Posts with tag: rental housing

Rightmove sees record high searches for rental homes with gardens

Published On: April 27, 2020 at 8:26 am


Categories: Lettings News

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Data from Rightmove has revealed that recent searches for rental homes with gardens have almost doubled compared to the first week of lockdown in the UK.

When comparing figures to earlier in the year, on average these searches are 16% higher than those of January and February. They’re also 26% up on this time last year.

Rightmove’s commercial director and housing market analyst, Miles Shipside, said: “Having a garden is often a rarity for many rental properties in larger cities, and so it may be that during lockdown people are rethinking their needs and location and are searching for some outdoor space and tranquillity.

“That allure may draw them further away from where they have habitually lived and travelled to work from, as can be seen by some of the coastal locations that have seen the largest search increases. 

“Interestingly we’ve not yet seen this trend mirrored by those looking to buy a home, perhaps as renting is usually a much quicker process and so renters are thinking sooner about what changes they want for their next place.

“Agents report they’re helping their landlords line up new tenants ready to physically view properties when restrictions are lifted and we’re also seeing a lower but steady level of tenant referencing taking place. 

“Those properties with a garden are likely to be able to fill any landlord voids more quickly post lockdown. Understandably most of the rental market has hit the pause button right now except where there are essential moves taking place, and so we haven’t seen an indication of price movements yet.

“If there is a spike in demand that exceeds supply when lockdown ends this may underpin rental prices.”

Read the full report here.

Tenants Face a Dwindling Supply of Housing, Reports the RLA

Published On: August 14, 2017 at 9:08 am


Categories: Landlord News

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Tenants Face a Dwindling Supply of Housing, Reports the RLA

Tenants Face a Dwindling Supply of Housing, Reports the RLA

Private tenants are set to face a dwindling supply of rental housing, as demand increases, according to the latest quarterly report from the Residential Landlords Association (RLA).

The survey of almost 3,000 landlords found that 22% plan to sell at least one of their rental properties over the next year, while just 18% plan to buy additional properties to let.

The new data shows that 33% of landlords have experienced an increase in demand for homes to rent over the past three years.

Faced by an imbalance of supply and demand of rental housing, 47% of landlords said that they expected to increase rent prices over the next year. The main reason why rents might increase was the change to mortgage interest tax relief, which will see landlords taxed on their turnover rather than profit – unlike all other businesses – by 35%.

The Chairman of the RLA, Alan Ward, comments on the findings: “As demand continues to increase for homes to rent, punitive tax changes are discouraging investment by the majority of good landlords who want to provide accommodation.

“Whilst efforts by the Government to support institutional investment in the sector are welcome, this will remain a drop in the ocean.”

He urges: “To meet demand, we need pro-growth taxation that actively supports and encourages the majority of landlords, who are individuals providing good housing, to invest in the new homes to rent we so desperately need.”

Landlords, are you planning to put your rents up or sell your properties in the near future?

We encourage all those that let properties to private tenants to consider how they will be affected by your actions – always remember to consider how their finances and lives will change if you put rents up or sell the property they’re living in.

We’d also like to highlight recent research that found that a third of rental homes fail to meet basic health and safety standards; it is imperative that you protect your tenants’ health.


The RLA Welcomes Reintroduction of Bill Concerning Housing Standards

Published On: July 19, 2017 at 9:14 am


Categories: Landlord News

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The Residential Landlords Association (RLA) has welcomed news that Labour MP Karen Buck is to reintroduce her Private Members’ Bill into Parliament today. If passed, it will hopefully improve housing standards in the private rental sector.

The RLA Welcomes Reintroduction of Bill Concerning Housing Standards

The RLA Welcomes Reintroduction of Bill Concerning Housing Standards

Buck, who represents Westminster North, is reintroducing the Bill, called the Homes (Fitness for Human Habitation) Bill, which would resurrect a law dating back to 1885 if passed.

Tenants already have the right to a home that is fit for human habitation, but only if the rent is less than £52 per year (or £80 in London) – figures that were set back in 1957.

Under more recent legislation – the Housing Act 2004 – landlords can be forced to make repairs to their properties by local councils, but the authorities tend to act only on tenants’ complaints and have few resources to proactively inspect housing standards in private rental accommodation.

Just 2,006 landlords have been convicted of offences under the Housing Act 2004 so far.

