Saturday 24 December 2011

Latest Inside Letting Online Magazine Released

The latest edition of the excellent Inside Letting magazine from Edinburgh Council is now available online.

Please click here to view Inside Letting

Tuesday 20 December 2011

Assembly calls for longer tenancies in London’s private rented sector

The London Assembly is calling for longer tenancies of at least five years and tax incentives for landlords who improve their properties, as part of a push to improve conditions for the growing number of Londoners living in the private rented sector.

About a third of the private rented sector in London – around 280,000 homes - fails to meet the “decent homes” standard used in the social rented sector, and one in three private landlords is considered to be “rogue”, leaving tenants at the mercy of poor conditions or sudden eviction.

At the same time, London’s boroughs are paying more than £400 million of public money to private landlords to house some of the capital’s most vulnerable households, sometimes in appalling conditions or with little or no security of tenure.

Click here to read the full story Assembly calls for longer tenancies in London’s private rented sector

Monday 19 December 2011

Families face fast-track eviction to help landlords cash in on higher rents


Inner-city landlords are exploiting the country's acute housing shortage by evicting tenants and replacing them with those prepared to pay more.

The rent increases come as cuts to local housing allowance (LHA) are phased in from next month, amid warnings that a combination of rising rents and reduced allowances will see poorer families priced out.

New figures reveal a 22% increase in the number of fast-track evictions – known as "accelerated possessions" – between 2010 and 2011. It is thought the rise is largely down to landlords taking advantage of being able to re-let their properties at a higher rent.

From next month, an increasing number of poorer families are expected to seek alternative accommodation when reductions to LHA – the amount benefit claimants receive from councils towards the cost of their rent – will mean they cannot afford to stay in their homes. Future payments will be matched to the rents of the cheapest third of properties; previously they were based on the local average.

Click here to read the whole story Families face fast-track eviction to help landlords cash in on higher rents

Wednesday 14 December 2011

Cleaning remains a big problem for landlord and agents

According to the Association of Independent Inventory Clerks (AIIC), landlords and agents are increasingly faced with dirty properties at the check-out stage, which has led to cleaning accounting for 40 per cent of deposit disputes.

Many tenants fail to leave their property in the same condition at check-out and are often very surprised when they are told that professional cleaning is required. Pat Barber, Chair of the AIIC, said: “Tenants rarely treat their rented property in the same way as they would a property they owned themselves. 'Not my problem' is a common statement from some tenants, however sometimes it is. Accidents happen during a tenancy and tenants need to realise that they must take financial responsibility for things that are beyond normal wear and tear.

“For example, a tenant looked after someone else’s cat for a few weeks during the tenancy. On check-out, there were pet hairs on the curtains and soft furnishings, cat claw marks on the corners of the sofa and scratches to the back door. The tenant said it wasn't her cat so why should she pay for the cleaning and repairing the damage?
Click here to read the full story Cleaning remains a big problem for landlord and agents

Tuesday 13 December 2011

Private tenants are trapped into higher fuel bills

Tenants who live in the coldest privately rented homes which haemorrhage heat through the walls, windows and doors are trapped into higher fuel bills because they rely on landlords to make their properties energy efficient.

Citizens Advice and Friends of the Earth today (Tuesday 13 December) called on private landlords and Government to take action on heatless homes that are costing tenants hundreds of pounds in wasted energy a year. Citizens Advice wants:
  • private landlords to take responsibility for cutting tenants’ fuel bills and make their homes more energy efficient now, instead of waiting for the Government to force their hand in 2018;
  • the Government to bring forward, from 2018 to 2016, the date when it will be an offence, in most cases, to let or market a property that falls below an Energy Performance Certificate (EPC) rating Band E – a move which would save tenants in the worst insulated properties up to £1000*.
Click here to read the full story Private tenants are trapped into higher fuel bills

Friday 9 December 2011

Over 70% of possession claims 'driven by rent arrears'

Nearly half (45%) of private landlords have experienced rental arrears in the last three months, with 72% of those who have sought possession driven to do so by rent arrears, according to new research.

The figures come as market research agency BDRC Continental - responsible for the data - warns that increased demand and the rising cost of maintaining property mean private tenants are likely to face a rise in rental rates this winter.

