Posts with tag: landlords

Keep your home safe in 2016…and beyond!

Published On: January 5, 2016 at 11:52 am

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Categories: Property News

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Dark mornings. Post Christmas blues. Struggling to fit into your favourite jeans following two weeks of chocolate, booze and cheese. Yes, the new year is upon us. However, the turning of a new calendar is the perfect time for landlords and homeowners alike to make security improvements to their home, in order to keep it secure for 2016 and beyond!

Safety

The 2015 Crime Survey for England and Wales by the Office for National Statistics indicated that 750,000 cases of domestic burglary in the past year.

Mark Jones, NHBC’s head of house buildings standards noted that, ‘there are a number of simple steps people can take to improve the security of their homes. From burglar alarms to security light, these measures can add value to properties and offer homeowners peace of mind in helping to make sure their homes and belongings are well protected.’[1]

‘People who live in newer properties, may already have security locks, burglar alarms and security lighting included as standard, ‘he continued. ‘But there are also a number of simple measures people can take to keep their homes and property safe from burglars.’[1]

Keep your home safe in 2016...and beyond!

Keep your home safe in 2016…and beyond!

Keep your home secure

Here then are some top-tips to keep your property secure for many new years to come:

Lock all the doors

It is vitally important to have robust locks on all doors of the property. Landlords should make sure are doors of their homes are fitted with secure fixed locks or a multi-point locking system. Latches and deadlocking should also be considered.

Don’t give burglars a window of opportunity

Make sure that any windows, particularly those on the ground floor or that can be easily reached, are fitted with lockable devices or handles that cannot be released without a key.

Enjoy the view  

By making sure that you have a wide angled view of the area outside the main entrance door to check on visitors, you can keep yourself aware of just who is calling. Some newer properties have conveniently placed windows that allow a clear view of the entrance area.

Let there be light

Installing an external detection security lighting system that switches on after dark when someone is near can be highly effective in deterring crime. Landlords and homeowners alike should seriously consider this to put off potential intruders.

Sound the alarm

Similarly, a house alarm system is a great way of decreasing the chance of crime. Some systems even link to a mobile phone or other device to let the property owner know that the alarm has been set off.

Don’t say that you’re away

Leave lights on a timer when you know that you are going to be away from a property. If you know that you are going to be away for a prolonged period, get a trusted neighbour or family member to make regular checks on the hom

[1] http://www.whathouse.com/news/tuesdaytips-keep-your-home-safe-this-year/12346/?utm_source=twitter&utm_medium=social&utm_campaign=tuesday%20tips

 

 

 

Number of homes for sale in UK falls again

Published On: January 5, 2016 at 9:29 am

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Categories: Property News

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The latest monthly report from the National Association of Estate Agents makes bleak reading for potential homebuyers.

According to the research, there are 10 buyers for every property listed for sale in Britain, as the supply of homes available has dipped once again.

Decline

There was also bad news for first-time buyers. Following a positive period between July and October, where the number of sales to this group increased, purchases made in November fell by 10%.

As a whole, sales were down by 1%. This is typical at this time of year, but the sharp decline in sales to first-time buyers has given estate agents reason to fear the worst.

In the Autumn Statement, Chancellor George Osborne outlined his plans to assist first-time buyers in making it onto the property ladder. However, 53% of NAEA members believe that first-time purchasers will become more and more squeezed out of the market due to the continued lack of affordable housing.

The growing demand for property shows no sign of abating, with 336 house-hunters registered per NAEA branch in October, rising to 403 in November.

What’s more, the report shows that available housing dipped marginally in November, from 43 to 41 properties per branch.