When Buck first introduced the Bill, almost two years ago, she explained that she wanted legislation to counter “a growth in the numbers of landlords who try to cut corners and get away with letting out substandard accommodation”.

The RLA is pleased that Buck plans to re-introduce the Bill today. The Policy Director of the organisation, David Smith, says: “Tenants have a right to expect that homes are fit for habitation, and the vast majority of good landlords already provide this. This Bill therefore reinforces what landlords should already be doing.

“By providing a route to direct tenant enforcement of basic housing standards, the Bill will give a further opportunity to deal with the minority of landlords who have no place in the market. Current legislation often lets these criminals off the hook due to underfunded councils being unable to properly enforce it.”

He adds: “We look forward to working with Ms. Buck as the Bill is developed and considered in Parliament.”

Do you support the Bill concerning housing standards in the private rental sector?

Legal & General Announces New Build to Rent Scheme in Leeds

Published On: May 11, 2017 at 9:48 am


Categories: Property News

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Legal & General (L&G) has announced a new Build to Rent scheme in the centre of Leeds, marking the fifth UK city to which it will bring its new rental offering.

This latest investment brings L&G’s total pipeline of Build to Rent units to over 1,400, with an expected gross development value across the portfolio of £420m.

The Leeds site – Mustard Wharf – has been acquired from U+I in partnership with CTP, and has permission for 250 homes, as well as 8,640 square feet of commercial and amenity space.

Legal & General Announces New Build to Rent Scheme in Leeds

Legal & General Announces New Build to Rent Scheme in Leeds

Just a five minutes’ walk from Leeds Train Station, the central site is situated in Granary Wharf, an established retail, leisure and residential location. It also benefits from being strategically important to the wider regeneration area of South Bank. L&G expects to be able to begin construction on the £60m scheme in early 2018, with practical completion aimed for early 2020.

L&G’s total investment capacity for the Build to Rent sector currently stands at around £1 billion, having raised capital from major pension funds for an open-ended Build to Rent fund, as well as a £600m JV investment by Legal & General Capital and PGGM.

Its existing sites in Bristol, Bath and Walthamstow are progressing well, and its first scheme in Salford is due to welcome its first residents at the start of June.

L&G is involved in housing creation across the spectrum, backing a fast growing pipeline of over 70,000 new homes over the next five to ten years, and looking to help provide the UK’s population with high quality, affordable living at all stages of their lives.

Forming a vital part of this, its Build to Rent fund is creating bespoke, quality rental stock that offers a positive choice for elective tenants through high service levels and flexible lease structures.

Focused on key urban regeneration areas centred around transport hubs, it is targeting schemes of over 150 units, taking advantage of economies of scale to deliver better value and more choice for residents, while building sustainable, vibrant communities.

The Build to Rent Fund Manager at LGIM Real Assets, Dan Batterton, comments on the Leeds scheme: “In our view, Mustard Wharf is the ideal location for a Build to Rent scheme in Leeds. It is close to major transport links and local amenities, and complements the wider regeneration of the local area, supporting job growth and the local economy over the long-term. We are excited that we are going to create a new standard of rental accommodation and service in a thriving community.”

Mathieu Elshout, the Senior Director of Private Real Estate at PGGM, also says: “PGGM Private Real Estate builds strategic partnerships all over the world. This acquisition demonstrates the success of our partnership with L&G, having already secured five UK city regeneration schemes for our joint venture since its start last year. This enables us to make a positive difference to the built environment. Shaping the project from the outset, the L&G asset management team is able to create, from scratch, good quality residential accommodation that suits renters’ needs and offers a new, professional level of customer service, while also addressing the UK’s housing shortage. As a responsible investor of Dutch pension capital, we choose to back projects that contribute to a sustainable world.”

And James Lidgate, the Director of Housing at Legal & General Capital, adds: “This latest acquisition supports our vision of investing in long-term, sustainable urban schemes that support wider urban regeneration to transform and reshape Britain’s landscape, bringing jobs and housing back into the centre of cities, and better utilising our existing infrastructure. When complete, Mustard Wharf will provide well-connected, high-quality housing which is essential for supporting the UK’s economic position and driving future growth.”

New Bristol Build to Rent Scheme Gets the Go-Ahead

Published On: March 1, 2017 at 10:51 am


Categories: Property News

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Bristol City Council has given a new Bristol Build to Rent scheme, ND7, the go-ahead.