It said other reasons for seeking possession include anti-social behaviour, which contributed to nearly half of possessions

Click here to read the full story Over 70% of possession claims 'driven by rent arrears'

Wednesday 7 December 2011

Rental yields rise for landlords as market can't meet demand

Yields on rental properties are rising as a result of increased tenant demand and rising rents, new research has revealed.

The latest survey from the Royal Institution of Chartered Surveyors (RICS), shows that in the three months to October, 15 per cent more chartered surveyors reported rental yields rose rather than fell.

This is the seventh consecutive quarter that yields have increased. According to RICS, it reflects the “imbalance between rental demand and supply which is continuing to push rents higher”.

Click here to read the full story Rental yields rise for landlords as market can't meet demand

Monday 5 December 2011

Buy-to-let landlords set to suffer more regulation from the EU

New rules could mean buy-to-let mortgages are underwritten the same way as normal mortgages. And that would spell bad news for landlords.

If there’s one thing landlords can’t stand, it’s red tape. When the last government talked of launching a landlord register, to monitor the standards being offered by different landlords, there was uproar.

So it’s unlikely that a new directive from the European Union (EU) will go down too well with them.

Click here to read the full article Buy-to-let landlords set to suffer more regulation from the EU

For more infomation about Buy-to-Let mortgages please click here NetRent Mortgages

Tuesday 22 November 2011

Londoner would need to earn nearly £90k to get on housing ladder

A Londoner could need to earn as much as £87,000 – triple the current average salary in the capital – to buy a property in London, according to a new report by the National Housing Federation. 

Home Truths London shows that the average property costs £408,384 and the average income is £27,128.

A salary of £87,511 would be needed to obtain a 75% mortgage, while the borrower would also need to provide a deposit of over £100,000.

Click here to read the full article Londoner would need to earn nearly £90k to get on housing ladder

Friday 18 November 2011

Tenants' costs of renting a home 'up again'

The cost of renting a home in England and Wales has risen for the ninth consecutive month but the rate of increase has slowed, a survey has said.

LSL Property Services, which owns agencies such as Your Move and Reeds Rains, said that the average rent climbed to £720 a month in October.

However, the 0.2% monthly increase was the smallest rise since February.

Frustrated first-time buyers continuing to rent and a shortage of rental property have led to rising costs.

Click here to read the full story Tenants' costs of renting a home 'up again'

Landlord's anger as teen vandal avoids fine

A TEENAGER who trashed a privately-rented house and left the owner with a £20,000 bill walked free from court without having to pay a penny in compensation yesterday.

Judge Howard Crowson told Lee Davis – who has not worked since he left school – that he wanted to make him foot the bill but it was impossible because he has no money.

The move angered the home’s owner, Glenn Schofield, who last night told The Northern Echo: “That’s justice for you. I believe the punishment should fit the crime.”

Click here to read the full story Landlord's anger as teen vandal avoids fine

Thursday 17 November 2011

Paying and receiving deposits

This is an interesting questions and answer feature from The Telegraph which explains some of the recent court cases relating to deposits. The first question is:

I have just purchased my first buy-to-let property and found a tenant. I would like to take a deposit to cover any damage caused. I understand, however, that there are rules governing the handling of a deposit. Is this correct?

Click here to read the full article Paying and receiving deposits

Tuesday 8 November 2011

Universal Credit: crunch decisions to be made on housing payments

Government ministers will meet this week as they look to define the 'vulnerability criteria' that will determine whether tenants continue to have their housing benefit paid directly to their social landlord from 2013.

From that date, housing benefit - among other means-tested benefits - will be rolled into a Universal Credit which will be administered centrally, and paid directly to tenants.

The Government has said, however, certain groups will continue to see their benefit paid direct to the landlord such as pensioners and “vulnerable people” which it has previously estimated the latter to stand at around 10% of social housing tenants.

Click here to read the whole story Universal Credit: crunch decisions to be made on housing payments

Monday 7 November 2011

Stop blaming greedy landlords for rising rents

Greedy buy-to-let landlords traditionally get the blame for rising rents and, with rents at a record high, never more so than now. But are landlords simply cashing in on the greater demand for rental properties - or are other factors at play?

