Posts with tag: tenants

Where are UK renters most satisfied?

Published On: March 1, 2017 at 9:59 am

Tags: Buy-to-Let,landlords,students,tenants

A new survey has revealed whereabouts in the UK renters are most and least satisfied.

According to data from the report carried out by Intus Lettings, the North East of England is the best region for tenants. Here, 52% of the 2,000 tenants questioned said that they were happy with their landlord.

Capital Pains

On the other hand, Londoners were found to be least satisfied, with only 20% saying that they were satisfied.

The main tenant irritations were found to be the level of customer service given by landlords, time taken to respond to maintenance issues, availability, inspections and fees.

Some specific issues highlighted included a ‘lack of communication and ‘lack of competence’ when dealing with repairs.

Hope McKendrick, letting manager at Intus Lettings, said: ‘We’re always hearing about the best and happiest places to live in Britain in terms of wellbeing, job satisfaction and availability of good schools, but there’s little research about how happy our renters are and which are getting the best service from UK landlords.’[1]

Where are UK renters most satisfied?

‘The survey results give us a different perspective on where is the best and it appears that our Geordie neighbours are winning in this case!’ she continued.[1]

Concluding, McKendrick noted: ‘High fees and costs will clearly contribute to the dissatisfaction of renters in the capital. However, as the property market in London becomes more and more demanding and saturated, landlords may be overstretched and even less able to respond to tenant needs as well as other regions, adding to their frustrations.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/2/every-landlord-wants-a-happy-tenant-as-it-makes-it-more-likely-that-they-will-live-in-the-property-longer-pay-their-rent-on-time-and-keep-the-property-in-good-condition–but-where-in-the-country-are-the-most-satisfied-tenants-found-according-to

Only a Minority of Tenants want Longer-Term Tenancies, Claims ARLA

Published On: March 1, 2017 at 9:39 am

Author: Em Morley

Categories: Landlord News

Tags: lettings fee ban,long-term tenancies,tenancy agreements,tenants

Only a minority of tenants want longer-term tenancies, claims the Managing Director of ARLA Propertymark, David Cox.

Only a Minority of Tenants want Longer-Term Tenancies, Claims ARLA

Speaking at the Paragon Great Buy-to-Let Debate, Cox insisted that the minority of tenants shouldn’t harm the majority that are seeking short-term contracts.

Panellists at the event discussed the recent Housing White Paper from the Government, which included proposals for longer-term tenancies.

Cox said: “If tenants wanted longer-term tenancies, the market would have reacted to it. Tenants don’t ask for three to five-year tenancies, they ask for six to 12-month ones.

“There is probably a tiny percentage that want longer-term. Should the majority be penalised by the minority?”

However, he did back the longer-term tenancies being introduced as a condition of Build to Rent funding, as outlined in the Housing White Paper.

He also addressed the issue of the impending letting agent fee ban for tenants, comparing the fees to what a buyer would pay when applying for a mortgage or getting a property survey.

He added: “If the Government wanted to make renting cheaper, tenant fees are the tiniest slice of it. This is just a populist policy that won’t assist anybody.”

Audience members echoed Cox’s views, with one shouting out that the Government had decided on its policy on banning lettings fee despite not even consulting on it yet.

As a landlord, have you noticed that tenants don’t want longer-term tenancies, or are you receiving requests for terms between three to five years?

In addition, do you agree that the Government should consult on the lettings fee ban before implementing the measure? And how do you think this will affect your lettings business and ability to carry extra costs if charges are passed onto you instead of your tenants?

We will continue to keep you up to date with changes to landlord law and lettings policy.

Could Manchester be the next city to ban ‘To Let’ boards?

Published On: February 28, 2017 at 1:44 pm

Author: Em Morley

Categories: Property News

Tags: landlords,letting agents,tenancies,tenants,to let boards

Manchester Council is the latest council to consider a city-wide ban on letting agents ‘To Let’ boards.

The local authority argues that the sheer number of these boards in some locations, particularly those with high-numbers of students, create not only an eyesore but an opportunity for burglars. The boards, the Council says, gives an indication of when properties are vacant at certain points of the year.

In addition, the authority notes that many boards remain up on an almost-permanent basis, despite the law stating that they should be removed within 14 days of a new tenancy commencing.

Proposals

Councillors are due to set out proposals that will ask letting agents to remove signs, with the promise not to erect new ones. This arrangement is set to be voluntary at first, but could be subject to more formal regulation moving forwards.

In recent months, restrictions have been imposed on ‘To Let’ boards in York, Durham, Brighton and Hove, Belfast, Leicester, Liverpool, Nottingham and other regions.

Could Manchester be the next city to ban ‘To Let’ boards?

A Manchester council spokesperson told the Manchester Evening News: ‘The high concentration of these signs in some areas of the city creates an unsightly blot on the landscape and can be a real eyesore for local residents.’[1]

‘In addition, the signs may help identify properties rented by students, seen by criminals as easy targets. Many of the signs remain in place all year round despite properties being tenanted and only serve as advertising for rental companies,’ they added.[1]

Chief Executive of ARLA David Cox, also told the paper: ‘It is important to remember that ‘To Let’ boards are still, even in an internet age, vital for advertising rental properties. The traditional way of finding a property through a ‘To Let’ sign is still very popular among tenants.’[1]

[1] https://www.lettingagenttoday.co.uk/breaking-news/2017/2/to-let-boards-may-be-banned-across-one-of-uks-largest-cities

Fewer Tenants Recorded per Rental Property in Key London Zones

Published On: February 28, 2017 at 9:26 am

Author: Em Morley

Categories: Property News

Tags: London,London landlords,London property market,rent prices,tenant demand,tenants

Fewer tenants have been recorded on average per rental property in key London zones, according to letting agent Foxtons.

