airbnb this is only going to continue. Landlords looking to let their property out short-term should follow our simple tips to ensure they’re following best practice. Being a landlord is a full time job, not a hobby – even short term lets. So it’s worth working with a reputable ARLA Licensed agent, who can take the ‘job’ aspect out of it; allowing you to reap the rewards.[1]

[1] http://www.propertyreporter.co.uk/landlords/short-term-lets-on-the-rise.html

Private Rental Sector Supply Improving

Published On: December 19, 2014 at 4:59 pm

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Supply levels in the private rental sector are improving, despite demand still being high and causing much competition, figures from the Association of Residential Letting Agents’ (ARLA) latest quarterly report reveals.

ARLA has exposed an increase in the amount of buy-to-let properties managed by ARLA members in the last quarter, from 135 houses in the third quarter (Q3) to 148 this quarter. This is almost a rise of 10%.1

ARLA members believe that the amount of landlords investing in more properties is fuelling the improved supply in the market, as the number of landlords buying rental properties now surpasses the ones selling their assets.

The amount increasing their portfolio went from 27% to 30% in the last quarter. Additionally, the landlords selling their investments dropped from 32% to 23%.1

Although this increase will be a positive for renters, demand still outweighs supply. According to 65% of ARLA members there will still be more prospective tenants than properties available, a drop from 68% last quarter. The market appears to be moving towards equal opportunity.

Private Rental Sector Supply Improving

Private Rental Sector Supply Improving

Managing Director of ARLA, David Cox, says: “This quarter we’re seeing promising signs that the market is taking small steps towards achieving a better balance between supply and demand, or at least it is easing slightly. With more landlords investing in their portfolios, ARLA licensed members have reported a growth in supply, while the level of demand witnessed last quarter has fallen slightly. Of course, the market has a fair way to go in terms of completely balancing out.”

A number of ARLA members have also mentioned that there is a rise in rental property due to homes coming back onto the market, after they did not sell. This rose for a second consecutive quarter, from 16% to 24%.1

Tenants are benefiting from the slightly less competitive sector, after the last six months saw prospective tenants for each property increase from 32% to 35%.1

Cox adds: “It’s great to see an increase in consumers making an active play to agree on rent prices. Letting agents should be able to help tenants to get the fairest deal, and to ensure the process of finding a property, and signing on the line, is as smooth a process as possible.

“Renting can be a stressful experience; to ensure the best standard of practice and level of advice, always ensure you are using an ARLA licensed agent. All ARLA licensed agents follow a strict code of conduct, therefore you are guaranteed the highest professional standards to guide you through the rental process.”1

1 http://www.propertyreporter.co.uk/landlords/supply-levels-of-rental-properties-on-the-rise.html

 

 

 

ARLA’s 2015

Published On: December 19, 2014 at 4:21 pm

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Categories: Landlord News

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A completely regulated private rental sector is what the Association of Residential Letting Agents’ (ARLA) Managing Director David Cox is hoping for in 2015.

In a New Year statement, Cox explained that stronger regulation would help clear the industry of the small number of rogue landlords and letting agents who give the sector a bad name.

ARLA's 2015

ARLA’s 2015

He says: “Labour is pro-regulation, but has also pledged to introduce three year tenancy agreements with strict rules, which will make it difficult to evict tenants. This could see landlords pull out of the market.”

However Cox believes that whichever political party wins the general election in May will make major changes to the industry, which could be “make or break.”

Cox also stressed the demand for more homes to be built.

“As new homes come on to the market at one end from both foreign investors and landlords in London and the South West who are buying up portfolios in the north of the country. We’re also seeing accidental landlords leaving the sector at the other end, they are no longer in the negative equity which forced them into the market,” he explains. “However, even with some increase in supply during 2015, we still expect to see growth in rental prices of around 2-3%.”1

Cox also raises concern over the right to rent checks, expected to move across the country after their West Midlands pilot period, suggesting that they may force vulnerable tenants to use rogue firms.

1 http://www.lettingagenttoday.co.uk/1302-arla-s-new-year-wish-a-fully-regulated-industry