The problems faced by tenants are well documented. Rents are rising and becoming unaffordable for many ordinary families and for single professionals who don’t want to share with other renters. Just last month research from LSL Property Services showed that the average rent reached £718 in September, 0.7% more than the previous record high seen in August.

But it’s not a case of simple greed. While landlords are benefiting from low interest rates and a decent choice of buy-to-let (BLT) mortgages, many have to pay managing agents and/or lettings agent fees – and these don’t come cheap.

Click here to read the whole article Stop blaming greedy landlords for rising rents

Thursday 3 November 2011

Housing benefit cuts to affect three quarters of landlords

A survey by the National Landlords Association (NLA) has found that Government caps on housing benefit payments could force over three quarters of landlords out of the Local Housing Allowance (LHA) market.

The survey found 77 per cent of landlords who have LHA tenants are either considering or already taking steps to reduce their involvement in the LHA market.

Click here to read the whole article Housing benefit cuts to affect three quarters of landlords

Tuesday 1 November 2011

Landlords are laughing all the way to the bank

Buy-to-let landlords are filling their pockets as rents hit record highs. The mortgage famine means rising numbers of people cannot afford to buy and so demand for rental accommodation sharply exceeds supply.

Average monthly rents across 18,000 properties in England and Wales are now £718 per month – or £29 more than a year ago – according to LSL Property Services, Britain’s biggest letting agent and owner of Your Move and Reeds Rains.

Sceptics may suspect landlords of trying to talk up rents, but the housing charity Shelter describes private rents as “unaffordable” for families on average earnings in 55 per cent of local authority areas. The charity says acute shortages of social housing have forced people who would normally qualify for subsidised housing into the private sector, raising demand and rents.

Click here to read the full story Landlords are laughing all the way to the bank

Wednesday 26 October 2011

House prices will fall 5% in 2012

Average house prices across the UK will drop by 5% next year and will show little convincing growth until 2015, according to the latest forecast from estate agent Knight Frank.

The UK has struggled to emerge from recession and there are fears that the economy may start to shrink once more. This ongoing economic weakness, lacklustre earning growth and public spending cuts will take a toll on the housing market over the next 12 months.

The 5% drop in prices will leave property values nearly 15% below their 2007 peak. In fact, even with the modest gains seen in later years, the agents forecast that average house prices will not hit 2007 levels again until 2018.

Click here to read the full story House prices will fall 5% in 2012

Tuesday 25 October 2011

Rogue landlords face fines of £50,000 for failing to register with council

Rogue landlords have been warned that they face a £50,000 fine if they do not register with a city council as it cracks down on the problem.

An estimated 6000 private landlords in Glasgow have not given their details to the local authority despite a legal requirement to do so.

Glasgow City Council said it has been carrying out "extensive work" to track down the offenders.

It said that the landlord register is a key element in the bid to drive up standards and ensure decent housing for tenants.

Click here to read the whole article Rogue landlords face fines of £50,000 for failing to register with council

Friday 21 October 2011

Private sector rents 'at new high in England and Wales'

Average private sector housing rents in England and Wales rose by another 0.7% last month, to hit a new monthly high of £718, a report has said.

It means rents have risen by 4.3% in the past 12 months, with tenants paying an average £29 a month more than they were a year ago.

The figures were compiled by LSL Property Services, which owns a number of estate agents and letting agencies.

LSL said rents had risen fastest in the South East and East Midlands.

Click here to read the full story Private sector rents 'at new high in England and Wales'

Tuesday 18 October 2011

Private rented sector 'running out of space', say landlords

The private rented sector (PRS) may finally be running out of space to cater for tenant demand, according to members of the Association of Residential Lettings Agents (ARLA).

According to its survey, the number of agents from its 6,000-strong UK membership, stating that there are more tenants than properties has reached the highest level since records began.

The news will be a blow to the Government who is expecting the private rented sector to take the pressure off social housing waiting lists.

Click here to read the full story Private rented sector 'running out of space', say landlords

Thursday 13 October 2011

Private rents in England unaffordable, says Shelter

Private rents are now unaffordable in 55% of local authorities in England, the housing charity Shelter has said.