Number of homes for sale in UK falls again

Number of homes for sale in UK falls again

Problems

‘It’s very normal at this time of year that demand is high and supply is low,’ noted Mark Hayward, MD of the NAEA. ‘House hunters hoping to find their dream property in the New Year have registered interest with agents, whilst those hoping to sell are holding off putting their properties on the market before January. However, supply is outweighing demand so heavily now that it can’t solely be attributed to seasonality,’ he continued.[1]

He went on to say that, ‘it’s clear that we’re faced with a crisis here and the housing market needs addressing as matter of urgency. Our recent Housing 2025 report compiled with Association of Residential Letting Agents and Centre for Economics and Business Research found that by 2025, house prices are set to rise by 50%-and if we don’t act now, this will impact first time buyers, second steppers and last steppers, forcing many out of home ownership.’[1]

Concluding, Mr Hayward said, ‘the Government has made efforts to address the issue of supply and demand, with Osborne outlining plans to build 200,000 new starter homes in his Autumn Statement, but four fifths of our agents think it simply isn’t enough.’ He believes that, ‘it’s all very well planning to build houses, but we need to move to action and get the bricks and mortar on the ground if we’re to solve the crisis we’re faced with.’[1]

[1] http://www.propertywire.com/news/europe/uk-homes-supply-crisis-2016010411388.html

 

 

MP’s to debate legislations in Housing and Planning Bill

Published On: January 4, 2016 at 11:16 am

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Categories: Property News

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Tomorrow sees the Housing and Planning Bill return to the House of Commons, with the final proposals of the legislation due to be debated following the Christmas Parliamentary recess.

Before the break, the committee assigned to the Bill concluded its analysis of the features contained in the proposed legislation and tomorrow, all of the MP’s in the Commons will continue to discuss the changes.

Proposals

In the week before Christmas, the Sun newspaper suggested that the proposals up for debate include:

  • fines of up to £30,000 for landlords who let dirty or unsafe homes, targeting those who provide facilities with hazardous conditions, electrical problems, damp and infestation
  • councils’ ability to serve penalty notices on offenders
  • barring of agents and landlords that are thought to be serial offenders
  • a creation of a database of rogue landlords and agents, which will be accessible by all local councils and authorities
MP's to debate legislations in Housing and Planning Bill

MP’s to debate legislations in Housing and Planning Bill

Housing Minister Brandon Lewis told the Sun that, ‘the private rental sector is still afflicted by too many rogues who rent dangerous, dirty and overcrowded properties without a thought for the welfare of their tenants.’[1]

‘We are determined to crack down,’ he added.[1]

 

[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/1/mps-this-week-debate-30k-fines-and-bans-for-rogue-agents-landlords

 

 

Nearly half of BTL landlords looking to raise rents in 2016

Published On: December 31, 2015 at 10:30 am

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Categories: Landlord News

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As 2015 comes to a close, a new survey suggests that 2016 could be an expensive year for tenants.

Data from a report conducted by SpareRoom.co.uk found that 45% of buy-to-let landlords are looking to increase rents in the coming year, with 18% planning on raising them by more than 3%.

Legislations

The most common reason landlords questioned gave for stating their plans to raise rents were the upcoming changes in legislation, with 38% giving this as their catalyst. This suggests that future cuts to mortgage interest tax relief, stamp duty alterations and the national Right to Rent roll out could be felt by tenants and landlords alike.

Additional reasons for rent hikes were local rent increases (23%), expensive property repairs (6%) and greater mortgage repayments (4%).

The table below indicates how landlords plan to change rents in the coming year:

Landlords: What do you plan to do with rents in 2016? Response (%)
Raise by more than 3% 18%
Raise by less than 3% 27%
Keep the same 52%
Lower by less than 3% 1%
Lower by more than 3% 2%

[1]

Nearly half of BTL landlords looking to raise rents in 2016

Nearly half of BTL landlords looking to raise rents in 2016

Reality

A harsh reality is that average rents per room could rise by more than 3% in 2016. During this year, the typical UK rent for a double room in shared accommodation increased by 8.6% to stand at £593, according to SpareRoom’s analysis.

In the capital, average room rents increased by 6.3% to hit £721 per month.