Fewer Tenants Recorded per Rental Property in Key London Zones

The agent’s London Lettings Report, which analyses 20,000 active tenancies across the capital, shows that tenant demand dropped slightly in the third quarter (Q3) of last year following the Brexit vote, pushing the average down to 5.3 renters per property in Q4, compared with 6.2 year-on-year.

Foxtons reports that this is close to the average number of tenants recorded per property between 2013-15.

The research also found that rising rental property stock is pulling rent prices down across all the London Underground zones.

Average room rents dropped from £560 to £535 in Zone 1, from £469 to £453 in Zone 2, and £395 to £375 in Zones 3-6.

The firm has also discovered a drop in longer-term tenancies, with 35% granted for two years or more last year, compared with 41% in 2015.

The Private Rental Sector Director for Foxtons, Sarah Tonkinson, comments on the findings: “We see the policies set out in the Housing White Paper as a positive start to increasing availability of affordable homes and improved lettings conditions for renters.

“The developing private rental sector will make a substantial net addition to London’s rental stock and provide much-needed long-term tenancies, with emphasis on providing high quality service and accommodation, in line with the new White Paper guidelines.”

If you let property in London, whether in Zone 1 or Zone 6, have you seen a reduction in tenant demand? If so, this may have caused you to lower your rent prices in order to attract new renters.

Granting new tenants a long-term tenancy is a simple way of securing your rental income for the foreseeable future and providing high quality homes to those who need it most – Remember to always stick to lettings law!

Brace of rogue agents and landlords fined

Published On: February 23, 2017 at 2:35 pm

Author: Em Morley

Categories: Landlord News

Tags: landlords,letting agents,rogue landlords,tenants

A brace of cases involving rogue letting agents and landlords have led to hefty fines for those culpable.

Two unscrupulous landlords in Reading have been fined nearly £9,000 for poor housing standards and a disregard for the welfare of their tenants.

Hazards

Broken toilets and inaccessible fire escapes were amongst the hazards found by council officers when they visited the property in Oxford Road last summer.

More health and safety hazards identified in the rental property included:

faulty fire alarms
damaged plug sockets
dangerous windows

The managers of the property, Abdullah Yaqubi and Said Kamel Hashemi, both admitted 14 offences at Reading Magistrates Court and were told to pay £8,800 in fines.

Councillor Richard Davies, Reading’s lead member for housing, noted: ‘HMOs are an important part of the housing market in Reading but they are subject to certain regulations for the safety and comfort of tenants.’[1]

‘Most landlords abide by these rules but those who do not and fail to respond to contact by the Council’s officers can expect to face the consequences. This is a good result for Reading’s Private Sector Housing and Legal teams and I hope it makes other property managers and landlords who are tempted to flout the rules sit up and take note,’ he added.[1]

Brace of rogue agents and landlords fined

Debts

Meanwhile, a convicted letting agent in Surrey who used his client’s cash to cover his business debts has been told to pay £25,000 in compensation to his victims.

Mr Chandra Patel, who was sentenced to 10 months imprisonment in April 2016, took rent and deposit payments which were held in a trust, while operating as Giraffe Properties Limited. Patel took £28,000 from this fund.

Over a dozen landlords were owed money by Mr Patel when the firm ceased trading. Some landlords were left to reimburse their tenants using their own funds.

An application made under the Proceeds of Crime Act 2002 for Confiscation and Compensation, saw Mr Patel appear before Kingston Crown Court earlier this month. Here, he was determined to compensate his victims and was told to do so within three months.

A council spokesperson said: ‘We have begun the process of contacting the landlords affected by Mr Patel’s illegal activities so that they can duly compensated.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/2/rogue-landlords-handed-a-hefty-fine

Demand for rental property surges in January

Published On: February 23, 2017 at 10:48 am

Author: Em Morley

Categories: Property News

Tags: ARLA,rental accommodation,rental demand,tenants

There was a surge in demand for rental accommodation during January, according to the latest report from ARLA Propertymark.

Data from the investigation shows that there were 34 would-be tenants per ARLA membership branch last month, in comparison to the 26 seen in December. This represented a rise a 31% month-on-month.

Year-on-year, demand has risen by 10%.

Supply Increases

In addition, the number of rental properties being managed by letting agents also rose in January. Last month, there were 193 properties managed per branch, as opposed to 188 in December.

What’s more, there has been a 12% year-on-year rise.

23% of agents saw their tenants experiencing rental rises during January. However, this is less than the 30% seen in January 2016.

Demand for rental property surges in January

David Cox, Chief Executive of ARLA Propertymark, said: ‘As expected, the New Year brought with it a flurry of activity in the rental market. While supply of rental stock rose slightly, the number of prospective tenants increased by a much bigger margin. When supply and demand are out of kilter, as they have been for so long now, the market isn’t balanced and fair for tenants and rent prices will just continue to rise.’[1]

‘Worse still, should the Government decide to implement an out-right ban on letting agent fees when the consultation takes place, the situation will likely get worse for tenants. The costs of the vital services letting agent fees cover will need to be recouped, and this will get passed on to renters in inflated rental prices. This, combined with new landlords’ tax, particularly the upcoming changes to mortgage interest release, means the rental market is far from reaching equilibrium,’ Mr Cox added.[1]

[1] http://www.propertyreporter.co.uk/landlords/demand-for-rental-accommodation-sees-january-spike.html