Homes in these areas cost more than 35% of median average local take-home pay - the level considered unaffordable by Shelter's Private Rent Watch report.

The charity said 38% of families with children who rent privately have cut back on buying food to help pay rent.

Click here to read the full story Private rents in England unaffordable, says Shelter

Wednesday 12 October 2011

Rental arrears: how to protect your income

With the number of tenants falling into arrears increasing, Lorna Bourke examines how landlords can protect their incomes.

Good news for landlords – but not for tenants: rents have increased for a third consecutive quarter, according to buy-to-let lender Paragon. A knock-on effect that will hit landlords, however, is that arrears on rental payments are increasing too.

Click here to read the full story Rental arrears: how to protect your income

Click here for Tenant Referencing through Experian

Click here for Rent on Time - your rent paid whether the tenant pays or not

Click here for rent and legal protection insurance

Tuesday 11 October 2011

Landlords in 'tax' rebellion

PRIVATE landlords in Hathershaw are uniting to oppose a council licensing scheme designed to tackle anti-social behaviour.

Angered property owners have branded the project being piloted in the area as a “stealth tax” as it will cost them almost £500 per property — and are threatening court action.

They’ve formed the Hathershaw Landlords Association in an attempt to restart discussions on the new licence, intended to improve standards, that could hit them with fines of up to £20,000 if they don’t pay up.

Click here to read the full story Landlords in ‘tax’ rebellion

NetRent Comment

Selective licencing has been adopted by many councils to help them 'police' perceived problem areas. Quite a few have been challenged but the proposed action by Newham Council could change everything. Under Newham's proposals all landlords would have to become licensed with fees starting at £300.

Landlords and letting agents have to wake up to the fact that we are beginning to see universal landlord licensing imposed via the back door.

Thursday 6 October 2011

EPCs too hot to handle for UK landlords

The private property rental sector in the UK is falling behind in green standards with more than a third of landlords unaware of the energy performance of their properties, it is claimed.

According to the latest research from the Association of Residential Letting Agents (ARLA) more than one in six landlords, 17%, believe that their properties fell into the minimum category of energy efficient performance, the F & G Band of the Energy Performance Certificate (EPC).

From 2018 under the Government's Green Deal, the rental of properties performing to this level will be banned through the minimum efficiency standard.

Click here to read the full story EPCs too hot to handle for UK landlords

Wednesday 5 October 2011

Happy birthday, buy-to-let

Buy-to-let, a term 15 years old this month, is experiencing something of a renaissance amid punishing interest rates and strong rental demand.

Last Saturday marked 15 years to the day since the Association of Residential Lettings Agents coined the phrase 'buy-to-let'. The term was dreamt up to describe an innovative fast-track route to property investment in which any duffer with access to a deposit – and in some cases, not even that – could finance the purchase of property and allow a tenant to pay the mortgage.

Click here to read the full story Happy birthday, buy-to-let

Monday 3 October 2011

Newham Council starts consultation on plans to license private landlords

Newham Council has started a 10-week consultation on plans which could see it become the first borough in the country to license all private landlords.

If approved, the scheme in Newham could be up and running before next year's Olympic Games start in July. It would apply to one in three of all the borough's households, protecting an estimated 35,000 private tenancies.

The move comes shortly after the borough announced the creation of a task force to combat 'super sheds'. These are illegal ramshackle buildings built at the bottom of gardens which often house tenants living in appalling squalor. The council plans to use infra-red cameras and aerial photography to find the shanty-style homes - and ensure the landlords are brought to book.

Click here to read the full story Newham Council starts consultation on plans to license private landlords

NetRent Comment
 
To take part in this consultation you have to live, work or own property within Newham. If you fall into any of these catagories you can express your views on Newham's Online Consultation

Monday 26 September 2011

Zero tolerance for rogue private landlords to tackle illegal behaviour

It is unlikely to come as a surprise to readers of the housing network that the private rented sector is growing exponentially, by more than 40% in the past five years. Less understood is the corresponding rise in rogue landlords taking advantage of this boom, landlords who blight the lives of tenants living in their properties.