New Bristol Build to Rent Scheme Gets the Go-Ahead

New Bristol Build to Rent Scheme Gets the Go-Ahead

LGIM Real Assets has announced that the new 255-unit Bristol Build to Rent scheme, in the city centre, has now been approved. The regeneration scheme will provide a much-needed boost to Bristol’s rental housing supply and will help deliver the new mayor’s housing targets.

ND7 is the first Build to Rent scheme to receive planning committee support in Bristol. The development will provide high-quality homes for elective tenants that will support them for the long-term, offering a level of flexibility and choice.

LGIM Real Assets insists that the scheme will champion the rights of renters, offering longer and more flexible tenancies with no hidden fees and long-term certainty over rent prices, making renting a more affordable and active choice.

Legal & General, through Legal & General Capital (LGC) and LGIM Real Assets, entered the Build to Rent market in 2016, in partnership with PGGM. Committed to raising the standard of UK renting across the board, LGIM Real Assets’ Build to Rent fund, alongside LGC and PGGM, has £1 billion to invest in developing new large-scale rental developments. It currently has more than 1,000 Build to Rent homes under construction or in planning, with an aim of building over 4,000.

To date, Legal & General has invested £8 billion in UK infrastructure, direct investments and urban regeneration projects, aiming to invest over £15 billion.

The new Bristol Build to Rent scheme is located within the Temple Quay Enterprise Zone, behind PwC and Burges Salmon, near Temple Meads station.

Sustainability will be at the heart of the development’s design, with green infrastructure incorporated into the scheme. Options to embed energy generation, reduce energy consumption, appropriately resource sensitive materials, optimise water and waste efficiency, and mitigate pollution during construction will all be incorporated.

Assael Architecture is the architect on the project.

The Build to Rent Fund Manager at LGIM Real Assets, Dan Batterton, says: “In Bristol, there are increasing numbers of people needing to rent and an urgent need for high-density, city centre rental accommodation. It is great news that this innovative scheme has been approved by Bristol City Council, who recognise that ND7 will make a major contribution towards Bristol’s rental housing supply.”

Rental Housing Supply Rises to 18-Month High

Rental housing supply rose to an 18-month high in September, according to the latest study by the Association of Residential Letting Agents (ARLA).

Rental housing supply

In September, letting agents managed an average of 193 properties per branch, up from 183 in August and the highest level recorded since April 2015, when there were also 193 rental properties registered per branch.

Rental Housing Supply Rises to 18-Month High

Rental Housing Supply Rises to 18-Month High

Rental housing supply had dropped to lows of 171 so far this year. Therefore, the jump in September paints a positive picture for tenants, amid industry-wide expectations of post-Brexit uncertainty.

Demand for rental property

Demand for rental property also grew in September, with 40 prospective tenants registered per letting agent branch, compared with 37 in the previous month.

In line with expectations, demand for rental property has been steadily increasing since the start of the year and is now at the highest level since February 2015, when there were also 40 hopeful tenants registered per branch.

Rent price growth

The amount of letting agents recording rent price growth is at the lowest level so far this year, with just 24% of agents reporting increases for tenants.

This is down by 3% on August, when 27% of agents saw rent rises, and 8% down on this year’s high of 32% in March.

The Managing Director of ARLA, David Cox, comments on the figures: “This month’s findings paint a really positive picture for renters. Although demand is rising, we’ve seen this happen gradually over the course of the year, and would expect it to slow again in line with seasonal trends over the next few months.

“On the other hand, the supply of rental stock has risen astronomically, which suggests it’s not quite right that landlords are pulling out of the market as a result of Brexit. This is supported in our findings, which reveal the number of landlords selling their buy-to-let properties hasn’t changed since April, when three landlords were selling up per branch.”

He continues: “It’s good to see less landlords hiking rents this month, but 24% is still too high. The cost of renting is already high in many parts of the country, and until the Government converts its pledges and promises into bricks and mortar, we won’t see renters reach a position where they’re able to save to get on the housing ladder. It will be interesting to see how this is tackled in the upcoming Autumn Statement.”

Tenants may be disappointed to learn that the Government’s Help to Buy scheme will be scrapped in December this year.

However, the new Housing Minister, Gavin Barwell, has spoken out in support of the private rental sector, pledging to make renting more affordable and stable for the nation’s tenants.