‘The roll out of Right to Rent legislation, removal of mortgage interest tax relief and changes to the wear and tear tax break from 2017, on top of stamp duty changes coming in 2019, means buy to let looks like far more of a risk than it did at the start of the year,’ noted Matt Hutchinson, director of SpareRoom.co.uk. [1]

‘The worry is that tenants will bear the brunt of these changes. And if renters end up being the ones to shoulder the burden of legislative change, something has gone very wrong. The private rental sector is already under immense pressure,’ he concluded.[1]

[1] http://www.propertyreporter.co.uk/landlords/45-of-landlords-say-they-will-raise-rents-next-year.html

Landlord banned for letting out -sub-standard garage

Published On: December 30, 2015 at 12:02 pm

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Categories: Landlord News

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There has been precious little Christmas cheer for a landlord in Leicestershire, who was banned after renting out a converted garage space.

Environmental health officers found a family living in below-standard conditions in the detached double garage in Braunstone Town, Leicestershire. This was despite the garage having undergone a partial conversion and being equipped with a kitchen, bathroom and bed-sit room,

Inadequate

Council officers found the property to have no heating, inadequate insulation and no smoke alarms. What’s more, the windows and doors of the property were found to have rotten.

On a further visit, officers found a major fault with the electrics. Just one plug socket was found to be of a safe standard. The family, including one small child, were paying £800 per month to live in the converted garage!

Thankfully, the spirit of Christmas prevailed, with the family now re-homed after renting the garage for 7 months.

Landlord banned for letting out -sub-standard garage

Landlord banned for letting out -sub-standard garage

Concerns

One of the greatest concerns of the inspectors was the main garage door, which was not removed by the landlord. This meant that tenants had no-where to sit with sufficient natural light.

Environmental health officers served a prohibition order on the property, which states that the landlord will be prosecuted should anyone be found to be living in the property before works are completed.

A council spokesman said, ‘it is hard to believe that any landlord thinks that it is acceptable to let a family live in the conditions found in this property.’[1]

[1] https://www.lettingagenttoday.co.uk/breaking-news/2015/12/ban-for-landlord-who-let-out-sub-standard-converted-garage

UK property values in monthly and yearly record rises

Published On: December 30, 2015 at 10:15 am

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Categories: Property News

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With the curtain coming down on 2015, a new report shows that UK property values saw record monthly and annual increases during November.

Data from a report by Haart indicates that UK property values rose 13.4% annually and by 3.7% in the month to go past the £230,000 mark for the first time. British house prices now stand at an average of £231,857.

Rise and Falls

There has been an annual increase of 7.5% in the number of new buyers but supply has dipped by 3.1% in the last month. Viewings too slipped by 4.5% during November. Sales though were more positive, rising by 0.5% over the same period.

In addition, first-time buyer house prices increased by 1.1% in the month and by 0.2% annually to hit £166,581.

However, first-time buyer numbers fell by 7% over the last month as a result of increased competition with buy-to-let investors. As a percentage of all mortgages written, the number of first-time buyers slipped from 42.5% in October to 40.4% in the last month.

More positively, the average deposit for a starter home has fallen by 2% in November and by 2.3% in the last year.

UK property values in monthly and yearly record rises

UK property values in monthly and yearly record rises

Record-breaking

‘UK house prices rose 13.4% annually and 3.7% on the month to break records again in November,’ observed Paul Smith, CEO of Haart. ‘This is the steepest monthly and annual increase on record and follows a surge in registrations from buy-to-let investors since the Autumn Statement in anticipation of the 3% stamp duty surcharge which is effective from the 1st of April of 2016. This could mean the stamp duty payable on a property worth £275,000 could rise from £3,750 to £12,000.’[1]

Smith went on to say that, ‘although first-time buyer house prices have remained relatively stable, up just 1.1% in the last month, I expect these to shoot up over the coming months as first-time buyers face fierce competition from buy-to-let investors.’ He also believes that, ‘The pressure is already being felt by many with demand among first-time-buyers already down 7% in the last month alone. While first-time buyers may face a tough couple of months, once the stamp duty changes come into effect in April, demand from buy-to-let investors is likely to recede so we should see a recovery in prices at this level.’[1]

[1] http://www.propertyreporter.co.uk/property/average-uk-house-see-steepest-monthly-and-annual-increase-on-record.html