Last week Shelter launched the latest phase of its evict rogue landlords campaign. We contacted every local authority in England to build a picture of both the scale of the problem with rogue landlords, and what is being done to tackle it.

The results showed that across the country complaints about landlords had reached a staggering 86,628 in the last year. Yet despite the sharp increase, only 270 landlords were successfully prosecuted during that period.

Click here to read the full article Zero tolerance for rogue private landlords to tackle illegal behaviour

NetRent Comment

The author of this article is Kay Boycott who is director of campaigns, policy and communications at Shelter. Shelter is an organisation that appears to have no scruples when it comes to twisting facts and figures to suit it's own propaganda.

Shelter does not believe in fair comment, Shelter does not believe in debate and Shelter has no compunction in presenting supposition as fact. For instance, Shelter claims that complaints were made about more than 86,000 landlords and does not explain that there are over 3.4 million privately rented properties in the UK. That means that just 2.5% of properties were complained against. Just 270 prosecutions were successful. That is just 0.03% of the total landlord population.

And yet if you listen to Shelter you would assume that every landlord is a crook who is fleecing poor innocent tenants. Shelter never mention rogue tenants. Shelter ignore the damage that a significant minority of tenant cause - only landlords are to blame.

Perhaps Shelter could review our Facebook pages and the photographs that make up The Damage That Some Tenants Do and explain why they choose to ignore the fact that there are many more rogue tenants than rogue landlords.

Perhaps when they've done that Shelter can actually work with the private rented sector to raise standards rather than simply run spurious campaigns designed solely to grab headlines.

Wednesday 21 September 2011

Landlords failing tenants over gas safety checks

Landlords are putting their tenants' lives at risk from carbon monoxide poisoning or potential explosions by failing to carry out annual gas safety checks, according to a report from Gas Safe Register.

Landlords are legally required to organise an annual gas safety check to be carried out by a registered Gas Safe engineer, but more than a third (41%) of tenants report that their gas appliances had broken down several times in the past five years, indicating that landlords aren't taking their responsibilities seriously.

Paul Johnston, chief executive of Gas Safe Register, said: "Lack of annual safety checks can create a life threatening situation. Landlords are legally obliged to carry out checks and provide tenants with a gas safety check record to prove the work has been done. There are so many things that can go wrong if appliances aren't functioning properly, including risk of explosion and gas poisoning."

Click here to read the whole story Landlords failing tenants over gas safety checks

Click here for a directory of local plumbing and heating engineers

Monday 19 September 2011

Tenants owe £300 million rent to buy to let landlords

Landlords are owed around £300 million in unpaid rent for August – about 11 per cent of all rents due, according to LSL Property Services, the country’s biggest letting agent.

The figure was 19.5 per cent up on July’s arrears of £251 million.

Rents and inflation were both up in August, putting a strain on the money tenants had to pay rent, but David Newnes, managing director of LSL Property Services blames tenants paying for summer holidays for part off the shortfall.

Click here to read the full story Tenants owe £300 million rent to buy to let landlords

Friday 16 September 2011

Rent rise is fastest for a year, says LSL

The cost of renting a home rose at its fastest rate in a year - with the average tenant paying £713 a month, a survey has said.

Tenants paid 1.2% more on average to rent a property in the UK in August than they did in July, according to LSL Property Services.

The cost rose quickest in Wales and the South East of England in the last month.

Tenant arrears increased for the first time since April, the survey added.

Click here to read the full article Rent rise is fastest for a year, says LSL

Thursday 15 September 2011

Over 90% of tenants want housing benefit paid direct to landlord

Nine out of 10 social housing tenants want housing benefit paid direct to landlords, new research shows, despite plans in the Welfare Reform Bill that will see it paid to tenants.

Housing benefit is one of a number of benefits, including jobseekers allowance and tax credits - that will be rolled into one monthly payment from 2013, known as Universal Credit.

Ministers believe that by paying the benefit directly to tenants it will breed responsibility and will also make it easier for claimants to move into work, removing the complications of having to cancel different benefits from different agencies.

Click here to read the full story Over 90% of tenants want housing benefit paid direct to landlord

Tuesday 13 September 2011

Stories about things that tenants leave behind

We are grateful to Lets Go Professional for sending us the following article:

Every letting agent has stories about things that tenants leave behind; some silly, some sad, some revolting. Apparently ‘grown-up toys’ are the number one item left behind by tenants when they move out of a property according to a survey by the Deposit Protection Service.

In a poll of more than 1000 landlords across the UK, ‘grown-up toys’ were the most frequently left behind item that landlords had to dispose of. Animals, both dead and alive also scored highly on the list. Tenants left behind a stuffed parrot, guinea pigs, a large dead fish in a recycling bin and even a snake living under the floorboards.

Kevin Firth, Director of the DPS said “cleaning up after tenants is often a big job for landlords but this research shows that it’s not always just dirt they have to contend with”.

“One landlord told us that a former tenant, a postman, had left behind bags of unopened mail in the attic. Another told us that he found a batch of winning lottery scratch cards in the property, while another said that he had been showing a prospective tenant around a property and found a complete stranger asleep in the bedroom!”

The top 10 most bizarre items left behind

1. *** toys

2. An elephant’s foot

3. The ashes of a dead person

4. A pot bellied pig

5. A box containing nail clippings

6. A crash test dummy

7. A pair of synthetic breasts

8. A glass bowl covered with cling film containing 17 live spiders

9. A plastic hand with a fork attached

10. 7 cans of gravy


Click here to visit Lets Go Professional

Monday 12 September 2011

Rogue landlords and agents flourish as demand for rented homes soars

Landlords and lettings agents are firmly in the driving seat with demand for rented property allowing them to push rents ever higher.

There are some 3.4 million rented homes in England alone, a 40 per cent rise over the past five years. Many desperate tenants are now falling victim to rogue landlords and greedy lettings agents who are cashing in.

The latest Royal Institution of Chartered Surveyors' (Rics) Residential Lettings Survey shows that 25 per cent more chartered surveyors reported a rise in demand than a fall. This rental boom has seen rents soar, with the average rent in England and Wales up 0.6 per cent to £705 per month in July, according to the latest Buy-to-Let Index from LSL Property Services.

Click here to read the full story Rogue landlords and agents flourish as demand for rented homes soars

Friday 9 September 2011

SAFEagent scheme launches nationally

The lettings industry has launched a kite mark-style scheme to protect tenant and landlords against unscrupulous operators within the sector.

Over 1,200 have already registered with SAFEagent prior to its formal launch, and even though membership is voluntary, it is expected that many more will follow fast.

All agents displaying the SAFEagent mark will already belong to a client money protection scheme operated by such organisations as the National Approved Letting Scheme, the Association of Residential Letting Agents, the Royal Institution of Chartered Surveyor and the National Association of Estate Agents.

Click here to read the full story SAFEagent scheme launches nationally

Wednesday 7 September 2011

ARLA calls on Shapps to regulate private rented sector

The Association of Residential Letting Agents says it is disappointed by an announcement from housing minister Grant Shapps that he has published a series of fact sheets for tenants and landlords.

Shapps says the fact sheets will help both tenants and landlords to understand their rights and responsibilities and therefore prevent unnecessary dispute.

But the ARLA says it is disappointed that Shapps has failed to introduce any regulation of the private rented sector, and that until he does so, its own work is being undermined.


Click here to read the full story ARLA calls on Shapps to regulate private rented sector

NetRent Comment

Landlords are already heavily regulated, whilst Letting Agents have comparably little regulation. The Government is proposing to regulate agents and this move by ARLA smacks of someone calling out 'what about them?'

There is simply no need to further regulate landlords, what needs to happen is that the current legislation is applied fairly and evenly to all landlords. That cannot happen whilst local authorities are cutting back and too many landlords remain under the radar. NetRent believe that a national register of landlords and regulation of letting agents are what is required to start to address the problems facing the letting industry, not one group calling for more regulation for another group.

Tuesday 6 September 2011

The Government's Top Tips for Landlords and Tenants

The Department for Communities and Local Government has produced a number of free leaflets for landlords and tenants.

They describe this as "In a move designed to strengthen tenants' and landlords' awareness of their rights and responsibilities, Housing Minister Grant Shapps (pictured) has today published helpful advice aimed at those letting or renting a property."

You can download these free leaflets from the Department's website, click on this link New factsheets give tenants and landlords the lowdown on their rights and responsibilities

Friday 2 September 2011

Why are landlords selling when rents are high?

There is an interesting comment in the latest survey of the rental market from the Royal Institution of Chartered Surveyors (Rics). The survey reports that demand for rental property continues to outpace supply as an increasing number of would-be first time buyers are forced to continue renting.

But it then mentions, almost as an aside, that ‘surveyors report that where tenancies are coming up for renewal, some landlords – particularly those in London and the South East – are now choosing to put their properties on the sales market, leaving fewer rental properties available.’ Given that rents are rising in the face of increased demand this is surprising.

Read the full story here Why are landlords selling when rents are high?
 
Find rental properties to buy here Rental Properties for Sale

Tuesday 30 August 2011

Housing market to become 'preserve of the rich' as home ownership predicted to slump to 63%

A generation could be shut out of the ‘dysfunctional’ housing market over the next decade because of higher prices and miserly mortgage-lending, a report warns.

Home ownership in England will fall to 63.8 per cent in 2021, according to the National Housing Federation – the lowest level since the mid-Eighties.

The grim forecast predicts that many will be unable to get on the property ladder because rising rents make it even harder to save for the large deposits banks now demand.

Click here to read the whole story Housing market to become 'preserve of the rich' as home ownership predicted to slump to 63%

Friday 26 August 2011

Credit where it's due: Universal Credit, social landlords and direct payments

It threatens to create a sharp spike in rent arrears and lead to interest hikes on bank loans, but the Government remains committed to paying the new Universal Credit direct to social tenants, not landlords.

But as we stand on the cusp of the biggest shake-up to the welfare state since Beveridge, a forum staged by the G15 group of housing associations, attended by Government welfare officials and chaired by 24housing magazine, reveals that amid reform and risk lies reward and opportunity. Ross Macmillan reports.

“It’s expected that the great majority of social tenants in receipt of Universal Credit will have their benefit paid to them rather than to their landlord.”

Click here to read the full article Credit where it's due: Universal Credit, social landlords and direct payments

Thursday 25 August 2011

Rents rise for sixth consecutive month

Rents rose for the sixth consecutive month in July, increasing by 0.6% to £705 per calender month and marking a new record high.

It means that the average rent is now £29 higher per month than in July 2010. Nevertheless, the level of late of unpaid rents fell slightly from 9.3% to 9%, according to the latest Buy-to-Let Index from LSL Property Services.

Click here to read the full story Rents rise for sixth consecutive month

Wednesday 24 August 2011

Welcome to the residential landlord insurance policy jungle

The property insurance sector is a complicated minefield packed with a myriad of policies, each offering a range of prices, terms and conditions. Here, Robert Graver explains the basics.

It is important when considering residential landlord insurance to ensure you are offering a product that is tailored to this specific market sector and not a standard private household policy.

A private house policy is not arranged with any business risks in mind and will therefore lack elements of cover that are essential for a property owners’ protection.

Click here to read the full article Welcome to the residential landlord insurance policy jungle

To help landlords choose and purchase the most appropriate insurance cover at the best possible prices we work with Towergate Risk Solutions, part of the Towergate Partnership, Europe's largest independent insurance brokers. Click here for Insurance through NetRent.co.uk.

Tuesday 23 August 2011

Private landlords fear potential increase in rates

The Bank of England’s Monetary Policy Committee may have kept interest base rates on hold at 0.5% in July, but 31% of private landlords surveyed agree or strongly agree that they are worried about their ability to repay should BTL mortgage rates begin to rise.

The BDRC Continental research reveals that BTL mortgage interest rate rises will present a financial challenge to many private landlords. Almost three quarters of private landlords (73%) have at least one mortgage on their rental property and almost half (47%) have at least five BTL mortgages held against their portfolio.

Click here to read the full story Private landlords fear potential increase in rates

Private landlords 'to stop offering Local Housing Allowance tenancies' due to payments cap

Private landlords are to stop offering Local Housing Allowance (LHA) tenancies as a direct result of the Government's cap on payments, according to research published today.

The latest findings from BDRC Continental’s Landlords Panel research reveals that 15% of private landlords say they will stop offering LHA tenancies altogether.

The research indicates that changes to LHA payments - which have been applied since 1 April 2011 - will have a significant impact upon private landlords operating in the sector.

Click here to read the full article Private landlords 'to stop offering Local Housing Allowance tenancies' due to payments cap

Saturday 20 August 2011

Buy-to-let landlords: behind the bad image

According to most things that I read in Guardian Money, I'm one of the evil property-owning elite. As a buy-to-let landlord, I'm automatically lumped in with notoriously bad landlords, living in luxury while my tenants pay extortionate rents to live in slums. Tenants tell of their stories of despair at the hands of people like me, while I'm blamed for, well, pretty much everything.

So I'm here to tell the other side of the tale – what being a landlord is actually like. For starters, many landlords aren't rich.

Click here to read the full article Buy-to-let landlords: behind the bad image

Wednesday 17 August 2011

Human Rights Warning Over Satellite TV for Tenants

Landlords who say no to tenants who want to install satellite TV or broadband could infringe their human rights.

Following a landmark ruling in the European Court of Human Rights, a family in Sweden won the right to add a satellite TV dish to their rented home after the landlord declined permission.

The landlord was also ordered to pay the tenants £12,280 compensation.

Click here to read the full story Human Rights Warning Over Satellite TV for Tenants

Tuesday 16 August 2011

House of Horrors - One Landlord's Story

A landlord has been describing his 'year from Hell' while a tenant wrecked his property over a six month period as he was powerless to remove them.

Click here to watch the video House of Horrors - One Landlord's Story

NetRent Comment

Watching this video will worry every landlord because it can happen at any time. The one crumb of comfort is the comments from the police officer at the end. It will be interesting to see whether or not they prosecute the tenant.

Meanwhile, NetRent extends it's sympathy to Mr Schofield as he starts to repair his property.

Don't forget to visit and support our Facebook campaign The Damage That Some Tenants Do.

Monday 15 August 2011

Tenant used landlord’s credit card in £10k fraud

A tenant stole his landlord’s credit card and racked up more than £10,000 in debt in a “galling” and “disturbing” fraud, a judge said.

Landlord Paul Hardiment only discovered that Michael Wild had been using a Barclays bank card in his name while he was undergoing a York County Court order to obtain months of unpaid rent from his tenant.

Click here to read the full story Tenant used landlord’s credit card in £10k fraud

Friday 12 August 2011

Residential landlords feel more hopeful about prospects

Almost a quarter of landlords are feeling more optimistic about the prospects for their property portfolios, rental income and yields.

They are helped by a perception of availability of buy-to-let finance: 22% in the second quarter of this year said that it was reasonably available, compared with 17% in the first quarter.

According to Paragon Mortgage’s Q2 Private Rented Sector Trends Report, 23% of landlords feel more optimistic than was the case in Q1, particularly if they are professional landlords, with 30% stating they were more optimistic, compared with 15% of smaller-scale landlords.

Click here to read the full article Residential landlords feel more hopeful about prospects

Click here for independent buy to let mortgages with no broker fees

Thursday 11 August 2011

Landlords fined £20,000 after tenant leaps three stories to escape blaze

Two Epsom landlords have been fined over £20,000 after a 25-year-old musician was forced to jump three stories from their death-trap building when it caught fire.

Musician Charlie Flynn, who fronts band Warehouse Republic, was forced to leap from the window of the attic room that he was renting from them at the property in Miles Road, Epsom on December 5.

Click here to read the full story Landlords fined £20,000 after tenant leaps three stories to escape blaze

Monday 8 August 2011

A new mandatory power of possession for anti-social behaviour: Consultation

A new Consultation paper from the Communities and Local Government office was launched on 3rd August. Their website says:

"This consultation seeks views on the detail and practicalities of a new mandatory power of possession to enable landlords to take swifter action to evict their most anti-social tenants.

"The Government's intention is that the necessary legislation be introduced alongside legislative changes required following the Home Office's recent consultation on reforming tools and powers to tackle anti-social behaviour."

Click here for more information A new mandatory power of possession for anti-social behaviour: Consultation